Baby Boomers Keep Buying Condos In Toronto For Their Millennial Kids & Prices Are Going Up

Time to call your parents, folks.
Toronto Condos Keep Getting Bought By Baby Boomers For Their Kids
Elovkoff | Dreamstime
Staff Writer

A new report from Strata suggests that Baby Boomers are chipping in financially to buy Toronto condos for their Millennial kids and prices are going up as a result.

"There’s this trend where older homeowners are cashing out [on their homes], so they can help their children with a downpayment,” said Strata realtor Galina Sheveleva.

Editor's Choice: 5 Ontarians Were Charged For Riding In A Car Together During The Stay-At-Home Order

The trend is so significant that Strata suggests it might be driving condo values and prices back up after a "year of declines."

The Strata report notes that properties lost about 20% of their value on average after March 2020 and the start of the pandemic, but new data shows the downtown market is sitting at a 3.5% year-over-year increase in April 2021.

In the past 30 days, the company reveals that downtown Toronto saw about 775 condo transactions, with the average price sitting at $812,000. 

From Your Site Articles
TorontoReal EstateReal EstateCanada
  • Cormac O'Brien
    Cormac O'Brien was an Associate Editor at Narcity Canada, covering all things exciting and trending about Canada. He has a Bachelor of Fine Arts in Creative Writing and Journalism from the University of Victoria, where he served as the Editor-in-Chief of the campus newspaper and was awarded the BCYNA Community News Scholarship for his writing. He was also the producer and co-host of Now On Narcity, Narcity's flagship podcast.

StatCan housing report shows generational changes

More millennials lived with parents as adults than boomers at same age: StatCan

Carney says B.C. condo buyout proposal is about affordability, not bailouts

Carney defends B.C. condo buyout proposal

8 things I learned while trying to rent a Toronto apartment that everyone should know

Learn from my mistakes!

Canada's monthly fall forecast says this is when it'll start snowing in each province

The first snow of the season is almost here!

I had no idea these 10 things were actually Ontario-specific until I moved away

Do you know what a stag and doe party is? You're probably from Ontario.

Government benefits with September payment dates are giving hundreds of dollars to Canadians

Some federal payments offer close to or more than $1,000!

Pentagon defends Hegseth's controversial post about Canadian cadet program

Pentagon defends Hegseth's Canadian cadet post

Lotto Max winning numbers for Tuesday, September 1 are out and there's a $15 million jackpot

You can check if you're a winner.

This new Canadian coin is like a black loonie but it's worth much more than $1

It has black rhodium plating and high-contrast frostings.

This Canadian island is 'more Scottish than Scotland' and it's like a trip to the Highlands

Explore rugged cliffs, coastlines and Scottish traditions — without having to leave Canada. 🇨🇦

9 Air Canada jobs across the country that pay up to $46 an hour and get you travel perks

The airline offers low flight fares to employees.

Commander suggests U.S. war on 'Martians' as likely as an invasion of Canada

U.S. commander dismisses notion of invading Canada

I went to Giant Tiger for the first time — These 6 surprising things sold me for good

It's not the prices 💰