M2m squared condos . The number of rich people in Canada has skyrocketed! House prices in Canada are getting more and more expensive, and many people have almost given up buying a house, but wealthy families will not make it impossible for their children to afford a house.Please Visit: M2m squared condos to Get Your VVIP Registration Today!
Wealthy families give their children an average of C $145000 to buy their first home, a new report has found.
A study of high net worth families in Canada has found that many children from wealthy families are receiving “a lot of money” from “mom and dad banks” for higher education, first-time home ownership and starting their own businesses, CTV reported.
The report, written by IG Private Wealth Management on wealthy Canadians and wealth transfers, found that those with at least $1 million in investable assets have been reconsidering their finances.
The survey was conducted online among 510 Canadians with investable assets of at least $1 million.
“they give priority not only to their children, but also to the world around them,” the report said on Tuesday. “this includes giving each child an average of $145000 to buy a first home.”
“more and more Canadian families see the wealth created by the older generation as family assets and as a means to help their children and grandchildren enjoy a safer financial future,” Damon Murchison, president and CEO of IG Group, said in a statement.
“however, many parents are also concerned about how and when to leave money to the next generation.”
The assets of Canadian families flowing between generations are estimated to reach about C $1.2 trillion over the next decade, the report said.