Please complete your profile to unlock commenting and other important features.

User AvatarBuild your avatar
Please select your date of birth for special perks on your birthday. Your username will be your unique profile link and will be publicly used in comments.
Narcity Pro

This is a Pro feature.

Time to level up your local game with Narcity Pro.

Pro

$5/month

$40/year

  • Everything in the Free plan
  • Ad-free reading and browsing
  • Unlimited access to all content including AI summaries
  • Directly support our local and national reporting and become a Patron
  • Cancel anytime.
For Pro members only Pro
Summary

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

Explore this list   👀

    • 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.

    Here's what $1,900 in rent gets you in 11 Toronto neighbourhoods and the range is wild

    Which spot would you pick? 👀

    Rent in Canada is starting to rise again — but these cities have sneaky deals

    The six-month downward trend is officially over. 🥲

    Torontonians revealed what they'd do as mayor and some of the ideas are actually brilliant

    Olivia Chow could have some worthy opponents next year.

    Minimum wage is going up across Canada soon — but one province is getting left behind

    It could mean a raise of over $1,600 a year! 💸

    This enchanting small town set on a BC island was named among North America's 'most peaceful'

    Sandy beaches, ancient forests and a cozy town — anyone?. 🌲

    Parks Canada is hiring for these high-paying jobs and you can make up to $129,000

    Some positions don't require a university degree!

    Ontario Trillium Benefit payments for September go out soon — Here's how much you can get

    More government cash is headed to Ontarians next week. 💵

    Canada's new $2 coin is an actual piece of art featuring blue, yellow and orange hues

    This colourful circulation coin is historic!

    New data reveals the 'most peaceful' places to live and Canadian towns demolished US ones

    Five Canadian towns were named the most serene on the continent. 🍁

    Northern lights could be seen across Canada this weekend, including southern Ontario

    You don't need special equipment to see the aurora!

    This Ontario gem with waterfront towns and beaches is one of Canada's 'best' spots to live

    It has "large" homes "priced much lower" than major Canadian cities.

    10 charming small towns in BC that ranked as the 'best' to live in and will tempt you to move

    Small-town life at it's finest!