7 ways parents can help their kids become homeowners

The rising cost of housing in Toronto and the Greater Toronto Area is making it difficult for first-time buyers, including those with established careers and great incomes. As a result, more and more parents are tapping into their savings to help their children become homeowners. According to James Harrison of Mortgages.ca, there are several ways that parents can help their children to buy a home. The options include gifting them the money as a tax-free present, lending them the money, co-signing or being a guarantor on their mortgage, buying a property together, buying the property themselves then transferring ownership later, helping them buy a multi-unit property, and letting them live with their parents while they save for a down payment. However, before helping their children, parents need to consider their financial health and ensure they can still meet their obligations, as well as adjust their expectations.