More than expected adults have moved back in with their parents since the advent of COVID-19 pandemic as Finder’s recent study titled ‘Generation Boomerang’ revealed that no fewer than 1.5 million Canadians have already gone back home.
Finder’s Nicole McKnight says though the younger generation is more likely to move back in, older adults have moved back in as well.
While explaining further, she said: “This trend kind of moves beyond just… having that inability to get off your feet. It’s also people that have had their careers for quite some time.”
Adults who are older may be encountering economic stresses with job loss forcing them to make this decision.
Thirteen percent of those in the age range of 18 to 24 years have gone back home to live with their parents while three percent are contemplating about making the move.
People between 25 to 34 years moving in with immediate families for financial help is at around six percent while three percent of people between the ages of 35 and 44 made the move and four percent of 45 and 54-year-olds followed suit.
Furthermore, two percent of Canadians aged 55 to 64 moved in with their immediate family members.
Aparr from economic reasons, McKnight reveals there have also been trends of some adults that wanted to live in a spacious area.
She said: “Living in a very small space, in a condo… moving to parents who lived in a larger home in the suburbs, they would be more comfortable to work from home in that scenario.
“Cities like Vancouver, Toronto, Montreal, where young people move to start their career, often have very high cost of living, whether you’re renting, whether you’re owning a new home.
“Of all the provinces B.C. had the most people that had either returned home with their parents or… were thinking about it.”
