April 29, 2013 12:00 ET

Vancouver Mom Hopes to Send Grown Daughter Packing for Mother's Day

Financial Challenges Keeping Adult Children from Leaving the Nest

TORONTO, ONTARIO--(Marketwired - April 29, 2013) - Like many urban centers in Canada, Vancouver's rental market is becoming more expensive each year. Since Ariel Chiu's parents live close to the university where she's enrolled, Ariel's found that living at home while studying is the only way to stay out of consuming debt. She's hoping that by winning RateSupermarket.ca's "Get out of My House!" Mother's Day contest, being able to afford a room of her own may come sooner than even her parents have hoped.

Ariel is one of six national finalists vying to win $5,397.50 to help set herself up in a place of her own. She is one of many young Canadians impacted by tough economic times. With rising living costs and a weak job market, increasing numbers of young adults are delaying getting out on their own. Currently, 42% of Canadians aged 20-29 still live in the home of one or both parents*, much to the dismay of said parents who likely expected to have the house to themselves by now.

RateSupermarket.ca, Canada's independent rate comparison site is bringing awareness to this pressing issue with a study that outlines the various needs and costs associated with moving out on one's own. The final determination: $5,397.50. The company averaged the price of accommodations, cleaning supplies, futons and other miscellaneous items to determine the number; a full breakdown can be found in their infographic, featured at getoutofmyhouse.ca.

"We're trying to bring a little levity into a more serious situation, which is that economic times are tough right now for young adults just starting out," says Kelvin Mangaroo, President of RateSupermarket.ca. "We're shining a light on the issue, while underscoring the importance of financial literacy for young people."

To help share this message, Ratesupermarket.ca launched the "I Love You, Now Get out of My House!" giveaway (getoutofmyhouse.ca) earlier this month. The competition received over 150 entries from parents and grown children alike. The six finalists have been chosen and the winner will be determined by popular online vote. To find out about the finalists or to vote, visit www.getoutofmyhouse.ca. The winner, who will receive a grand prize totalling over $5,000, will be announced May 12.

*Human Resources and Skills Development Canada: "Family Life - Young Adults Living with their Parent(s)."

About RateSupermarket.ca (www.RateSupermarket.ca)

Over 3 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada's largest and most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.

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