More than half of prospective homebuyers would consider multi-generational living
A new RBC poll finds 53 percent of prospective buyers would consider living with parents to afford a home.
More than half of Canadians looking to buy a home soon say they would consider living with their parents to afford one, a new poll has found.
The RBC Home Ownership Poll found 53 percent of respondents looking to buy their next or first home within the next two years would consider living in a multi-generational home.
In contrast, only 35 percent of current homeowners say they would sell their home and buy one with their children to help them into the market.
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Driving this trend is the high cost of housing, the poll found.
Among prospective buyers, 34 percent said multi-generational living is becoming more common because of housing affordability, while 32 percent said it was a “smart way” for families to manage housing costs.
However, more than a quarter, 26 percent, said they would only consider a multi-generational home out of necessity, not choice.
The poll also found many homebuyers are skipping the traditional starter home altogether.
Nearly three-quarters, 74 percent, said they would rather purchase a home within the next two years that they can stay in longer, rather than one they will outgrow.
The average prospective buyer feels they will be 41 when they buy their first home, while current homeowners said they were 29 when they first bought theirs.
“We look at what a larger purchase does to the monthly payment against what moving up in five years would cost. For some, the bigger first home is the better decision. For others it isn’t, and it’s worth knowing which of those two scenarios fits your situation before you start looking,” said Brad Evjen, senior mortgage specialist at RBC.
Conventional homebuying wisdom says a new entrant should buy a starter home before moving on to a bigger house.
Your Space Hamilton reported in September that a housing summit warned of a persistent supply gap despite market improvements.
With files from Global News