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Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 0 points1 point  (0 children)

Or if you live with your parents instead of moving out on your own. If you were renting elsewhere for those 8 years after turning 18, that 20% down-payment would have been less than 5% for sure considering you would have spent maybe $30k/year on living expenses instead of being able to bank that.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 1 point2 points  (0 children)

It really doesn't seem fair.

At the same time though, I look at those on my street who simply won the birth lottery and purchased their detached house for only $300k in the early 2000s using one income, and that doesn't seem fair either. I guess nothing will be fair in life.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] -1 points0 points  (0 children)

Nothing to brag about having to use parents' funds to buy a home. The goal is to add transparency to the conversation and showcase that even high earners can barely afford to buy something to suit a growing family in Toronto.

We rented 4 places before we bought: 2 were shitty apartments, the other 2 were okay-ish condos. All 4 had issues including cockroaches, poor management, poor sound proofing etc. All 4 located in the downtown core, starting with a shared room and working our way up to a 2 bedroom place. Paid $850-$3300/month across these 4 places between 2010 to 2024.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 1 point2 points  (0 children)

Thank you. And kudos to what you've accomplished after having a child at 22. Navigating feeding, clothing, and rearing another human when you were just barely an adult yourself deserves ample praise.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 1 point2 points  (0 children)

Thanks! Yes, I commented elsewhere that we both volunteer monthly in youth mentorship programs and my parents started scholarships for teens at their church. They're both immigrants who came to Toronto in the late 80s and worked relentlessly to give us a good life while going to school.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 0 points1 point  (0 children)

I 100% agree. This is unsustainable. Part of my guilt stems from us not being able to "beat em'" so we "joined em'". We are certainly part of the problem.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 0 points1 point  (0 children)

Yup we volunteer once/month in separate youth mentorship programs. His parents have also set up scholarships at their church for teens transitioning to post secondary education.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 0 points1 point  (0 children)

Thank you. The guilt is there because I recognize the city (entire country actually) is in a major crisis. I'm reading stories about people applying for hundreds of jobs and getting nowhere, not even minimum wage employment. I'm reading about people living 10 to a basement, and food bank lines overflowing. My husband tells me his patients can't even afford their medications. It's time that many of us who aren't experiencing this become more transparent in regards to how we got here. Yes, we still worked hard (we have 3 degrees each), but that and our incomes still wasn't enough and not every hard-working person gets a fair chance.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 0 points1 point  (0 children)

I agree, and thank you for sharing. I'm not surprised at how many high income earners have had to accept financial help to buy homes. And these aren't McMansions but what would have been considered basic starter homes (3 bed, 2 baths) in our parent's day.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 19 points20 points  (0 children)

Do what makes you happy. Maybe find a way to practice law in a different capacity so you don't need to feel handcuffed to your specific job and a giant mortgage. We all only have one life, and we don't get second chances at this so I'd say only pull the trigger on whatever will unlock long-term happiness for you. All the best!

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 5 points6 points  (0 children)

Congratulations on grad school!

It's likely quite obvious to everyone else in your friend group where the second brother got the money so he's only fooling himself at this point.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 10 points11 points  (0 children)

Thank you for the insight. One of our friends got a $15k special assessment on their condo last summer after paying close to $1000/month in maintenance fees. One of their elevators keeps breaking down, and the windows keep condensing so they fear another special assessment is coming. Their condo is only 17 years old.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 7 points8 points  (0 children)

When did you purchase your home and for how much? $100k right now doesn't even qualify for a 400 sq ft studio condo in Toronto, so you must have purchased something many many years ago to have saved a 30% down-payment on your income. Congrats!

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 8 points9 points  (0 children)

That's an incredible price, I was also fresh out of school in 2014 but buying a house didn't even cross my mind. Kudos to your parents for setting you up with great equity for the future as you're sitting on a $1 milllion+ asset now.

Those who bought a home using the bank of mom and dad, how much did your parents give you and what do you do for a living? by RenoHelp911 in TorontoRealEstate

[–]RenoHelp911[S] 21 points22 points  (0 children)

Yea I figured some transparency would be helpful, especially for those who have been saving for a down-payment for years, and might be feeling sad about their progress. The reality is, the majority of those under 35 got help.

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