'A huge difference': These adults born in the '90s partnered with their parents to buy homes in Ontario
CTV
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
The Statistics Canada study released last Wednesday shows the extent parental wealth plays in the homeownership outcomes of their adult children as affordability pressures and housing prices have intensified in recent years.
In response to these findings, three Ontario adults born in the ‘90s spoke to CTV News Toronto about their parents' involvement in their homeownership journeys.
Kirsten Cuffie, 32, and her husband bought a house in Keswick, Ont. with her mother seven months ago.
Having grown up in Toronto, Cuffie knew buying a house in the city was out of the question, but what came as more of a surprise was the hurdles she’d have to leap over to own property in a town an hour north of the city.
Cuffie said she got approved for a $350,000 mortgage. “Even the mortgage broker was like, ‘You won't find anything for that,’” she recalled. She was working full-time as a billing coordinator for an electricity company, but as the self-employed owner of an auto detailer in Newmarket, her husband didn’t have a guaranteed income to contribute.
But then, Cuffie’s mother sold her house in Toronto last summer, and a new idea manifested – what if they bought a house together and co-signed the mortgage?
