Living With Your Parents So You Can Buy a House? Here’s How Long it Will Take


Yes, it is possible for Millennials to buy a home… provided they live with their parents for a while.

Annoyances aside, this can actually be a fairly sound financial decision as you live rent-free in exchange for troubleshooting every device in the house. It’s also a very popular choice, with about a third of the GTA’s young adults currently living with their parents right now.

That’s not a misprint, one in three. The Constanza-stigma of living with your parents is gone. Now, these cash-flush young people make fun of their apartment-dwelling friends for hemorrhaging money.

So how long will it take to get some independence in today’s real estate market?

The Move-Out Math

Calculating how long it will take for someone to buy a home while living with their parents, we assumed a few things about this young person:

1. You’re saving a 5% downpayment (because as we’ve discussed, 20% is such a Boomer thing to do).
2. You’re living 100% rent-free and putting 100% of what you should be paying for rent towards the down payment.
3. You’ve got good credit.
4. Your income and expenses are balanced enough to pass a stress test for the mortgage you are going to have.
5. You’re shooting to buy an average home (not any old shit box).
6. You’re “renting” in the same area they plan to buy.

Ok. Now, let’s get you out of your folks’ place. 


 If you’re looking to buy a balla condo (did I use that term correctly?) in Yorkdale, you’re looking at:

– a $1,193,506 average list price
– a $59,675 down payment
– Average neighbourhood rent: $3,212/month
– Living with your ‘rents = 19 months

Doesn’t sound ideal? You can really fast-track that plan by looking at buying a “meh” semi on a 20ft lot with no parking in The Beach:

– Average property price is $1,107,117
– $55,356 down payment
– Average Neighbourhood rent: $3,309/month 
– Living with your ‘rents = 16 months

Hmmm not bad. But this assumes you can afford the monthly mortgage payments that follow….

For that average property in Yorkdale you’re looking at shelling out about $5400 a month. Meanwhile the “okay” semi in The Beach is going to cost you roughly $5000 a month. 

If that sounds steep, maybe you should consider staying with your Toronto dwelling parents while you plan a move out to the burbs.

I know I know, that’s not cool. But bare with me for a moment while i move you out to Burlington (also known to Maclean’s Magazine as the #1 City in Canada).

Imagine you want a large semi with luxury finishes or a totally liveable detached home with a yard in Burlington: 

– $815,000 is the average price 
– $40,750 is the 5% down payment
– Saving the average Toronto neighbourhood rent $3200/month 
– You’ll be living with your parents for about 12 months!

But most notably, your monthly mortgage payments will be much closer to your rental savings, at about $3700 a month. 

Furthermore, if you don’t need all that house you could easily dial that back to a starter home in the area and save yourself even more money… and time with the parents. 

Oh, and you should also factor in your ability to save money everywhere else, if you choose to live in Burlington. It’s been well documented that living in Toronto is just a straight-up money-suck. You’re going to pay a little bit more for literally everything, from gas to groceries and everywhere else you use your debit card.

Ready to Flee the Nest? Or Kick Your Kids Out of Yours?

Burlington is a fantastic place to buy your first home, with quick access to Toronto’s downtown core and jobs, while giving you a more affordable home. Start your journey with a house and a yard instead of a condo and a balcony.

Continue your property journey on our website. Discover neighbourhoods, learn about schools and Find the homes for sale in Burlington right now.. or just click here to contact us today! 


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You MUST have 20% Down to Buy a House. Ok Boomer.

The idea that you need a down payment of 20% is nonsense and could actually end up costing you more money. Oh, that got your attention, didn’t it? The world of real estate is a fascinating place. It’s absolutely full of experts. If you’ve ever bought or sold a house in your lifetime, you may … Continued