More Canadians face financial hurdles as rents rise

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Some advisors may soon find themselves helping clients who face rental challenges and need a complete cash flow analysis. In the past, sourcing other housing arrangements, such as co-ops, senior residences or an even cheaper apartment in a different neighbourhood, nearby city or town, were viable options. Now, with a housing shortage and record rent prices not just in the urban centres, advisors must think of alternatives to keep their clients afloat. Ms. Chung offers a few possibilities that may work if clients agree.

For example, a grandparent can help to look after grandchildren if they reside under the same roof as the parents. Ms. Chung also recommends what she calls “The Golden Girls Dream,” based on the 1980s TV show in which four older women shared a house. “Let’s not blow up a family, but let’s get really specific,” she says. “What does it look like if somebody wants to move out? What is your fair share financially? Who does the work around the house?”

Source: Real Estate Daily Report (realestatedailyreport.net)

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