In Ontario, an increasing number of adults born in the ’90s are turning to their parents to co-sign home purchases due to soaring real estate prices. A recent Statistics Canada report reveals that over 17% of Canadian homeowners from this generation own their property jointly with their parents, a trend driven by escalating affordability challenges.
Kirsten Cuffie, a 32-year-old from Keswick, shared her experience with CTV News Toronto, highlighting the significant role her mother played in making homeownership attainable. After realizing that buying a home in Toronto was financially unfeasible, Cuffie and her husband, who runs an auto detailing business in Newmarket, considered properties further north. Despite a full-time job and a $350,000 mortgage approval, the local market prices were still out of reach without her mother’s financial assistance.
The family eventually purchased a $800,000 two-storey home in Keswick, which offered ample space for their growing family and a basement for Cuffie’s mother. This arrangement, which has become increasingly common, underscores the vital support parental involvement provides in navigating the challenging housing market.