‘Live with your parents’ is becoming common financial advice for young adults
Living with your parents as a young adult used to be a subject of shame and ridicule. But amid sky-high housing costs, rooming with your parents in your mid- to late 20s can be the key to getting ahead financially. Erica Alini looked at the average rent for a one-bedroom apartment in 11 Canadian cities and calculated how much a new graduate could set aside by living rent-free until 2030. In several - not all - cities, those savings would be enough for a down payment. See below how the numbers stack up in five cities, and read Alini’s story for the rest.
Toronto’s real estate recovery was in full swing in May
Toronto’s housing market recovered further in May, with sales and home prices climbing for the fourth consecutive month, writes Rachelle Younglai. The shortage of properties for sale fuelled competition among buyers, increasing the home price index by 1.6 per cent to $1,164,400 from April to May, according to the Toronto Regional Real Estate Board. Although new listings increased by 10 per cent, the volume was about 50 per cent below the 10-year average for May.
This week’s mortgage rates: The latest pop in rates could (slightly) cool the market
In the past few weeks, the lowest nationally-available fixed mortgage rates have shot up by 20 to 35 basis points, writes Robert McLister. If the Bank of Canada scares the market into thinking it’ll get more aggressive with rate hikes, yields – and fixed rates – could climb a bit further. The moment of truth comes Wednesday when the central bank releases its next policy statement.
How renter rights vary in Canada’s most populous provinces
Skyrocketing rents, low supply and little oversight from landlord and tenant boards: The situation is getting desperate for many renters, writes Salmaan Farooqui. Renters in some cities sometimes choose to live in neglected homes to avoid renovictions and moving costs. Farooqui compiled a list of tips around rental laws across five of Canada’s most populous provinces.
Home of the week: A family-friendly Toronto uptown condo
When the family currently selling this space originally moved in, going from a house to a condo, they asked the developer if they could buy two units and combine them. The developer agreed, for a fee. The now-2,100-square-foot penthouse has three bedrooms, a den, three full bathrooms and a powder room. The primary bedroom is isolated on one side of the unit while the children’s bedrooms are down the hall on the other side of the kitchen. The home features three outdoor patios, one off of the children’s bedrooms, an outdoor eating space off of the kitchen, and a more shaded terrace off of the primary bedroom. The building has saunas, a gym on the main floor and a party room.
Guess the price
a. The asking price is $3.5-million.