How low as a society have we fallen, where people cannot afford to buy a place without their parents' help, and where one's house is their whole retirement savings. We can blame the government (or many successive governments) for bringing us to this state .. many successive govs .. but the current one takes the cake.
Every day this situation continues it becomes less sustainable. At some point the scales tip and all those potential retirees will find themselves without a retirement fund. This situation doesn't really benefit anyone long-term.
The point has been made that in most cases it's not their parents savings... they are going into DEBT, late in life to support their kids... a debt that may never be paid back and may in fact become a societal burden on all of us, as the financial condition of older folks deteriorates.
I totally agree with you Santo. Warning for parents or anyone gifting money for purchasing a home, for a married or living together couple. First and most important, GET A RELIABLY GOOD REAL ESTATE LAWYER. The gifter will want to be FULLY PROTECTED FROM LOSING ALL THE MONEY. OPEN MORTGAGE so if there's a breakup, divorce, the gifters will get their money back. Not sure of the updated procedures nowadays. Please use proper legal services to protect yourself.
Your confusing with a gift vs a loan. A gift is that it's good as gone, it doesn't matter what happens. While a loan is a different story, what your trying to explain why you should get protection etc.
@@sbuxtony1 Parental loans turn into gifts... how many parents do you know will foreclose on their kids or invoke power of sale, because their kids stop servicing the debt they owe their parents... 1 in 1000? 1 in 10,000? ITs all a gift... parents who borrow on behalf of their kids later in life are being reckless and throwing their own financial security into jeopardy.
Santo is funny, there is allways some sort of "weekend", full moon weekend, monkey weekend, long weekend, summer weekend... haha lets be real, market is dying
Quite honestly, if your entire retirement plan is your home's value you probably want to sell immediately. Because unless your retirement is more than 10 years away, holding real estate "as an investment" is a really bad idea right now. The current valuations are at extreme bubble prices (based on income) and we're either already in a recession or will be soon.
i was out of the house at 17 i dont know anyone who has big money and parents who helped them who are these parents??? almost 60 parents are well off but they havent helped us one bit
Exactly, same. It's annoying to hear about this. My husband and I purchased our house with money we saved, no help from either parents. I'm surprised this is so common.
This is sort of encouraging, Santo what do you predict for the Spring 2025 market? I know it is a few months away but what is the usual and best time to list for this time period? Also why do all the listings look like empty boxes of blank walls and no personality? I know they say declutter and depersonalize but they even have no draperies or blinds and just look empty and sad. They just aren't appealing and makes me think that the owners are desperate to sell because the home is not lived in.
@@metalslug_1143 yes he is being sarcastic... if single detached homes reach ten million... there will be idiots who buy them, believing and betting one day they will be worth 20 million... its called the greater fool theory...
Depends where that property is the key. Values havent gone down that much. Its those who over paid and didnt het value for there home. And you know where those places are
Basically when you take out money from your equity to give to your kids so they can buy a house of their own, it's not free money, it's money that you don't have anymore, so it's a sacrifice you are making.
it is a reckless sacrifice... folks in their 50's don't have the runway necessary to re-fund their retirements after borrowing hundreds of thousands for their kids.
Imagine giving your kids 1970s advice in 2024 and wanting your kids to spend 15-30k/year on rent. I'd tell you to take that advice and shove it because you have no idea what it's like to grow up in this chronically mismanaged and demographically challenged economy. The percentage of young people doing well without huge parental help (whether that be money, shelter or other support) is becoming vanishingly small.
@@corruptpolitician3321We as Canadians lost our morals in the 80's. Society turned to a ME, ME, FOR ME ONLY. Families started to drift apart and the new era mentality of I don't care about anyone other than myself. No one concerned about the future of the direction of our society.
@@corruptpolitician3321 yup, as a gen-xer I truly believe I am the last generation to have it better than the one before. I am trying to live at a level where I know I will be able to help my kids. I certainly didn't have kids to tell them to "suck it up and get a job". I expect that they will work and be productive, but I will always be there to help. Life can be tough.
