skip to Main Content
Millennials: Entitled To Your Money?

Millennials: Entitled to Your Money?

When it comes to overall financial well-being. There’s no denying, millennials have received the short end of the stick.

They’re graduating with more debt than any other generation in history. The eldest among them saw the entry to the workforce coincide with the Great Recession of 2008. Many boomers had to postpone their retirement plans after many lost their entire life’s savings.

It’s an inhospitable world for the millennial generation, whose careers are comprised of unsteady contract terms whilst navigating an ever-changing economic landscape. Sadly, they are unable to comfort themselves with the simple pleasure of avocado toast without being roasted by their elders as self-indulgent or blamed for the literal death of industries.

Considering homeownership, unlike their predecessors, most millennials simply aren’t able to save for the down payment. Which, in turn, millennials require to begin building equity by investing in real estate.

Currently, more than a third of Canadian millennials now own a home. With two-fifths requiring help from their parents to enter the housing market.

As housing markets continue to ride the crest with no break in sight. There’s no reason to believe the 82% of non-home owning millennials who intend to purchase in the next 5 years won’t require similar assistance.

“64% of millennials who don’t own homes will need a higher salary in order to buy, but the two-pronged problem of sluggish wage growth and rising property values make it unlikely that all will be able to achieve their goal.”

Josh O’Kane, The Globe and Mail

As housing costs remain steady nation-wide. Millennials that would otherwise be priced out of the market are benefiting from parental generosity in the form of gifted down payments.

A gifted down payment is exactly what it sounds like; a gift of funds from a donor that the owner does not expect to repayment, like a loan would be.

While not every potential homeowner is in a position to make a withdrawal from the bank of Mom or Dad. Speaking with an unbiased mortgage broker can help millennials with financial planning and ensure they meet future goals.

Current Mortgage Rates

Contact TeamClinton

1. The “Holiday Cheer Giveaway” (the “Contest”) runs from 08:00:00 a.m. AST on December 1st, 2020 (the “Contest Starting Date”) to 5:00:00 p.m. AST on December 11th, 2020 (the “Contest Completion Date”). The Contest will have one (1) grand prize draw for a cash prize of $2,200.

2. Submitting this form implies consent to subscribe to our emails and mobile phone alerts. Subscribers may opt-out at any time.

3. SMS message and data rates may apply. Text HELP to 68411 for help, text STOP to 68411 to end. By opting in, I authorize the seller to deliver messages using an automatic telephone dialling system and I understand that I am not required to opt-in as a condition of entering the Contest.

4. Participants will receive one (1) contest entry for signing up for email and/or mobile phone updates. This is limited to one entry per person through the online sign-up form.

5. Participants may have the opportunity to earn additional entries and any details will be announced from time to time if available.

6. Participants must be 18 years of age at the time of contest entry and reside in Nova Scotia, Canada.

7. By entering this Contest, all entrants consent and agree to the use of their name, address, likeness and photo for any advertising, publicity and marketing purposes by the Sponsor, without compensation.

8. By entering, all eligible participants agree to abide by the rules and conditions outlined above.

Subscribe to our newsletter

Sign up here to get the latest news and updates from Clinton Wilkins Mortgage Team.

You can unsubscribe at any time.

Normally you can find this at retail stores across Halifax and Dartmouth, but we wanted to make it even easier for you to get a copy.

The entire guide is available online to view or download, and to make sure you’re staying safe at home, you can now request a print copy by mail, free of charge, anywhere in Nova Scotia!