Here are some of the stories that caught our eye this week:
Parents would pay $24k to get their kids to MOVE OUT
A recent poll by CIBC found that “Most parents who can afford it would be more than happy to gift their grown children a five-figure sum if it means they would move out and get started on life” and for those who planned to give a cash gift, the average amount came in at $24,125.
Almost two-thirds of parents would prefer to hand over the cash than have an adult child live with them.
The poll also randomly selected Canadians across the country for their knowledge on rules for gifting. More than half of Canadians didn’t know that there are no taxes on monetary gifts in Canada, and just over 10% incorrectly believed tax implications depended on the size of the gift.
Home prices bounce back
According to a Re/Max Integra analysis of Toronto region neighbourhoods evidence of a cooling housing market isn’t spread evenly across Toronto and the GTA, with some regions experiencing price increases in the quarter ending June 2017.
Brock, Caledon and Halton Hills were all among the neighbourhoods that saw notable increases in average home price. Overall, approximately 40 per cent of Toronto regions saw home price increases in Q2 of 2017, compared to Q1, as well as nearly half of all neighbourhoods in the 905 region. Housing experts believe Toronto is poised for further housing prices increases in the near future, driven by strong job creation and income growth.
Check out this handy heat map to get an idea of how fast prices are rising in various regions in the GTA and Toronto neighbourhoods.
BC wildfires adding stress to US housing market
As mentioned last week, the fires across British Columbia have forced several lumber mills to temporarily pause operations. Global News reported this week that this is causing more strain to an already existing lumber supply shortage in the US and in turn, housing inventory.
Homebuilders in the U.S. have been faced with higher lumber prices as lumber dealers have had less inventory due to the ongoing trade dispute between Canada and the US, now worsened by the fires. Inventory of homes in the States has been dropping for 25 months.
Now’s the time to cash-in on Aeroplan points
If you’re still diligently collecting Aeroplan reward points, now’s the time to use them, says The Globe and Mail’s Rob Carrick. Aeroplan is set to end its partnership with Air Canada in 2020, but waiting too long might result in you travelling with devalued points. According to some experts, the value of an Aeroplan point may drop as low as 1 to 2 cents per mile after 2020 if the program adopts a more conventional reward schedule.
Rob’s advice? The more points you have, the sooner your should travel to make the most of your points. Learn more about the program using Ratehub.ca’s guide to Aeroplan Miles.
- Air Canada to Replace Aeroplan with Its Own Loyalty Program
- Why Baby Boomers Should Use TFSAs
- Can I Afford a Million Dollar Home