Your advice is too late! You should be providing this advice in advance. I saw this coming and I have save people money by 1) selling near the peak 2) not buying near the peak. I don't have a vested inteest because my advice was free. I've lived through this cycle 2 times before. This time RE was on steroids. Prices have to come down alot to make real estate affordable again based on current salaries.
Is the sky blue in your little world ? Real Estate agents are like vacuum cleaners, House prices need to drop another 40% then you will have affordable housing with a sustainable interest rate. People will have mortgages worth more than there home ! that's starting to happen. Heavily tax speculators and house flippers.
it's how my peers stayed in the GTA, every one got between 100 -to a half mill towards a house in help. I went to the other side of the country, my mother was clear in late night phone calls to let me know there was no help and to not expect an inheritance. now she complains I haven't visited in years I own a place in a cheap town mortgage free.
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How low as a society have we fallen, where people cannot afford to buy a place without their parents' help, and where one's house is their whole retirement savings.
We can blame the government (or many successive governments) for bringing us to this state .. many successive govs .. but the current one takes the cake.
Blame all those who continue to vote for garbage in, garbage out, politicians.
Every day this situation continues it becomes less sustainable. At some point the scales tip and all those potential retirees will find themselves without a retirement fund. This situation doesn't really benefit anyone long-term.
The point has been made that in most cases it's not their parents savings... they are going into DEBT, late in life to support their kids... a debt that may never be paid back and may in fact become a societal burden on all of us, as the financial condition of older folks deteriorates.
I totally agree with you Santo. Warning for parents or anyone gifting money for purchasing a home, for a married or living together couple. First and most important, GET A RELIABLY GOOD REAL ESTATE LAWYER. The gifter will want to be FULLY PROTECTED FROM LOSING ALL THE MONEY. OPEN MORTGAGE so if there's a breakup, divorce, the gifters will get their money back. Not sure of the updated procedures nowadays. Please use proper legal services to protect yourself.
Good advice. Thanks Walter.
Your confusing with a gift vs a loan. A gift is that it's good as gone, it doesn't matter what happens. While a loan is a different story, what your trying to explain why you should get protection etc.
@@sbuxtony1 Parental loans turn into gifts... how many parents do you know will foreclose on their kids or invoke power of sale, because their kids stop servicing the debt they owe their parents... 1 in 1000? 1 in 10,000? ITs all a gift... parents who borrow on behalf of their kids later in life are being reckless and throwing their own financial security into jeopardy.
Santo is funny, there is allways some sort of "weekend", full moon weekend, monkey weekend, long weekend, summer weekend... haha lets be real, market is dying
Quite honestly, if your entire retirement plan is your home's value you probably want to sell immediately. Because unless your retirement is more than 10 years away, holding real estate "as an investment" is a really bad idea right now. The current valuations are at extreme bubble prices (based on income) and we're either already in a recession or will be soon.
i was out of the house at 17 i dont know anyone who has big money and parents who helped them who are these parents??? almost 60 parents are well off but they havent helped us one bit
Exactly, same. It's annoying to hear about this. My husband and I purchased our house with money we saved, no help from either parents. I'm surprised this is so common.
It’s very common in some cultures and not so common in others.
Maybe it had something to do with why you were out the home at 17 😮
The worst is behind us... Interest rates are dropping and 2025 is going to look like 2017!! Let the good times roll!Always great content!
I explained this to my parents and they scoffed. Ok no grandchildre.
This is sort of encouraging, Santo what do you predict for the Spring 2025 market? I know it is a few months away but what is the usual and best time to list for this time period? Also why do all the listings look like empty boxes of blank walls and no personality? I know they say declutter and depersonalize but they even have no draperies or blinds and just look empty and sad. They just aren't appealing and makes me think that the owners are desperate to sell because the home is not lived in.
