Parents Of Young Canadians Super Willing To Help Them Buy Houses & Pay Rent, Survey Says
It appears that in Canada, millennials buying houses are getting a little help from mom and dad, who are more than OK with footing the bill in order to help their kids snag their dream home or even pay their rent.
Thanks to a new survey done by RBC Royal Bank, we now know that 51% of parents would financially support their child in Canada.*
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51%*
Parents who would financially support their child in Canada
In fact, 31% of Canadians would help their child pay for a new home while 46% would help them pay their rent due to the pandemic.
If that wasn't enough, 25% of Canadians were willing to provide even greater financial support to their families.
So when the time comes to make good on that promise, Canadians were willing to give their child an average of $60,513 in economic help to purchase a home.
This pales in comparison to 23% of millennials saying they would want around $100,000 from their parents to buy their first home.
Still, moms and dads know that money doesn't grow on trees which is why 49% expect to be reimbursed, according to the survey.
"Over the last few years, and throughout the pandemic, it has become harder to enter the market in many cities nationwide, especially when trying to do it alone," Amit Sahasrabudhe from RBC said.
"What we are seeing is that families are continuing to rally around each other and financially support their loved ones."
Editor's note: This article has been updated.