Should you use home equity to buy a house for your kids? + MORE Oct 5th

Mortgages in Canada can be a murky subject – one that we hope to shed some light on with a series of highly informational articles.

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Bond yields surge to new heights, mortgage rates expected to jump another 20 bps

– canadianmortgagetrends.com

On Tuesday, the Government of Canada 5-year bond yield jumped to an intraday high of 4.46% before retreating somewhat to 4.42%. Over the past two weeks, yields have risen by over 40 basis points, or 0.40%.

Continue Reading On canadianmortgagetrends.com »

A 47-year mortgage? They're out there — and even longer ones could be coming – CBC.ca

– news.google.ca

A 47-year mortgage? They’re out there — and even longer ones could be coming CBC.caBond yields surge to new heights, mortgage rates expected to jump another 20 bps – Mortgage Rates & Mortgage Broker News in Canada Canadian Mortgage TrendsFive-year fixed mortgages make a comeback | interest.co.nz Interest.co.nzMortgage holders facing steep increases upon renewal CP24Homeowners brace for mortgage payment shock amid higher-for-longer rate outlook Business in VancouverView Full Coverage on Google News

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Should you use home equity to buy a house for your kids?

– moneysense.ca

Ask MoneySense
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…

Continue Reading On moneysense.ca »

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