More and more boomers are allowing their adult children to reside at home well beyond the traditional age of exit | Shutterstock
Twenty four per cent of B.C. baby boomers – defined as those born between 1946 and 1964 – expect to have their adult children still living with them after they turn 35, according to a new Royal LePage report.
This is nearly triple the national average of 9% and reflects the high cost of real estate in the province.
“We have confirmed that boomers are allowing children to reside at home well beyond the traditional age of exit,” said Royal LePage president and CEO Phil Soper.
“Yet they won’t stay forever, and when they go, the folks are going condo shopping.”
According to the report, 42% of B.C. boomers with kids say they would be willing to subsidize the purchase of homes for their progeny. This is five percentage points lower than the national average of 42%.
Royal LePage found that 70% of boomers in B.C. own their own homes. This is seven percentage points lower than the average of 77% across Canada and is the lowest percentage among the provinces.
Boomers in B.C. are counting on real estate to fund their retirements, according to the report, with 26% of all those surveyed saying more than half of their retirement savings are tied up in real estate.
@EmmaHampelBIV
