As a realtor, I’ve observed a remarkable shift in the housing market towards multigenerational living. This trend, driven by rising affordability challenges, is transforming the way Canadian families approach homeownership.
Multigenerational homes are becoming more common, even in areas where they were once rare. Single-family homes are being converted into multi-unit dwellings, accommodating two to three generations under one roof. We’ve done it ourselves in 2016 by converting a Bungalow into a legal duplex, where both units have their own private entrance, a full kitchen, bathroom, laundry, bedrooms, living room and large windows.
The economic benefits are clear. Multigenerational living allows families to pool resources, making homeownership more feasible amidst high costs. This approach not only provides shelter but also creates opportunities for rental income, benefiting everyone involved.
A 2023 survey by Royal LePage Real Estate Services Ltd. confirms that financial constraints are driving this trend, with 49% of co-owners purchasing together due to affordability issues. Multigenerational households, including parents, children, and even friends or siblings, are becoming the fastest-growing household type in Canada.
As affordability challenges persist, multigenerational and creative living solutions offer practical and financially viable options for Canadian families. As a realtor, embracing these trends can help clients navigate the evolving market and find homes that meet their diverse needs.
If you're considering a multigenerational living arrangement or looking for creative housing solutions, now is the time to act. Contact us today to explore the best options for your family and discover how we can help you find a home that fits your unique needs.
Embracing multigenerational and creative living solutions in canadian real estate
