If you read or listen to the news, you know that it’s becoming more and more challenging for young people to get into their first home. Ballooning real estate prices and tightened mortgage rules have some wondering if their dream to own their own home will ever become a reality.
It’s not uncommon to hear of young adults staying in the family home longer, or moving back to the nest in order to get a jump start on their savings. Statistics from Mortgage Professionals Canada show another growing trend: down payment gifts from parents have doubled since 2000 — going from seven per cent in 2000 to 15 per cent for homes purchased between 2014 and 2016.
The downside? Well, lending or giving money to family can open up a whole can of worms, and in some cases cause a rift in relationships. Then there’s the risk of negatively impacting your own retirement nest egg. Let’s face it, as much as you’d love to help out, there can be some serious repercussions. That is, until now.
Interior Savings has launched a new Family First Mortgage that not only keeps your investment protected and growing but more importantly keeps relationships intact. Watch the video below to learn more or read more here.