Mom and Dad to the Rescue

Marci • September 5, 2017

With housing affordability  declining  across Canada, one trend is on the rise: parents are increasingly helping their adult children when it comes to housing.

That assistance is coming in the form of cash gifts/loans for today’s growing down payments, and also from parents providing shelter to their adult children under their own roof.

New data released from the  2016 census  shows that more than one-third (34.7%) of young adults aged 20 to 34 are now living with their parents, having either left at some point and returned, or never left at all.

That number has been increasing steadily since 2001 when 30.6% of young adults were living with at least one parent.

Among those aged 30-34, the percentage co-residing with a parent rose from 11.2% in 2011 to 13.5% in 2016.

Unsurprisingly, areas that have seen rapid home price increases report higher instances of young adults living at home.

Ontario saw the highest percentage of all the provinces, with 42.1% of those aged 20-34 living at home—up from 35% in 2001. That means more than two in five young adults in the province now live with their parents.

And of the 35 census metropolitan areas, Toronto and Oshawa reported nearly half (47.4% and 47.2%, respectively) of young adults living at home.

While it may be tempting to link this increase strictly to rising home prices, the census offers no concrete explanation.

In an interview with Global News, senior Statistics Canada analyst Jonathan Chagnon said it can be due to a combination of factors. “…for British Columbia and Ontario, these are regions where we see a lot of immigrants, so that could be part of cultural differences,” he told Global. “(But) these are also regions where the price of housing is really high.”

The “Bank of Mom and Dad”

For those who aren’t providing shelter, many parents are contributing financially towards the down payments of their children.

A recent  CIBC poll  indicated that a full 76% of parents would offer financial support to help their child move out, marry or live with a partner. And despite a significant percentage of adult children currently living at home, a majority of parents (65%) said they would prefer to give a financial gift rather than have their child and spouse/partner live with them.

The poll found that the national average gift size was $24,125. For those with household incomes over $100,000, that figure nearly doubled to $40,558, with as many as 25% giving their kids more than $50,000.

In Mortgage Professionals Canada’s annual  fall survey, author Will Dunning noted that down payment assistance for first-time buyers from their parents has trended above its historical average in recent years.

For many years, “funds from parents and other family members (in the form of loans and gifts) have been a small part of down payments, averaging 14% for all first-time buyers,” he wrote. “This share was stable until recently, rising to 18% for recent buyers (2014 to 2016).”

However, he cautioned against drawing the conclusion that this source of funds from the “Bank of Mom and Dad” has become an important driver of home-buying.

“The suggestion is that, in a more expensive housing market, parents are increasingly helping their children with down payments, via gifts and loans: the children need larger down payments; because the value of the parental home has increased rapidly during the past decade and a half, the parents are in a better position to assist the children,” he noted. “The data indicates that there is truth to the suggestion that parents are providing more help, but it also shows that this help is less significant than may be imagined (in terms of driving house sales).”

Additional Tidbits

Some other key findings from the census included:

  • From 2001 to 2016, when the share of young adults living at home increased, the share of young adults living with their own family decreased from 49.1% to 41.9%.
  • The proportion of young adults with other living arrangements (without their parents or their own family) also rose, from 20.3% in 2001 to 23.4% in 2016. These arrangements include living alone, with other relatives or with roommates.
  • More men than women aged 20 to 34 lived with their parents: five men for every four women, even though the proportion of young women living with their parents rose twice as quickly as that of men over the preceding 15 years.
  • How Canada compares to other countries in the proportion of young adults living at home:
    • United States (ages 18 to 34): 34.1% in 2016
    • Australia (ages 18 to 34): 30% in 2011
    • European Union (ages 18 to 29): 48% in 2012

 

This article was written by Steve Huebl and was originally published on Canadian Mortgage Trends on Aug 9, 2017 under the title Sky-high House Prices? Parents to the Rescue!

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What Older Canadians Should Know About Mortgage Financing

By Marci Deane • August 26, 2026
Retirement doesn’t always mean a mortgage-free life anymore. And that’s okay. Between higher home prices, rising living costs, and longer life expectancy, many Canadians are choosing to retire with a mortgage or refinance later in life to create more flexibility. The goal isn’t perfection. It’s having options that actually support the life you want to live. If you’re thinking about how a mortgage fits into your retirement years, you’re not alone—and you’re not out of options. Why work with an independent mortgage professional? Because retirement financing is not one-size-fits-all. Unlike a single bank, an independent mortgage professional can look across multiple lenders and solutions to find what truly fits your income, equity, and long-term plans—not just what one institution offers. Mortgage options available in retirement Traditional Mortgage Solutions Many retirees still qualify for standard mortgages. Pension income, investment income, and other retirement sources can often be used to support an application. If you have good equity and solid credit, this is often the lowest-cost option. Reverse Mortgages For homeowners 55+, a reverse mortgage can unlock tax-free equity from your home with no monthly payments required. There’s no income verification or medical questions, making it a helpful option for those who want to improve cash flow while staying in their home. Home Equity Line of Credit (HELOC) A HELOC allows you to access your home equity as needed and only pay interest on what you use. Many retirees appreciate the flexibility and like consolidating income and expenses in one place. Private Financing Sometimes life throws a curveball. If timing, income, or credit create challenges, private financing can act as a short-term bridge. It’s not usually the first choice, but it can provide solutions when traditional lenders can’t. If you’re approaching retirement—or already there—and wondering how your mortgage fits into the picture, let’s talk. A clear plan can make retirement feel a lot more secure and a lot less stressful.

