OSFI report reveals largely unknown mortgage exemption: no stress test on insured switches + MORE Oct 23rd
Housing starts stable in 2023, but demand still outpaces growing supply of apartments + MORE Mar 28th
CIBC reports rising mortgage delinquencies, but doesn’t expect “material” losses + MORE Mar 4th
CMHC exceeds 2023 housing goals despite economic headwinds May 12th
Managing debt to build wealth + MORE Aug 23rd
Bond yields surge to new heights, mortgage rates expected to jump another 20 bps
– canadianmortgagetrends.com
A 47-year mortgage? They're out there — and even longer ones could be coming – CBC.ca
– news.google.ca
Should you use home equity to buy a house for your kids?
– moneysense.ca
My husband and I are considering purchasing a second home using the equity in our first home. We own the home—no mortgage. Estimated value is $1.2 million to $1.5 million.
We are hoping to support our children in moving out, while long-term planning for our downsizing when the time comes. We want both homes to remain a part of the estate.
Two questions, is this a good idea, in terms of current interest rates and is it a good idea based on estate planning?
—Deanna
Should parents help their kids buy a home?
Deanna, you’re not alone with this type of plan, but few Canadian parents look to get a loan for their kids. A 2021 CIBC report found that 30% of first-time home buyers received support from family members to buy their home. The average gift was $82,000. In Toronto and Vancouver, the average gifts were $130,000 and $180,000, respectively. Parents can borrow against their home to help their kids out. Although you might think that’s where parents’ down payment gifts are coming from, the evidence shows otherwise…
