Federal housing agency trying to determine how much, and
how often, parents are helping kids with down payments
By: Susan Pigg Business Reporter, Published on Thu May 22 2014
Ontario’s housing market remains “modestly” overvalued, and that may be, at least in part, because of “gifting” — baby boomer parents who are helping finance down payments on pricey homes their grown children couldn’t otherwise afford, according to the Canada Mortgage and Housing Corporation.
That’s why the federal housing agency has launched a study, trying to determine how frequently young buyers are making purchases backed by the Bank of Mom and Dad.