More millennials lived with parents as adults than boomers at same age: StatCan

A new study shows millennials aged 25 to 39 were nearly twice as likely to live with their parents compared with the boomers when they were the same age.

A Statistics Canada census report found 16.3 per cent of millennials were living with at least one parent in 2021, compared with 8.2 per cent boomers in 1991.

“We looked at their living arrangement patterns and compared them over time and we found that nationwide, millennials in 2021 were living with their parents at a rate twice as high as baby boomers were at the same age in 1991,” said Michael Mirdamadi, analyst at Statistics Canada.

The agency says the proportion of millennials living with their parents was the highest in Toronto and Vancouver, the two most expensive housing markets in the country.

“There’s a whole host of problems,” said Moshe Lander, Economics professor at Concordia University. “So, the first one is of course that the income is not growing in the same way that it did for previous generations.”

Millennials also had a lower rate of home ownership in 2021, at 49.9 per cent, compared with 55.9 per cent of boomers in 1991.

“Millennials in 2021 were homeowners at a rate of just under 50 per cent,” said Mirdamadi. And generation x and baby boomers at the same age, were homeowners at a rate of around 56 per cent each, in 2006 for gen x and 1991, for baby boomers.”

StatCan says that pattern held in large metropolitan cities across the country.

“In the last 25 years, housing prices have quadrupled, incomes have doubled,” said Lander. “So, we are half as capable as we would have been in 2000.”

The declining rate of home ownership among millennials was most prominent in Halifax, Toronto, Winnipeg and Vancouver.

According to StatCan, the Canadian housing market changes are a part of a broader societal shift that suggests there could be some catching up for millennials later in their 30’s, in what they refer to as ‘life-stretching’.

“Life stretching, refers to the change across generations in young adults in major life course decisions,” said Mirdamadi. “We found that with increased post-secondary education attainments and young adults leaving the home, the parental home later, that meant that they were also settling into a location and full-time employment later. “They were partnering up and starting families later.”

While economists predict a grim future ahead for young Canadians trying to become homeowners, many Montrealers CityNews spoke with said they remain cautiously optimistic but still have hope.

“There’s some I think economic forces trying to keep housing prices as expensive as possible, but I do think as time goes on there will be homes made available by the age distribution we see in society,” said one Montrealer.

“I think you just have to focus on your goals and try to be a bit responsible with how you save money,” said another.

“Without the government building homes, the prices will not abate!,” said another.