At 40, Peter makes $94,000. He owns two condos and wants a third closer to downtown Toronto. Is that the right move? + MORE Sep 19th

Being an avid investor throughout his life, Peter has long been able to take advantage of GTA’s hot housing market. Now, he wants advice on how best to invest his savings.

Being an avid investor throughout his life, Peter has long been able to take advantage of GTA’s hot housing market. Now, he wants advice on how best to invest his savings.

Arguably, it’s much harder for millennials to get their first step on the real estate ladder, compared to when my cohort bought our first homes. Housing prices were remarkably low in the 1980s compared to today; however, financing is a different story. Interest rates were as high as 20% for us, and at record lows today.

All of which explains why many of today’s millennials seek interest-free or low-interest loans from the Bank of Mum and Dad (“BOMAD” henceforth). Between 50% and 75% of millennials expect to tap the BOMAD for help coming up with a down payment. 

I recently discussed the millennial home ownership bind on Patrick Francey’s The Everyday Millionaire podcast. Francey is a seasoned entrepreneur and real estate investor, and CEO of the Real Estate Investment Network (REIN). These days, most REIN members who have at least one “door” (investment property beyond a principal residence) are almost by definition millionaires. I appeared despite the fact our family owns no investment real estate, apart from REIT ETFs in a purely electronic portfolio: “clicks instead of bricks,” as I explained on the show…