18-34 year olds more likely to live with mom and dad

It used to be that most parents would provide their kids with food and shelter until they left high school. Some would stick around home while attending higher education, but most would move out on their own and start taking responsibility for themselves.

Then a funny thing happened in the economy.  Stuff changed. Incomes declined while the cost of living went up.

For the first time in modern history 18-34 year olds in the US are more likely living with their parents than on their own, with roommates or with a romantic partner.

A big reason is a decline in economic opportunities. As the cost of living has escalated and wages have stagnated, young people face mounting student debt and daunting barriers to renting or owning a home, creating obstacles to cohabitation and marriage.

The trend is led by young men, whose fortunes have been declining since the 1960s. While they have always lived with their parents in greater numbers than young women, this setup became the dominant living arrangement for them in 2009. In 2014 35 percent of young men lived with parents, while only 28 percent lived with a spouse or partner (for young women, the percentages are flipped: 29 and 35, respectively).

read the full article here.

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Newcomer
Member

It’s actually not a majority, just a plurality, at 32%, which is an increase of 15%.

The study is for the States, not for Canada, so housing costs probably factor lower and student loans probably factor higher. I would also guess that, while some of this is attributable to the economy, there is a large component that it tied to the helicopter parent thing.

VCI Admin
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VCI Admin

Correction noted and the post has been updated.

space889
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space889

Yes, it’s such a shame to save on rent cost, instead of throwing it away paying someone else’s mortgage. And people wonder why some young people seem to have larger savings & down payments despite not making big bucks.

space889
Member
space889

What’s the word that Garth & Patriotz have for this type of stay at home adult kids???

Loon
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Loon

Kidults or is it Millenials ?

Loon
Guest
Loon

Failure to launch.

space889
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space889
Chinabuyeverything
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Chinabuyeverything

Alberta would be factoring hard in that number

bullwhip29
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bullwhip29
Combat roach
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Combat roach

City core owned by corrupt scumbags, nice…

Best place on meth
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Best place on meth

Oh that’s cool.

Hey, can our government buy office building in Beijing?

southseacompany
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southseacompany

Yes. In fact one of Canada’s largest government pension fund owned development firms has invested heavily in China property.

“Ivanhoe Cambridge Doubles China Investment to $1 Billion”
http://www.bloomberg.com/news/articles/2015-06-22/ivanhoe-cambridge-doubles-china-investment-to-1-billion

“Ivanhoe Cambridge, one of Canada’s largest property investors, doubled its investment in Chinese real estate to $1 billion by taking a stake in a firm that builds retail-anchored mixed-use developments in the Shanghai area.”

I\'m With Stupid V
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I\'m With Stupid V

Yes.

bullwhip29
Guest
bullwhip29

As millennials get into real estate, Bank of Mom and Dad sees more withdrawals
http://www.theglobeandmail.com/featured-reports/bank-of-mom-and-dad-sees-more-withdrawals/article30163201/

Combat roach
Guest
Combat roach

The Bank of Montreal’s second quarter profit fell to $973 million, down three per cent from a year ago, as it took a restructuring charge and set aside more money for bad loans.

http://www.cbc.ca/news/business/bmo-profit-earnings-1.3598887

space889
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space889

And to atone for that grievous failure, the bank has boosted its dividend and kick out over 1800 lazy bums.

bullwhip29
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bullwhip29
bullwhip29
Guest
bullwhip29
space889
Member
space889

They should join the Millennial Revolution instead and live a happy life where they can go to a different country every month and never worry about a single mortgage payment.

https://www.youtube.com/watch?v=fGaEqwGGXfQ

bullwhip29
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bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

Local writer calls for “Ghandi-like march” on Vancouver’s vacant homes
http://www.news1130.com/2016/05/25/local-writer-calls-for-ghandi-like-march-on-vancouvers-vacant-homes/

bullwhip29
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bullwhip29
space889
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space889

I was wondering why I felt a sudden calm in the force today.

patriotz
Member

Of course, because the whole condo pre-sale business is based on the buyer’s expectation of being able to assign at a profit.

Shut It Down Already
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Shut It Down Already

I think some pre sale buyers actually want to complete, not flip, because they see some sort of certainty in being able to pay the sticker price after waiting in line rather than submitting “best and final” offers and having to take their chances.

