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Parents becoming key support for millennials struggling to enter the property market

The bank of mum and dad are playing a key role in helping their struggling millennial children purchase their first homes writes CBC News.

A significant number of millennials in Canada plan to buy a home soon, however, they believe they are a long way from being financially ready to enter the market. HSBC commissioned  Kantar TNS to complete a global survey of 9,000 adults, in the homes of capturing home buying attitudes globally.

The result gathered showed that 1/3 Canadian Millennials currently own their own home and amongst the 2/3 that didn’t 82% stated they intend to buy within the next 5 years.

However, the most staggering statistics was that 73% of these individuals wanting to buy in the next 5 years hadn’t yet started saving for a down payment.

Numbers suggest that parents playing a key role in first home property purchases. With more than 1/3 of the sample group saying they have received financial support from the bank of mum and dad to pay for housing costs.

Credit: Pete Evans

Source: www.cbc.ca

Tim K. Dean, Credi Founder | Commentator & Expert on Family Lending, Bank of Mum & Dad and Neo-Credit Scores is available for media interviews and appearances. More…

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