What Online Mortgage Calculators Can—and Can’t—Tell You

By Marci Deane • August 19, 2026
What Online Mortgage Calculators Can—and Can’t—Tell You Online mortgage calculators are everywhere—and on the surface, they seem like a no-brainer. You plug in some numbers, and out pops what you can “afford.” Simple, right? Not quite. While the math itself is correct, the story behind those numbers is often misleading. Mortgage qualification isn’t just about numbers—it’s about context, risk, and lender policy. And that’s where calculators fall short. The Numbers Are Accurate—but the Picture Isn’t An online calculator can show you what a payment might look like at a given interest rate, or how making extra payments could reduce your amortization. That’s useful information! But when it comes to mortgage qualification , calculators don’t account for the many variables that lenders consider, such as: Your credit history and score Employment type (salary, self-employed, contract) Outstanding debts and monthly obligations Assets, savings, and down payment source The property type and location you’re buying Lenders evaluate all these factors through their internal risk models. That means two people entering the exact same numbers into a calculator could receive very different results when they actually apply for a mortgage. Why Online Calculators Can Mislead You When you see a “How much can I afford?” or “Mortgage Qualification” calculator online, it’s easy to treat the result as fact. But these tools don’t know your financial story—they only crunch the data you enter. A calculator can’t predict how a lender views your risk, how new mortgage rules apply to your file, or how things like spousal support, car loans, or variable income will impact approval. In short: calculators estimate payments, not qualification . Use Calculators the Right Way Don’t get us wrong—online calculators still have value. Use them to explore different “what-if” scenarios: How do payments change with different down payment amounts? How would a rate increase affect affordability? What if you added $100 a month to your payments? These tools are great for helping you understand your comfort zone. Just remember: they’re a starting point, not a green light. The Real First Step: Get a Pre-Approval If you’re serious about buying a home, skip the guesswork and get a mortgage pre-approval . It’s quick, free, and gives you real-world clarity on what you can afford. A pre-approval looks at your full financial picture—income, credit, debts, assets—and provides a framework for your purchase price, payment range, and rate options. It’s the only way to get a reliable answer to the question, “What can I really afford?” Final Thoughts Online calculators are convenient, but they can’t replace expert advice. Think of them as a starting point, not a solution. A professional mortgage broker can interpret the numbers, navigate lender policies, and tailor your financing strategy to your actual situation. If you’d like help understanding your true buying power—or want to get pre-approved with confidence— reach out anytime . I’d be happy to walk you through your options and help you make sense of the numbers.

Going Through a Divorce? Don’t Let Your Credit Take the Hit

By Marci Deane • August 12, 2026
Going Through a Divorce? Don’t Let Your Credit Take the Hit Divorce is stressful enough without adding financial fallout to the mix. Between lawyers, paperwork, and emotional strain, it’s easy to overlook how a separation can impact your credit. But your financial future depends on protecting it now—because long after the dust settles, a damaged credit score can linger. Here are a few smart steps to help keep your credit strong and your finances steady as you move forward. 1. Take Control of Joint Debts When it comes to joint debt, both parties are equally responsible—no matter what your divorce agreement says. If your ex misses a payment on an account with your name attached, your credit takes the hit too. Go through all joint credit cards, loans, and lines of credit. Wherever possible: Close joint accounts to stop future shared use. Transfer balances to the person responsible for repayment. Notify lenders in writing of any changes to account ownership. Once everything is updated, pull your credit report after three to six months to confirm all joint accounts have been closed and reporting correctly. Mistakes happen—stay proactive to prevent surprises later. 2. Open Your Own Bank Accounts Separation means financial independence, and that starts with your own banking. Open a new chequing account in your name only and redirect your pay deposits and bill payments there. At the same time, close any joint bank accounts and change passwords on existing online banking and credit profiles. Even in peaceful separations, shared access can cause confusion—or conflict. Protect yourself by ensuring your money and information are secure. 3. Start Building Credit in Your Name If most of your past credit was tied to your spouse’s name, now’s the time to establish your own. Apply for a small personal credit card or secured credit product . Use it sparingly and pay it off in full each month. This helps you build a solid individual credit history, setting the stage for future goals like buying a home, refinancing, or starting fresh financially. 4. Keep an Eye on Your Credit Monitor your credit report regularly for errors or unexpected changes. You can request free reports from both major credit bureaus in Canada— Equifax and TransUnion —once a year. Tracking your credit isn’t just about catching mistakes; it helps you see your progress as you rebuild your financial independence. Final Thoughts Divorce can be emotionally draining, but protecting your credit doesn’t have to be complicated. By taking a few careful steps now—closing joint accounts, building credit in your name, and monitoring your reports—you’ll safeguard your financial health and gain peace of mind as you start your next chapter. If you’d like personalized guidance on managing credit during or after a divorce, reach out anytime. I’d be happy to walk you through your options.