Canadian millennials are living with their parents longer and postponing home purchases due to rising costs, Statistics Canada said.
This shift indicates a widening gap in generational wealth and accessibility to the housing market. As home prices climb, the traditional milestone of independent living is becoming unattainable for a significant portion of the young adult population.
The findings, which are based on the 2021 Census and were released in March 2024, highlight a stark contrast between generations. Approximately 16.3 percent [1] of millennials aged 25-39 live with their parents. This makes the current generation about 1.9 times [2] more likely to reside in the parental home than baby boomers were at the same age.
Financial pressures are the primary driver behind these trends. Rising home prices and broader cost pressures have made it more difficult for millennials to afford their own properties. Consequently, many are delaying major life milestones, such as moving out or starting a family, to manage their financial stability.
Home ownership rates for this demographic also reflect these challenges. Data shows that the home ownership rate for millennials aged 25-39 ranges between approximately 45 percent [3] and 48 percent [4]. This decline in ownership compared to previous generations suggests that the barrier to entry for the real estate market has increased significantly.
While the trend is observed across Canada, specific regional impacts remain evident in cities like Winnipeg. The ability to transition into independent housing is now more dependent on external economic factors than individual career progression alone.
“Millennials are about 1.9 times more likely to live with parents as baby boomers were at the same age.”
The data suggests a structural shift in the Canadian economy where housing is no longer a predictable asset for young adults. By delaying home ownership and independent living, millennials may face a longer-term struggle to build equity, potentially intensifying the wealth gap between them and the preceding generation of homeowners.
