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.
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.
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? But to pass the stress test, his mortgage broker recommended co-signing with his mother, positioning her as a one per cent owner, despite having no financial involvement in the property. In doing so, the lender looked at their two incomes and decided they would pass the stress test if interest rates rose. “It was kind of like a little cheat in the system,” Foster said.
“It’s not great that it’s come to this,” Endale acknowledged. “It’s definitely not sustainable. It makes you wonder how this started and how we can get out of this situation.”
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