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Boomer Inheritances & Millennial Buyers: The Coming Real Estate Revolution
This past September, journalist Katrina Onstad wrote a Maclean’s article, The Jackpot Generation, which explored a significant financial shift Canadians will soon face. Over the next few years, Canadian baby boomers are expected to pass down a whopping $1 trillion to their heirs—primarily their millennial children. “According to an Ipsos survey, boomers planning to leave their entire estate to their children will pass on an average inheritance of $940,000,” theMacleans article states.
This unprecedented wealth transfer will likely reshape the real estate landscape. Millennials will likely use these windfalls to break into a previously unattainable market. Even a fraction of that inheritance can open doors to homeownership or lucrative investment opportunities, particularly when paired with savvy financial planning.
Think of a $200,000 down payment—less than a third of the average $940,000 inheritance. Zoocasa’s calculations, using a 25-year mortgage term and a 3.99% interest rate, showcase how effectively this amount can be leveraged in housing markets across Canada.
19-11-2024 -
Two B.C. Realtors were fined over $200,000 for failing to disclose key restrictions
Two Realtors in B.C. are facing more than $200,000 in fines for failing to disclose information to clients related to a 2017 oceanfront property sale on the Sunshine Coast.
According to a consent order by the B.C. Financial Services Authority (BCFSA), Joel Patrick O’Reilly and Denise Anne Brynelsen with Royal LePage Sussex in Sechelt acted as dual agents, representing both the buyers and sellers in the sale.
18-11-2024