More and more families are sticking together as the Canadian housing market continues to rise.
Multigenerational homes are houses with at least three generations living within them. This includes kids, parents and grandparents under one roof. This trend has been growing since 2001, but Toronto and Vancouver’s recent sky-high housing markets have accelerated it.
Common reasons why people choose to do this is to pool their wealth for a nicer home or to afford a nice enough home. Other reasons include cultural purposes, and Diana Petremala says that families who have recently immigrated to Canada often live in multigenerational homes to save money as they get settled here.
The rising housing costs are also keeping people in the 25-35-year-old cohort at home longer, resulting in more houses with multiple generations.
These trends are expected to grow over time, especially in Canada’s dense urban areas, where housing costs are continuing to balloon.