A new survey by Finder.com found that a significant number of adult Canadians are moving back home with parents due to the financial pressures of COVID-19. While approximately 1.5 million Canadians have already completed the move, another 1 million (4 per cent) said they are considering it.
Not surprisingly, young people aged 18 to 24 make up the largest cohort of individuals moving back home (13 per cent) with men being more apt to do it than woman. 21 per cent of male respondents said they have already made the move home, while 141 per cent said that are contemplating it.
“Between the high cost of rent in Canada’s big cities and a recession with record levels of unemployment, young people trying to launch or grow careers while paying the bills are now faced with challenges that may seem insurmountable, making returning home to their parents the most attractive option for many of Canada’s young adults,” said Scott Birke, Publisher at Finder.com. “Our data reveals about a million Canadians who haven’t yet moved home with their parents are still seriously considering it, which tells us this trend is not just confined to the pandemic and could be a longer-term setback when it comes to young Canadian adults building wealth and establishing their careers.”
The provinces hardest hit by COVID-19—Ontario, B.C. and Quebec—saw the most moves among young adults, with Finder.com calling Ontario the epicentre of Canada’s ‘Generation Boomerang’. 10 per cent of Ontario respondents said they’d moved back in with their parents or had adult children move home with them.
While young people moving back home with parents make up the bulk of the trend, the reverse scenario is also quite common: 278,532 Canadians have already moved in with their adult children and another 455,780 are seriously considering it.
“It is safe to assume that many of the parents who moved in with their adult children are also grandparents who are helping to provide childcare for exhausted working parents of young children, who have limited or no childcare options until school begins,” Birke said.
To see the full report, including a breakdown by age, gender and region, visit https://www.finder.com/ca/boomerang-generation.