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Cost-conscious parents buying condos for kids studying away from home

By JIMMY JEONG for The Globe and Mail

The idea of shelling out $70,000 or more for rent in four years while their children were at university was something two Canadian fathers – thousands of miles apart – recently decided was a pointless financial sinkhole.

So Tim Morrison, who runs a GM dealership in Burlington, Ont., and Marcel Laforce, a software engineer who lives in Cloverdale, B.C., both did what felt like the smarter financial move.

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They bought condos for their away-from-home students near the universities they are studying at.

It’s a concept that some people have only heard of recently and more as a phenomenon among parents of international students. (And, in Vancouver, that phenomenon has generated suspicion, among the general anger over high housing prices, about expensive houses listed as being owned by “students.”)

But the trend is not limited to offshore families.

While the idea of parents buying apartments for their children was unheard of when Mr. Morrison and Mr. Laforce were students, they are part of a growing cadre of parents with kids at Canadian universities who have decided that buying is better than renting for many reasons.

Continue reading the full story here >>

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