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Fiendish Thingy

(24,241 posts)

6. The Bank of Mom & Dad is a very common source for down payments

Reply to Yo_Mama_Been_Loggin (Original post)

Fri Oct 20, 2023, 02:53 PM

Oct 2023

Especially here in Canada.

How many boomer parents are gutting their retirement funds just so their kids can buy an overpriced house?

If parents stopped giving kids money to buy homes, prices would have to come down or the market would freeze.

(Inheritance is another situation altogether- typically when an adult child inherits their parent’s estate, they are much older than when seeking to buy their first home)

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9 replies

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Highlight:

Homes are increasingly unaffordable. Some homebuyers have a secret weapon. [View all] Yo_Mama_Been_Loggin Oct 2023 OP

So they reduce life expectancy of their parents? LiberalFighter Oct 2023 #1

With jobs like that, Unless that inheritance was huge...just no never! PortTack Oct 2023 #2

Message auto-removed Name removed Oct 2023 #3

What's wrong? Yo_Mama_Been_Loggin Oct 2023 #5

Message auto-removed Name removed Oct 2023 #7

"cash gift from a family or an inheritance" redqueen Oct 2023 #4

The Bank of Mom & Dad is a very common source for down payments Fiendish Thingy Oct 2023 #6

Is that different than the past? Midnight Writer Oct 2023 #8

Creating and leveraging generational wealth Happy Hoosier Oct 2023 #9