For Many Millennials, Home Buying and Parents Don’t Mix Well
Canada’s new mortgage stress test, effective January 1, is aimed at cooling the Canadian real estate market. It was introduced to protect banks and depositors by limiting their risk. One of its less desirable consequences, however, is that it puts even more pressure on the shoulders of a generation whose financial woes are already well-documented. With this new measure, Millennials, who have already been nicknamed “generation debt”, may have to postpone buying their own home even further.
Tough Negotiations: Parents help with home buying, but there are hidden costs