Timmins realtor offers advice to young people looking to buy a home

Survey finds parents help their children buy homes Two-thousand people were polled but a Timmins realtor says it's not a common practice in her area.

In some parts of the province, buying a home takes more effort than it did decades ago.

Michelle Beaudry-Seguin, a realtor with EXP Realty in Timmins, said she finds more of an issue with young people coming up with a down payment, not having good credit and bidding over the appraisal value of a home.

The Ontario Real Estate Association polled 2,000 people in January and found almost half are helping their children buy a home.

"More than four in 10 who are new homeowners that are aged 18-38 got help from mum and dad and more than 71 per cent got gifts for over $74,000 in a straight-out gift and others got loans, over $40,000," said Tim Hudak, chief executive officer.

However, Beaudry-Seguin said that's not a common practice in the northern part of the province.

"Here, homes are obviously not in the same price range as they are in southern Ontario so people here are able to buy their own home without having the help of their parents for the most part," she said.

A lot of people can carry the cost of a home, but coming up with a down payment tends to be an issue, she added.

The advice she gives to young people is to save money and maintain good credit.