Whether its circumstance or choice, many families are choosing to all live under one roof, and it’s a setup that is expected to explode in 2014, according to a new report.
The NAR’s 2013 Profile of Home Buyers and Sellers found that 14 per cent of buyers purchased a home for a multi-generational household – a home that has adult siblings, adult children over the age of 18, parents, and/or grandparents.
That suggests, says Bernice Ross, CEO of realestatecoach.com, that investors should be looking at large properties that can be adapted to meet the needs of those suffering from mobility or other health issues as well as more room for more people.
In short, investors should be tapping into the niche multi-generational family to maximize returns.
High unemployment rates for young adults and aging parents of baby boomers are contributing to this trend. It also speaks to the cultural sensibilities of multicultural Canada.
According to the report, one quarter of the homes bought were because children over the age of 18 were moving back into the home for cost-saving reasons, while one in five was due to health and caretaking of aging parents.
The report’s authors say that many families are also choosing to purchasing units in the same condominium building or subdivision.
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