Canadian parents helping finance kids' homes

[TORONTO] Laura Parsons helped her son buy his first home four years ago, and she's ready to help her daughter do the same, making her part of what many say is a growing trend across Canada, where home prices have soared 84 per cent in 10 years.

"I am going to give her the downpayment," said Ms Parsons, 54, a mortgage banker in Calgary, Alberta, where an oil industry boom has pushed home prices to record highs. "We're the baby boom generation, we have more money than we ever thought we would, we have two incomes, we're saving, so I'm going to help."

Neither the government nor the real estate industry has collected data on parental aid to homebuyers. But experts say they are seeing more moms and dads helping their children, especially in the priciest markets. "It is increasingly common in the city of Toronto, where prices are pressing the limits of affordability, for most buyers looking to get a foot into the market," said Steven Fudge, a sales represent…