Close X
Sunday, November 24, 2024
ADVT 
National

'Bank of mom and dad' study: B.C. high earners get housing boost if parents also own

Darpan News Desk The Canadian Press, 21 Nov, 2023 01:55 PM
  • 'Bank of mom and dad' study: B.C. high earners get housing boost if parents also own

A Statistics Canada study into what it calls the "bank of mom and dad" shows home ownership among young high earners in British Columbia increases more than anywhere else in Canada if their parents are homeowners, too.

The study also finds that nationally, people born in the 1990s are twice as likely to own a home if their parents are homeowners, compared to those whose parents are not.

That almost triples for people whose parents own more than one property.

The study released Monday concludes that inequality of home ownership appears to be "reproduced across generations," with parental home ownership bringing their children big financial advantages.

It says people in B.C. earning more than $80,000 enjoyed a 21.3 percentage gain in their ownership rate if their parents owned one or more properties, compared to the lowest gain of 12.7 per cent in Alberta.

The gain increased to 52.9 per cent in B.C. for people in the same income bracket whose parents owned three or more properties.

The study, based on 2021 data, says parental ownership makes the biggest difference in Canada's most expensive provinces, B.C. and Ontario.

"This may signal that in housing markets with higher property values, where higher incomes are necessary for ownership, parents’ property ownership or wealth plays a larger role in their adult children’s home ownership outcomes," the study says

 

MORE National ARTICLES

Defence minister insists $1B spending reduction is not a budget cut

Defence minister insists $1B spending reduction is not a budget cut
The country's top soldier and outside experts say that finding almost $1 billion in savings in the Department of National Defence budget will affect the Armed Forces' capabilities, although the defence minister insisted Friday the budget is not being cut.

Defence minister insists $1B spending reduction is not a budget cut

European Union heads to visit Canada amid talks for access to EU science grants

European Union heads to visit Canada amid talks for access to EU science grants
The top heads of the European Union are expected to visit Canada this year, as officials discuss the possibility of Ottawa joining a major research-funding pact.  "We are expecting the summit still to take place this year," the EU's ambassador to Canada, Melita Gabric, said Friday.

European Union heads to visit Canada amid talks for access to EU science grants

6 coyote attacks in Prince George

6 coyote attacks in Prince George
Prince George Conservation and RCMP officers are “actively investigating” six separate coyote attacks within a week in the city. RCMP say in a statement they have issued a warning to the public after receiving separate complaints of the attacks.

6 coyote attacks in Prince George

BC leg Fall session starts tomorrow

BC leg Fall session starts tomorrow
The fall session of the legislature begins on Tuesday and the B-C government says homes, clean energy and public safety will top the agenda. House Leader and Minister of Housing, Ravi Kahlon says several pieces of legislation will be introduced during the seven week session, including plans to resolve zoning and permitting challenges and boost the supply of middle-income housing.

BC leg Fall session starts tomorrow

Orange Shirt Day march at UBC

Orange Shirt Day march at UBC
A march will be held on the University of B-C's Point Grey campus tomorrow in honour of Canada's third Truth and Reconciliation Day. The march also honours those who suffered at -- or did not come home from -- Indian residential schools in B-C and across the country.  

Orange Shirt Day march at UBC

The Canadian Inflation Struggle Balancing Everyday Expenses and Housing Costs

The Canadian Inflation Struggle Balancing Everyday Expenses and Housing Costs
Surely, Canadians, particularly those with lower incomes, are grappling with the impact of rising prices. A recent report shedding light on how inflation is affecting both the Canadian economy and households reveals that inflation began to rise in early 2021 and reached its highest point in four decades last year. 

The Canadian Inflation Struggle Balancing Everyday Expenses and Housing Costs