My millennial cohorts seem to be wearing rose-coloured glasses . Whenever I read a news headline about home prices hitting a new record in Toronto, I thank my lucky stars I’m a homeowner. At today’s sky high home prices, there’s no way I could pay off my mortgage in three years by age 30. That’s why I was stunned when I read a Toronto Star article that said two-thirds of millennials in Toronto expect to own their own home. Are they buying in the same housing market as me?

Let’s look at the facts. The average detached home in Toronto goes for over $1.2 million. That means the average family needs 71.4 percent of their income to cover the cost of the average home in The 6. (The bank only recommends you spend 40 percent of your gross annual income on a home – this gives an all-new meaning to term, “house rich, cash poor”!) Sure, you can buy in more affordable parts of the city like Scarborough or buy a condo instead of a house, but that doesn’t change the fact that real estate is expensive.

We’re constantly told there’s a housing correction on the horizon, but so far home prices show no sign of slowing down. Why do home prices keep rising? Low mortgage rates definitely help. People like blame the foreign buyer boogeyman, but I think it’s high-paid professionals like dentists and lawyers who are driving up home prices.

How the heck can millennials still afford these crazy home prices? Thanks to the bank of mom and dad. Almost half  of first-time homebuyers in Toronto expect help from their parents with their down payment. When I say help, I’m not talking about $500 – millennials parent are actually coughing up most the down payment. Property virgins expect their parents to kick in 12 percent of the down payment, while we’re only saving up four percent. That’s three times the amount millennials are saving! The average price for a condo in Toronto in March 2016 was $416,251, according to TREB. That means millennials would only save $16,650, while their parents would save $49,950. That sounds like a pretty sweet deal, sign me up! *end sarcasm*

Parents, should you help your adult kids with their down payment? While you may believe you’re helping your son or daughter by gifting them their down payment, in all likelihood you’re hurting them. People like to call millennials the “entitled generation” – this is why. Instead of scrimping and saving most of their down payments, many millennials get it handed to them. While some millennials get money from their parents, not everyone does. When I bought my home, not only did I save up the down payment myself, I paid my mother $600 per month in rent. I’m glad she did. I wouldn’t be where I am today if I didn’t pay my mother rent.

By showing your millennial child tough love, you’re teaching your kids a valuable lesson: not everything in life is handed to you in a silver platter. Just like you did, you have to work for it. You don’t want your child to come back to you for a “bailout” every time he runs into financial difficulties. You won’t be there to help them forever. “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime,” as the old saying goes.

I’m not saying it’s never ok to offer your child a helping hand. I’m a big fan of charging your child rent and then gifting it them when they go to buy their first home (just don’t tell them ahead of time!). Just make sure your child saves most of the down payment. Considering topping up your child’s down payment to 20 percent to avoid mortgage insurance.

Unfortunately, I’ve seen far too many kids take advantage of the generosity of their parents. We don’t do it on purpose. If your parents aren’t charging you rent and you’re working full-time, you have a lot of extra money at your disposal. You can afford to go on nice vacations and dine out at fancy restaurants. Why save money when your parents will pony up most of the money for your down payment?

The problem is you’re setting up your child up for a rude awakening. When he gets out into the real world and has a mortgage and bills to pay, he’ll be in for the shock of his lifetime. By teaching your kid to be financially responsible at an early age, you’ll be setting them up on the path to financially success. Who knows, maybe they can be the next Mark Zuckerberg (hopefully with a better fashion sense).

Sean Cooper is the bestselling author of the book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, available now on Amazon and at Chapters, Indigo and major bookstores, and as an Audiobook on Amazon, Audible and iTunes.