Baby boomers are bailing out Toronto s condo market with huge gifts for their kids
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The downtown Toronto condo market continues to bounce back with a vengeance following a full year of steady, pandemic-induced declines, and one of the key drivers behind this trend may surprise you.
Or not.
Apparently, realtors have seen loads of parents purchasing properties for their dear children in recent months specifically retiring boomer parents and their sponging millennial spawn. Ontario s baby boomers are selling their (typically larger) homes to help their kids break into the housing market, reads a new report from the real estate listing and analysis firm Strata, which attributes rising downtown condo values to family decisions.
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