Buying a home is a big step for anyone and experts say that parents looking to help their children need to make sure it is affordable and that their children are ready for the change.
Chris Catliff, president and chief executive of BlueShore Financial, says his bank's seminars for parents looking to help their kids buy a house are always packed with mums and dads wanting to learn how they can help.
But Catliff says you need to consider your own needs for that money and other savings and that may include long-term care in later years. Instead of gifting the money, he suggests you could structure it as a loan that you could in the future forgive if you want, perhaps as part of your estate planning.
Nathalie Weiner, a district vice-president at TD Bank in Ottawa, says a survey done by the bank found that one in four baby boomers are helping their children or grandchildren financially. Weiner said picking the right way to help your child buy a house, whether it is a gift, loan or other way, is about striking a balance with your own financial plan.
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