Nothing screams ‘financially stable’ quite like moving back in with your parents. No, seriously.
Catch-up: More Canadian adult children are moving back into their childhood bedrooms, reuniting with their One Direction shrines and Pirates of the Caribbean posters.
- In 2024, 29.2% of Canadian households had adult children and parents living together, up from 26.7% a decade ago, according to Equifax.
- Young adults are financially pinched by lower incomes, higher debt loads, greater unemployment levels, and more expensive housing.
Why it matters: Living with your parents as an adult can ease the path to reaching future money goals.
- Cindy Marques, certified financial planner and director at Open Access, told Peak Money that her clients who moved back home are saving for down payments much quicker, while others paying rent have given up on homeownership. “It’s almost like you have to go back home to get a home of your own,” she said.
What they’re saying: We talked to young Canadians who moved back home with their parents to find out how much they’re saving.
- Jusneel Mahal, 27, is saving $3,000 a month by living at home in Burnaby, B.C., which he is using to help fund a future down payment. With median rent passing $2,600 for a one-bedroom in Vancouver, he said he quickly realized “there was no way” to make it work on his own.
- Aidan Lovatt, 25, said that by living at home in Stouffville, Ontario, he’s able to use the ~$800 a month he’s saving on rent to help pay down his student debt.
- Tasha Tringale, 28, is saving about $1,000 a month by living with her parents in Caledon, Ontario. This has allowed her to save over a third of her income and work remotely abroad while maintaining a stable home base.
Yes, but: Moving back home and living rent-free obviously isn’t an option for everyone.