SASKATOON – Most parents wish they could hang on to their kids forever and in some cases that wish is coming true.
Leaving the nest as a young Canadian adult can be challenging. So challenging that according to a rateSupermarket.ca study, 42 per cent of those asked aged 20 to 29 are still living with their parents or guardians.
The study also suggests moving out for the first time can cost around $5,400.
“I think it might take people longer now these days to get established. Finding a place is one thing but finding a place that fits within the budget you have, that’s a big difficulty and that’s a difficulty that stands beyond the student body, that’s for everybody,” said Jared Brown, University of Saskatchewan Student Union President.
Even if young people can afford to move out, vacancy rates in Saskatoon are low. Over the past three years its held at 2.6 per cent.
“We expect the demand will be high for rental units going forward and that’s why we’re projecting the rental vacancy rates to remain near current levels,” said Goodson Mwale, Canada Mortgage & Housing Corporation.
Migrating to larger cities also puts added financial pressures on and limits housing options for those leaving home.
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