Young Canadians Staying With Parents To Save Up For A House

Most millennials are still living under the same roof with their parents and haven’t moved out yet because they are not fully capable of purchasing their own home. Disagreeing with that statement, Vancity showed in a report that 60 per cent of millennials is still living at home with their parents, while a third of them are saving some of their income in order to have enough money to buy their own house. The majority of them are working and getting no less than $1,500 per month.

William Azaroff, the vice-president of Vancity of community investment said; “Increased financial burdens for millennials make it harder to break out on their own, buy a home or start a family even when employed. We need to stop perpetuating unhelpful stereotypes about them and find solutions to make housing, in particular, more affordable.”

As most of young Canadians said they are saving up to purchase a home, some of their parents aren’t too sure about that. The parents that were quite certain their child/ren was saving up for a home, amounted to only a third, with 32 per cent of the young generation saying it will take them three years before they can move into their own place, 59 per cent of the parent also agreed on that.