More than half of prospective homebuyers would consider multi-generational living, poll finds

More than half of Canadians looking to buy a home in the next two years would consider living in a multi-generational home, 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 said they would consider such an arrangement. The poll found the high cost of housing is driving this trend, with 34 percent of prospective buyers saying multi-generational living is becoming more common because of affordability. However, the enthusiasm is not necessarily matched by current homeowners. Only 35 percent of current homeowners say they would sell their home and buy one with their children to help them get into the market. Among prospective buyers, 32 percent said multi-generational living was a “smart way” for families to manage housing costs, but more than a quarter (26 percent) said they would only consider it out of necessity, not choice.

The poll also found many homebuyers today are skipping the traditional starter home. Nearly three-quarters (74 percent) of prospective buyers 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.

With files from Global News