"With affordability such a problem, 42 per cent of first-time homebuyers are getting financial help from the proverbial “Bank of Mom and Dad”, according to a BMO survey.  But a recent CIBC survey is now showing how helping out adult children is having serious financial impacts on mom and dad.

From cutting into personal savings, to reducing spending on themselves, to delaying retirement or delaying downsizing their own home, the economic spinoff on parents and the economy is substantial.
For today’s young adults, a difficult entry-level job market, little income growth and high housing costs mean they are more dependent than ever on continued support from their parents.  This delays the forming of new households, and creates financial stress for both generations.

Helping young adults achieve financial independence is important – to them, to their parents, and to society.  Improving the affordability of new homes would remove a significant barrier to such independence.