The 'bank of mom and dad': Advice on helping children with that first home purchase
BMO Bank of Montreal found that up to 40 per cent of their first-time buyers expect some family help to get on the property ladder. Vancouver Sun reporter Derrick Penner sought some expert advice on how parents can approach the situation.
Q: How can I help my child buy her first home?
A: It can be as simple as co-signing on the mortgage to help a child who has saved some money for a down payment, but still can’t meet all the qualification requirements, said Richard Bell, a real estate lawyer with Bell Alliance Lawyers and Notaries Public in Vancouver. Or, a parent can offer a gift of cash.
Q: How do I go about gifting money to my daughter to help her make up the down payment on her first home?
A: It can be as simple as co-signing on the mortgage to help a child who has saved some money for a down payment, but still can’t meet all the qualification requirements, said Richard Bell, a real estate lawyer with Bell Alliance Lawyers and Notaries Public in Vancouver. Or, a parent can offer a gift of cash.
Q: How do I go about gifting money to my daughter to help her make up the down payment on her first home?
