Over the next two years, baby boomers will pass a reported 1 trillion dollars down to their heirs, who, in most cases, are their millennial children. This intergenerational transfer of wealth is expected to be the largest in Canadian history.
The nature of homeownership in Canada has changed many times over in the last half century, and these changes have contributed to widening gulfs in wealth and prosperity. Baby boomers came into their adult years through an economic golden age, in which many were able to invest in homeownership well before prices became prohibitive. And as many now enter older age, they are sitting on homes worth many times more than what they paid for them.
Katrina Onstad is a freelance reporter and producer for the Globe and Mail’s tech business podcast, Lately. And she’s just written a cover story for Maclean’s about inheritance, and an incoming millennial windfall that she calls the ‘Jackpot generation.’
