According to new census data from Statistics Canada, the number of homes shared by multiple generations of family has grown by 45% in the past twenty years.
There are many reasons we are seeing growth.
Retired Parents – Are selling their homes and pooling finances with their kids to be a larger part of their grandchildren’s lives.
Home Affordability - Families are pooling their finances for their kids and grandkids to be able to own a home.
Ageing Parents – With having parents living in an in-law suite allows their loved ones to keep a close eye on them and help when needed. Not all seniors are able to afford care homes.
Sharing Expenses - May make good financial sense.
Independent Living - Basements suites/in-law suites allow families a sense of independent living while living in the same home with their family.
Suites – Have their own kitchen, full bathroom living area and often will have a separate entrance and separate laundry.