I sold, bought physical Gold and now rent 🤷🏻♂️
Santo how much money did you give your kids?
can you change the font colour of the positive % to black to differentiate from the red negatives?
If only the average house price was 10M$, that would fix everything.
Lol are you being sarcastic? 10M means 10 Million genius ........😂
@@metalslug_1143 yes I know what it means. I am serious.
@@metalslug_1143 yes he is being sarcastic... if single detached homes reach ten million... there will be idiots who buy them, believing and betting one day they will be worth 20 million... its called the greater fool theory...
pretty much every real estate agent pushed housing as everything,
Thanks a lot!👍👍
Depends where that property is the key.
Values havent gone down that much.
Its those who over paid and didnt het value for there home.
And you know where those places are
Yeah, like the parents have this extra cash just sitting around. Forget it!
Once upon a time there was when we weren't TAXED TO DEATH.
You are correct... they BORROW the money now... and the kids don't have the financial wherewithal to pay it back.
Basically when you take out money from your equity to give to your kids so they can buy a house of their own, it's not free money, it's money that you don't have anymore, so it's a sacrifice you are making.
it is a reckless sacrifice... folks in their 50's don't have the runway necessary to re-fund their retirements after borrowing hundreds of thousands for their kids.
Maybe young people are spending money on , clothes, vacations, partying, being influencers
I gave my kids some advice instead of money: get a job, get out. Same advise my father gave me.
Jobs are scarce, and often precarious
Imagine giving your kids 1970s advice in 2024 and wanting your kids to spend 15-30k/year on rent. I'd tell you to take that advice and shove it because you have no idea what it's like to grow up in this chronically mismanaged and demographically challenged economy.
The percentage of young people doing well without huge parental help (whether that be money, shelter or other support) is becoming vanishingly small.
Bad parent. Also can't spell advice apparently
@@corruptpolitician3321We as Canadians lost our morals in the 80's.
Society turned to a ME, ME, FOR ME ONLY. Families started to drift apart and the new era mentality of I don't care about anyone other than myself.
No one concerned about the future of the direction of our society.
@@corruptpolitician3321 yup, as a gen-xer I truly believe I am the last generation to have it better than the one before. I am trying to live at a level where I know I will be able to help my kids. I certainly didn't have kids to tell them to "suck it up and get a job". I expect that they will work and be productive, but I will always be there to help. Life can be tough.
House prices wax and wane according to the economy.
You tube can't let me post my thoughts , all controlled and brainwashed
Your advice is too late! You should be providing this advice in advance. I saw this coming and I have save people money by 1) selling near the peak 2) not buying near the peak. I don't have a vested inteest because my advice was free. I've lived through this cycle 2 times before. This time RE was on steroids. Prices have to come down alot to make real estate affordable again based on current salaries.
Is the sky blue in your little world ? Real Estate agents are like vacuum cleaners, House prices need to drop another 40% then you will have affordable housing with a sustainable interest rate. People will have mortgages worth more than there home ! that's starting to happen. Heavily tax speculators and house flippers.
Time to buy!
Giving your kid a 200k down payment ain’t helping them. Not one dollar. That’s all that has to be said.
it's how my peers stayed in the GTA, every one got between 100 -to a half mill towards a house in help. I went to the other side of the country, my mother was clear in late night phone calls to let me know there was no help and to not expect an inheritance. now she complains I haven't visited in years
I own a place in a cheap town mortgage free.
@@PastelP-b4uBad son
@@PastelP-b4ushe inherited the greatest economy in history and left you with the scraps, then expects you to be happy about it. Classic.
@@PastelP-b4u Same.
You either don't have children or don't money. You can't take the money with you. Helping children is a natural desire assuming you love your kids.
I'm No.1
Maybe young people are spending money on , clothes, vacations, partying, being influencers
Yeah cool at salary vs prices. It's not spending, it's investors. Educate yourself