I know many locals who were trying to buy recently but kept losing bidding wars. At some point “simply” waiting 2-3 years for something you didn’t have to fight so hard for starts to become appealing.

patriotz
Member

“I think some pre sale buyers actually want to complete”

Sure they do, but a lot can change in someone’s life in 2 years. Assignments provide a way out for pre-sale buyers who are unable or unwilling to complete due to a change in circumstances, and I think many of these would not buy without this option being available. And it would be unwise to buy.

bullwhip29
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bullwhip29

i hear bidding wars pretty much everywhere on the island now, not just capital region. for those that say HAM is not a factor in Victoria, nanaimo and places like Sechelt, they are either wrong, just trying to be PC or simply in denial. not only are locals being displaced, but investors are going through each town with a vacuum and buying properties sight unseen in bulk (just like they buy handbags at a Coach outlet sale)

http://www.timescolonist.com/business/buying-house-in-capital-region-takes-willingness-to-beat-asking-price-1.2262425

space889
Member
space889

How do you know it’s HAM, not local money looking for alternatives? The Fraser Valley is going nuts and most of the buyers are as local & white as you can get. Maybe there is going to be a bridge to Van Island in the works?

And there are some people who actually live in Nanaimo and works in like Surrey as evidenced by one News 1130 Traffic Horror story.

bullwhip29
Guest
bullwhip29

most reports suggest buying in areas outside lower mainland (van isld, sunshine cst, gulf islds etc) is “local” money only, no HAM. i know for a fact this is not the case. i never suggested it was 100% HAM

Shut It Down Already
Guest
Shut It Down Already

bullwhip, Garth posted stats about Victoria. They don’t say 0%, so you score no points for defeating the “local money only” strawman. Regardless, the available data says that:

a) foreign participation in the market is very low overall – both on the island and the mainland
b) locals are overextending themselves, primarily because the majority believe that real estate is the safest investment class (and prices always go up… because it’s different here/this time!)

franko
Member
franko

What’s the dif?
Local money is forced to look for alternatives because HAM has driven them farther out.

Newcomer
Member

The difference is that HAM is by definition rich and unaffected by things like qualifying for a mortgage. They don’t care about anything, the story goes, they just want someone to take those heavy suitcases of money off of their hands. Locals who buy above value are only going to be willing to do that as long as they think they are buying an appreciating asset. The mythical HAM is not governed by the laws of gravity. Locals are.

squeak
Member
squeak

The hammer hit the nail head.

patriotz
Member

“Local money is forced to look for alternatives because HAM has driven them farther out.”

Nobody is “forced” to buy even where they live, never mind out of town where they have no motive other than speculation.

StupidityCheck
Guest
StupidityCheck

Most people aren’t Vulcans, they want a home without worrying about getting kicked-out, that they can modify, etc.. That means buying.

Newcomer
Member

Dude, the article you posted half an hour earlier says that less than 1% of Victoria buyers are Asian. I bet you dimes to donuts that not one single person born in China has bought in places like Ladysmith. The island is whiter than the Pillsbury dough boy.

bullwhip29
Guest
bullwhip29

things are changing fast…

my point was that locals looking for less expensive options outside of lower mainland arent the only ones showing to the open houses. for the moment local industry players are not talking openly about foreign investment (yet) but it is certainly a factor. hop onto the ferry to the island or sunshine coast and look around. only a matter of time before the New Coasts of the world setup shop there and run roughshot on the locals who wont even know what hit them. imho shadow flipping will spread out to areas (under less scrutiny) like victoria where retirees and seniors are completely oblivious to whats going on in areas like richmond.

http://www.cheknews.ca/greater-victorias-real-estate-market-heats-up-with-overseas-buyers-88067/

bullwhip29
Guest
bullwhip29

bottomline, locals looking for less expensive options (out of necessity or by choice) wont have it as easy as they think. the general consensus is that one can cash out (or move for economic reasons) to areas that are still close to lower mainland with a comparable lifestyle for way less money and kick their feet up. this thinking is incorrect. imho anything within say a couple hundred clicks from vanc that is in a good location, large lot, possible view etc is being snapped up. case in point, look what is going on in the sunshine coast, things there went literally ape$hit a few months ago after being dormant for years.

123
Guest
123

Bullwhip are you sitting in front of that computer ALL DAY talking up the market? How many posts is that now?

funky monkey
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funky monkey

You are right I grew up there.

Chinabuyeverything
Guest
Chinabuyeverything

These younger people are going to bankrupt mom and dad. This is a frenzy. None of them understand valuations etc

StupidityCheck
Guest
StupidityCheck

Well, the boomers did change the rules after they got theirs. Karma’s a bitch.

paulb
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New
310
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333
TI:8417

http://www.paulboenisch.com

123
Guest
123

Borrowers are getting a free ride with low rates while punishing you as you try to save and Christy isn’t protecting you from foreign money flows, so I say to all those basement dwelling 20 and 30 somethings who are coasting off Mom and Dad….don’t feel guilty AT ALL.

Combat Roach
Guest
Combat Roach

Nice, progressive folks…

China Shames Taiwan’s New Female President For Being Single

http://www.huffingtonpost.com/2016/05/25/taiwan-tsai-ingwen-single-shamed_n_10133670.html

Runawayscreaming
Guest
Runawayscreaming

Stay classy PRC.

OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Victoria home sold for $800k back on market for $980k weeks later
Realtor says market unprecedented; new resident says she’s shocked by prices and demand

http://www.cbc.ca/news/canada/british-columbia/victoria-housing-market-1.3600211

Anybody know how to download the Audio in the news article to my laptop ?

bullwhip29
Guest
bullwhip29

not only has HAM caused locals to run to the lifeboats, they are also doing a little insider trading and scooping up some empty seats for themselves too. in as little as a few years, some areas of victoria have become almost exclusively chinese. residents of ladysmith take note…

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName
I’m no economist so forgive my hubris in advance please, but I think that someone just straightened out de Jong on what growth really means. No growth if there are no returns on assets. Bidding up asset prices doesn’t create a demand that would generate returns those assets. (Right? If rents are too high we’re going elsewhere.) His face looks like he’s just been enlightened though he wishes it weren’t true. “Chovanec noted that China’s foreign investment strategy is similar to Great Britain’s during the 19th century — running trade surpluses, then using the proceeds to invest in foreign economic projects that promised big returns. “The difference is in the world’s economy, today, the world is awash with savings, looking for places to go,” he said. “The danger is that you get capital flowing out of China, and it bids… Read more »
OPENHOUSEMASSACRE
Guest
OPENHOUSEMASSACRE

Bank of Montreal to cut about 1,850 positions in bid to trim costs
‘Customers are increasingly doing things in a digital way,’ says BMO chief financial officer Thomas Flynn
http://www.cbc.ca/news/canada/montreal/bmo-job-cuits-1.3600534

8888888
Guest
8888888

This is how your government feel’s about cost of housing.http://www.news1130.com/2016/05/25/coleman-housing-minister-whine/

8888888
Guest
8888888
Many Franks
Member

More fun international coverage, this time from the Beeb.

Vancouver’s ‘freak show’ property market

southseacompany
Member
southseacompany

“Concerns over Canada’s housing market mount at BoC”, BNN video

http://www.bnn.ca/Video/player.aspx?vid=877249

“The BOC cited higher housing vulnerabilities in its post-rate decision statement today. RBC Senior Economist Robert Hogue joins BNN to discuss this and breaks down the biggest regional risks facing Canada’s housing market.”

bullwhip29
Guest
bullwhip29
fosolo1
Member
fosolo1

Famous last words from another shameless RE pumper :

“I think it’s an important issue; you know U.S. hedge funds and hedge funds around the world have been shorting Canadian bank stocks thinking this was a bubble that’s going to burst and it’s a big negative for the Canadian banks … [but] I don’t believe that’s the case,” Cooper said. “They are misinformed about how different the housing structure is in Canada, how different the banking regulations are in Canada.”

Newcomer
Member

“the bottom line is yes, it is sustainable, unless barring some sort of cataclysm” like a price correction.

space889
Member
space889

Those hedge funds have been crushed so far and I’m not even sure if they are still in business. Investors are not generous when your performance sucks for 2 or 3 years.

welcome_to_your_new_reality
Guest
welcome_to_your_new_reality

Cooper is a shameless C-word! She used to pump the US housing bubble pre 2008 and how the consumers were resilient in their efforts to spend and extend credit. Yeah, we sure did see how that credit bubble was manufactured.

And you gotta love how “concerned” the BoC is regarding housing structure and ate decisions. As if HAM gives a FcUK!

bullwhip29
Guest
bullwhip29

Metro Vancouver mayors likely to raise property taxes, fares as province ponies up cash for transit
http://www.theprovince.com/news/metro+vancouver+mayors+likely+raise+property+taxes+fares/11942648/story.html

space889
Member
space889

Geez…more property tax & higher fares for Translink?? No wonder they are doing that fare survey thing. It’s all a smoke & cover to get more $$$ to feed that dysfunctional monster. How about actually hiring some competent people and run that place as a proper company first?

gord320
Member
gord320

Definitely some kind of re-alignment in the costs of running Translink. It is like a monster than just continues to drag money out of the people that need it the most.

bullwhip29
Guest
bullwhip29
space889
Member
space889

School here is a joke and mini-vacation. Since most of these students parent already have their own biz and/or lots of $$$, they just want an easy life for their kid to coast through K-12 and a foreign degree before having them get citizenship after grad, move back to China and directly into some sort of senior mgmt. apprenticeship. Actually hard work through school & work as for those poor kids in China who had to slog through the system with hard work so they can making even more $$$ for these rich families.

bullwhip29
Guest
bullwhip29
space889
Member
space889

To be honest, I don’t get this whole art thing…it’s almost like what Dilbert said, the art market is all a racket. Seriously, what makes 1 painting worth millions while a near identical one worth almost nothing?

funky monkey
Guest
funky monkey

I love E.J. Hughes art. Crazy prices for sure. A few years ago you could have bought his childhood home in north van for less than that.

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