Parents chipping in on kids’ rent and lenders refusing renewals: Canadian real estate news for April 15

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Here are The Globe and Mail’s top housing and real estate stories this week, with the lowest mortgage rates available in Canada today, commentary from our mortgage expert and one home worth a look.

Private mortgage lenders are refusing to renew loans

Private lenders, nervous they won’t be able to recoup their capital if borrowers cannot make their monthly payments, are refusing to renew loans and leaving indebted homeowners without a source of funding. This is taking place in areas where home prices have dropped significantly, reports Rachelle Younglai.

Last month, the Financial Services Regulatory Authority of Ontario said that they had noted a dramatic increase in the number of homeowners relying on private mortgages as Canadians increasingly struggle to secure traditional loans, Salmaan Farooqui reported.

Here’s how much parents are spending on their adult kids’ rent, mortgages, and down payments

Welcome to parenting adult children in an age of expensive housing. In his weekly newsletter, Rob Carrick asked parents of kids 21 and up about the financial support they provide to their offspring. More than 90 per cent of respondents said they provided some level of support, with room and board ranking as most common at 47 per cent.

Almost 25 per cent of parents said they help their adult kids with rent, and 10 per cent with mortgage payments. Carrick found that 41 per cent of respondents assisted their kids with down payments.

Mortgage rates fall again

Various default-insured fixed rates dropped another 10 basis points this week. In his weekly column, Robert McLister writes about how buying a home is still a means of forced savings for young adults.

Social media’s ‘Millennial Moron’ skewers the absurdity of Canadian real estate

Some young social media users, including @millennialmoron, are finding new ways to highlight Canada’s stubbornly unaffordable real estate markets, reports Shane Dingman. The account posts videos on Instagram and TikTok comparing the cost of Canadian real estate to private islands and European castles. His most popular video compared Black Rock Cay in Honduras – a private island – to a semi-detached house in Toronto, both listed for $1.8-million.

Home of the week: Former home of four-time Stanley Cup champion Patrick Roy

367 Chemin du Tour-du-Lac, Lac-Beauport, Que.

Montreal entrepreneur Dave Villeneuve had his eyes on a lakefront property in this exclusive enclave north of Quebec City. The only problem was it was already occupied by one of Quebec’s most famous residents: Four-time Stanley Cup champion goalie Patrick Roy. Eventually, Mr. Villeneuve decided to contact Mr. Roy and make an offer.

The property is really not a house so much as a compound with 425 feet of beach, one of the largest lots on the lake and every amenity a hockey legend could want. There’s a concrete dock, a newly refurbished boathouse for all your water sports needs and an infinity pool that offers the illusion of being a part of the lake.

There are five bedrooms but the unquestioned star of the show is the primary suite which sits above the kitchen/family room with an even more elevated lake view.