Canadians are expected to see one of the biggest wealth transfers in history as older homeowners bestow gifts and inheritances on their heirs, according to a recent Statistics Canada report.
“A looming wave of interfamilial wealth transfers is set to occur as baby boomers age,” a March 26 Statistics Canada report said, as first reported by Blacklock’s Reporter.
Gifts and inheritances are one of the key ways for younger Canadians to obtain homeownership, StatCan said.
“A wealth transfer in the form of an inheritance, whether from a living or deceased relative, is just one way many homeowners have benefited from familial support when entering the housing market,” the report said….