Page 24 - Real Estate Now Jan-Feb 2022

The More the Merrier:

What You Need to Know About

Multigenerational Living

Wendy Heffenbaum courtesy Realtor.ca
ade popular in the 1940s, multigenerational living is
on the upswing again. More Canadians are pooling
Mresources with their parents or grandparents to invest
in urban or suburban properties together, according to a recent
Engel & Völkers report. Multigenerational homes allow relatives to
live under one roof, with both private space and communal areas
families can enjoy together.
Here’s what you need to know if you’re in the market to purchase a
home suitable for multigenerational living.

Whether you opt for a duplex, a sprawling bungalow with plenty
of room downstairs, or a main-level in-law suite, multigenerational
homes are a great option in today’s hot real estate market, says
Nick J. Kyte, a REALTOR® and salesperson with Coldwell Banker First
Ottawa Realty in the nation’s capital.
“Multigenerational homes are extremely popular because of the
options they afford the owner,” he says.
“In larger cities like Toronto, where prices have increased, people
are seeking options with secondary units or a duplex to help
offset expenses. When family members move in, they can share
those expenses. And if family members eventually move out of
a lower or upper unit, homeowners can easily rent it out and get
additional income. Multigenerational living offers flexibility for
new homeowners or ones who want to downsize.”

In addition to sharing financial expenses such as mortgage
payments, home insurance, property tax, and utilities,
grandparents and their adult children can also split up household
responsibilities and maintenance, adds Kyte.
Sharing costs and responsibilities can help boost your purchasing power if you’re looking to live in a more prestigious
area or in a larger home than what you’d be able to afford on your own.

Dividing up your space for multigenerational living
When searching for a home that could be suitable for you and your extended family, look for a central location that’s
close to amenities, has multiple bedrooms, and a layout providing privacy for everyone when needed. If there are
lots of stairs to navigate, check if you would be able to install a ramp in case an aging parent eventually needs to use
a wheelchair.

Kyte says some homeowners build in-law suites over detached garages, or add extensions on bungalows or two-

24 | REAL ESTATE NOW | denise@BCislandhomes.ca