Feb 3 2023
Hey Stef, do you believe parents have a moral obligation to create intergenerational family wealth for their children? I have tried to convince my boomer mother to buy a house together with a rental suite.. This would be mutually beneficial as it would allow my wife and I to have a stable place to raise our son. My mother lives with her boyfriend at the moment and this arrangement would allow her to get a source of income as she heads into retirement age, while also giving her a place to move back into in the event her health turns or she splits with her boyfriend.
As you know BCs real estate market is incredibly expensive and this arrangement would be the only way to get into property ownership locally for my family without saving for years in the inflationary decade we are in. My mother doesn't seem sold on this idea and has said she has considered buying a house with her boyfriend instead, who is in the process of selling a house he owned with his late wife. This would leave my family out in the cold. My mother has suggested that we move away to the prairies for more affordable housing. This seems disrespectful to me as she would almost never see her grandson. Am I wrong to be angry with her telling us to move away? I feel like if my son came to me with a similar arrangement I would do everything I could to be closer to my family and to help my son build wealth. Thanks