A combination of high real estate rates and the economic realities is forcing a larger percentage of young adults to continue living in their parents’ home.
The 2016 census, just over one-third of young adults, aged 20 to 34, lived with at least one parent. The number jumped for Ontario, where 42 per cent lived with their parents. In Toronto, the number climbed to 50 per cent.
Paying off large student loans and other debt is forcing many not just to postpone buying a home but increasingly they cannot afford to rent a place of their own.
Statistics Canada found that 70 per cent of jobs require post-secondary education, and tuition costs keep going up. According to the agency, the average tuition for the 2017-2018 academic year rose 3.1 per cent and the average debt for university graduates is over $26,000. -CINEWS