Not only are parents increasingly under pressure to help their kids buy their first home, a survey commissioned by FP Canada now finds that a significant number of millennials are banking on their parents to help cover rent costs.
Some 35 per cent of parents who have children aged 19 and up say they’ve helped them pay rent, and 36 per cent of parents with children under 18 expect to do the same in the future.
While the number may surprise established homeowners, those looking for apartments in big Canadian cities are likely familiar with rental affordability challenges.
In central Toronto, the average asking rent for a one-bedroom unit is $2,266, according to a monthly report from rentals.ca. In Vancouver, landlords are asking an average of $1,990 for a comparable unit.
Even in Calgary, where the housing market is depressed, the average rent is well north of $1,000 per month. In June, the one-bedroom average was $1,390, according to the rentals.ca report.
Pollsters at Leger, which carried out the survey, also touched on homeownership.
Among parents whose kids aren’t yet 18, 48 per cent say they plan to give them a hand with their first home purchase.
Meantime, 24 per cent with children 19 and up say they’ve already done so. -CINEWS