Onami

I had that thought about 8 years ago and kick myself for not doing it. Mine are 22 and 24, so I missed the boat on that. We will downsize in 5 or 6 years and will likely cover a substantial chunk of their home purchase as a form of early inheritance. Just need to finalize how to protect the funds from divorce etc. Likely via a low/no interest loan.

GLTL

A pre-nup might be part of the answer. There was a piece in the Globe and Mail in the last day or two about this. (Unfortunately behind paywall.) https://www.theglobeandmail.com/inve...prevent-messy/

We are doing similar things for children/nieces/nephews with university and law school tuition, down payments for property, etc. As a boomer, I shake my head at how much easier it was for me to get launched in life than it is today.

Onami

Thanks GLTL!

RealityGT

I purchased 2 homes for my kids in the west end of the city so they won't have to deal with the madness that will ensue in the coming years...
I'm not worried about leaving them money as they will have the ability to earn themselves...

pfitzsim

Is everyone assuming that their kids won't leave the GTA or just considering these investment properties if so? Lots of good jobs out there in other cities, provinces, countries, continents.

.2PDK

Well, considering what the mkts are doing today business has improved quite a bit...

Recruiter_Bruno

I'm a Director/Recruiter (Headhunter) for the automotive industry since 1997 and 100% commission based.
Manufacturing related positions for the Tier 1 suppliers (Engineers, Management, Materials, Skilled trades, Operations....)
We are steady but NOT as busy as we were a year or more ago.
Any of our clients that have parts going on EVs are all hurting and on semi or full hiring freezes as capital equipment, tooling and manpower wasted on projects that keep getting delayed.
Its been a nightmare for the auto suppliers.
Even regular vehicle sales have softened... so most of our clients are being much more cautious about personnel hiring.
And even the positions we do have open have become more and more "niche" with specific requirements that are difficult to find.
Not getting 2008 vibes but pretty close to it...
I'm good overall but others in the office are not as fortunate.

Angryinch

Smaller stuff seems a bit slower thus far, but that could change at any point. Medium and larger stuff seems to be rolling decently.

Feels a bit slower than the last two season, but we are primarily residential where covid made things boom heavily. Ill have to see how the next 4-6 weeks go.

saadu

Same industry, same feedback.

Overdraft

Construction- busy executing in pipeline secured two or three years ago…new business development flat last 7 or 8 months now however inquiries markedly up again with medium term vision more positive. Supply of skilled labour in trades anemic…not sure if we have our heads around how serious this is in this country.

Gygeneral

This to me is the biggest issue in helping your kids with real estate. I have been through this, I know, I am retired, 6 yrs ago before housing went crazy I bought a house for my daughter and her partner to live instead of paying rent. Over the next five yrs we renovated the entire house, its an older home built in 1926. Back then I told my wife the house is in our name, you never know what to expect nowadays. Things were going great, they got engaged, making plans for marriage. So my thinking is when married I'm going to sign over the house to them. So a couple months before marriage, he has a change of heart and backs out. So my daughter is now living in the house, if I had put the house in their names from the beginning he would of walked away with half. I almost did that, its a good thing I held off. So I tell parents keep control of the asset until you are really sure, today, breakups happen often, so keep your hooks in there as long as you can

ekam

https://nationalpost.com/opinion/sec...broke-they-are

Matt Lane

I recently read that the same applies to inheritances. I am not an expert, but I believe if the inheritance gets mingled with family funds (as in paying off a shared home mortgage), then it's now joint. If segregated and held separately, it remains with the legatee in the event of breakdown.

Nothing I've ever personally considered or questioned, but divorce has to be the greatest wealth destroyer out there.

Matt Lane

I think it will be much worse than that, at least in Toronto or Vancouver.

Without the leg up from family, you'd need serious, rock steady income to save enough for a down payment and cover the massive mortgage. Two higher incomes together, maybe. And that's for a very 'average' house.

moab

inheritance is excluded. if you earn income from inheritance, it is relevant for net family property purposes.