3-Generation Households New Trend In Canada

[Economy 52,984]

http://business.financialpost.com/real-estate/multigenerational-living-may-be-the-new-old-solution-to-sky-high-housing-prices

 

The severe housing shortage that has caused runaway home prices and unnafordability issues and forced the Government to tighten mortgage rules 7 times in the last 9 years to finally get home prices down a smidge has created a new reality

 

1 in 7 households Nationally, are now multi-generational households which means 3 generations or more live in the same housing unit. My city Brampton had the highest rate in all of Canada at 25% of households

 

As the recent small drop in home prices after tougher lending rules don't make up for rising rates affordability is getting worse so the annual increases in multi-generational housing is expected to continue

 

Vacancies are as low as 1 in 300 units in many areas suggesting new vacancy taxes may not do much to help.

 

An article published a few months ago stipulated Toronto alone is under-supplied by 1.4 Million units

[Teal Ambition 47,805]

Not surprised, the last people that bought my parents house a few years ago were a group of 10 people  

[hoebitch11 3,924]

I mean... if you count my dog, it's 3 generations.

[Economy 52,984]

53 minutes ago, Teal Ambition said:

Not surprised, the last people that bought my parents house a few years ago were a group of 10 people  

My next door neighbour

 

Not surprised my city ranked the highest for this in the Country. Houses here are packed AF and I think the Indian Culture (our biggest ethnicity here) is largely the reason because it ends up being a cultural thing too not just economic reasons