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
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.

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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. 

Cormac O'Brien
Staff Writer