On today’s show we are taking a look at why the housing demand in the market has defied demographic predictions. In the wake of the great financial crisis many demographers were predicting that the large detached homes belonging to the parents would become dinosaurs in the market.
A multi-generational household is defined as a household in which at least three generations of a family live under the same roof. Despite the recent growth, this style of living is really not new whatsoever. If you go back to the 1800’s this was extremely common.
Though many young adults dream of moving out of their parent’s home to start life on their own, many more are now considering multi-generational living as the more realistic option.
This trend is growing especially fast as the high cost of homes in major urban centres continues to rise, and the pandemic causes many to reexamine their living situations.
A multi generational home is cheaper on a per person basis than two separate detached homes. But even more important for the younger generation is the financial contribution to the equity from the parents.
Host: Victor Menasce