Many years ago, many people made fun of me and my Italian culture because in general we stayed home with our parents until we basically got married.

Did it bother me? Not really. I was able to save money and I ate well. 🙂

Well, it’s amazing what 30 years can do to change a society. Today I will examine the implications from a real estate and societal point of view.

Over 35% of young Canadians age 20-34 years of age are now living with their parents. Needless to say, this will have an effect in time on the housing market. Let’s look quickly at why this phenomenon has taken place:

• escalating house prices
• lack of good full-time work or more part time jobs
• high cost-of-living
• kids are struggling in school longer because of the competition
• lack of down payments
• staying at home to help save funds

This statistic came out which is really interesting. In 2014, for the first time in 130 years in the United States, more kids are living at home with their parents than are living in their own households (32%).

If we are to speculate, what might happen? Here are some of my theories:

• Living at home has many advantages, why leave?
• No more stigma staying at home
• The millennials do not think like our generation does
• Homeownership is not a big priority to them
• Mobility has grown among their peer groups
• It will be harder for parents to downsize when the kids are still at home
• When the parents downsize and the kids finally buy, they may be going after the same market

Times are changing and we must change with them!

Robert can be contacted at 905-574-9200 Ext. 215 OR by email at mortgages@robertfloris.com. You can fill out an application online at https://application.malink.ca:8112/App/MARC/FLORISR/en-ca/1896 with absolutely no pressure and no obligation.

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