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.

Ontario has a chain of 11 emerald islands with sapphire waters and dreamy sand beaches

It just reopened for the season.

I tested out the most Canadian chips and ranked them from best to worst

It's time to settle the dispute, once and for all.

This boardwalk trail near Toronto winds through a forest to a rare cobble beach

Get your hiking boots ready!

This beautiful Ontario town is a cherry blossom dreamland with European vibes

Time for a spring road trip! 🌸

I stayed in Canada's 'most livable city' and here's what life there is actually like

Does it live up to its title?👑

You're not a true Ontarian unless you've visited at least 5 of these 10 cute towns and villages

How many have you been to?

If you're visiting Ottawa skip these 7 popular spots (and go to my hidden gems instead)

Not everything in Ottawa is worth the hype 👀

Canada's 'warmest' saltwater beach is a 2 hr flight from Toronto and it’s a silky sand oasis

You don't need to leave the country for a beach getaway.

The new Canada Groceries and Essentials Benefit is paying out soon and you can get up to $717

This is a one-time top-up before it replaces the GST/HST credit.