A recent report from Statistics Canada reveals that in 2021, millennials were twice as likely to reside with their parents compared to baby boomers during their young adult years. The findings, based on data from three census cycles, indicate shifting housing dynamics across generations – millennials, Gen Xers, and baby boomers.
Statistics Canada’s analysis shows that 16.3 percent of millennials aged 25 to 39 were living with a parent in 2021, while only 8.2 percent of baby boomers were in a similar situation in 1991. Homeownership rates also differed among generations, with 49.9 percent of millennials owning their homes in 2021, lower than the 56.2 percent of Gen Xers in 2006 and the 55.9 percent of baby boomers in 1991.
This trend was more prominent in major cities like Toronto and Vancouver, known for their high housing costs. In Toronto, 26.1 percent of millennials lived with a parent in 2021, while the figure was 19.3 percent in Vancouver.
Furthermore, the report highlights that fewer millennials are living with a spouse, partner, or child compared to previous generations. The disparity in homeownership rates could be attributed to the soaring cost of housing in Canada relative to incomes. A recent analysis by CBC News revealed that while house prices have started to decline, it has not yet eased the market for first-time buyers.
Statistics Canada suggests that factors beyond affordability, such as delayed family formation and extended educational pursuits, may also contribute to these shifting living arrangements. Additionally, cultural differences among demographic groups could play a role, as evidenced by varying trends among racialized and non-racialized millennials in Canada.