The concept of multigenerational living has evolved significantly over the years. Once viewed as a necessity during tough times, more families in Kamloops are now choosing to live together voluntarily. This shift reflects a growing trend where families are embracing the advantages of sharing a home, creating a supportive environment for all generations.
Statistics Canada reports a 45% increase in households occupied by three or more generations over the past two decades. By the 2021 census, over half a million children were living with both their parents and grandparents. This trend has gained momentum as younger generations grapple with rising housing costs and seniors seek to age in place comfortably.
As home prices continue to rise in Canada, first-time buyers are increasingly open to co-owning properties with friends or family. This collaborative approach is particularly common among Indigenous and immigrant families, who often prioritize multigenerational living for cultural reasons. Dr. Shimi Kang, a psychiatrist and parenting expert, emphasizes that as Canada becomes more multicultural, multigenerational households are becoming a norm, not just a financial necessity.
Families benefit from shared resources, childcare, and household responsibilities, leading to improved health and financial stability. However, finding the right home is crucial to ensuring comfort and privacy for everyone involved.
Key Considerations for Multigenerational Home Buyers in Kamloops
Before embarking on your home search, gather your family to discuss your needs and preferences. It's important to align on what you're looking for and address any concerns. Understanding your reasons for pursuing a multigenerational home can guide your decisions—whether it's about caregiving, financial pooling, or simply wanting to live close to loved ones.
For instance, Jennifer Durocher co-owns a home with her in-laws, allowing her family to live in a desirable neighborhood that would have been financially out of reach otherwise. This collaboration not only eased the burden of the down payment but also created a supportive living environment.
Another example is Surjit Singh, who moved to Canada in 2018 and purchased a home with his extended family in 2021. He noted that living together helped them manage costs effectively and foster a sense of community.
When planning your living situation, it's essential to consider long-term needs, such as accessibility as family members age. Features like a ground-floor bedroom or a home that can accommodate future caregivers should be on your checklist.
Features to Look for in a Multigenerational Home
Once you've established your family's needs, the next step is to create a budget that reflects what you can afford. Consider not only the purchase price but also the ongoing costs of maintaining the home.
In general, homes that provide ample space and privacy are ideal for multigenerational living. Families should explore various options, including:
- Spacious homes with multiple bedrooms and bathrooms
- Properties with accessory dwelling units (ADUs), like basement apartments
- Multifamily units, such as duplexes
Architect Allison Holden-Pope suggests seeking homes with separate entrances to ensure that each generation retains a sense of independence. For those looking to age in place, a garden home or a property with a first-floor suite may be the most suitable choice.
If you're considering renovations, there are tax credits available, like the Multigenerational Home Renovation Tax Credit, which can help offset costs.
Navigating the Purchase Process for a Multigenerational Home
Jointly buying a home can be complex, especially when applying for a mortgage. Surprisingly, co-buying may improve your chances of qualifying for a mortgage compared to applying individually. You can choose to split the mortgage evenly or customize arrangements through a tenants-in-common agreement, allowing for different ownership stakes.
Discussing mortgage options with a lender or broker can provide clarity on your best course of action. It's also important for all parties to check their credit standings early on to address any issues.
As you plan your budget and mortgage strategy, consider:
- Who will be on the mortgage and the title?
- How will contributions be managed for those with lower credit scores?
- What are the tax implications of your purchase?
Consulting with a legal or financial professional can offer valuable insights into the implications of your co-ownership arrangement.
Conclusion
Multigenerational living is increasingly popular in Kamloops, BC, as families look for ways to pool resources and foster supportive environments. This lifestyle choice not only enhances family bonds but also contributes to better health and well-being.
If you're considering multigenerational living in Kamloops, reach out for a consultation. We can help you explore suitable options and envision the perfect home for your family.
The above references an opinion and is for informational purposes only. It is not intended to be financial, legal, or tax advice. Consult the appropriate professionals for advice regarding your individual needs.
Sources:
Statistics Canada - https://www150.statcan.gc.ca/n1/daily-quotidien/220713/dq220713a-eng.htm
The Walrus - https://thewalrus.ca/multigenerational-living-often-makes-sense-that-doesnt-make-it-easy/
Vanier Institute of the Family - https://vanierinstitute.ca/resource/sharing-a-roof-multigenerational-homes-in-canada-2021-census-update/
HuffPost Canada - https://www.huffpost.com/archive/ca/entry/three-generation-homes_ca_5cd4f84ce4b07bc729739712
SSM - Population Health - https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5769098/
Today's Parent - https://www.todaysparent.com/family/family-life/multi-generational-homes/
Realtor.ca - https://www.realtor.ca/blog/understanding-canadas-multigenerational-home-renovation-tax-credit/30088/1362
The Globe and Mail - https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-multi-generational-living-is-getting-more-common-heres-how-to-share/
Financial Consumer Agency of Canada - https://www.canada.ca/en/financial-consumer-agency/services/credit-reports-score.html
