Trend alert! Family Ties
It’s no longer considered “uncool” to live with your parents. The number of young adults aged 20 to 29 living at home increased from 27 percent in 1981 to 42 percent in 2011; and in 2011, there were 362,600 families living in multigenerational households across the country. So what gives? Part of it is Canada’s strong immigrant population, says Randy Mann, a Realtor in Fraser Valley, B.C. In many cultures, having grandparents, parents and children living under the same roof is the norm, although lately, Mann has seen a new trend. “A lot of these families are selling their large multigenerational homes and buying two smaller homes in the burbs for their families.” Some families are even using the multigenerational home as a form of succession planning, says Said Warde, a Realtor in Toronto. “Instead of selling their big family homes, their children move in with them and later take over the home when their parents pass away.” People are increasingly staying put, he says, and choosing to adjust their lifestyles and their living arrangements so they don’t necessarily have to opt for downsizing.
Home ownership isn’t for everyone: According to the Canadian Rental Housing Index, nearly a third of Canadian households are renters. Some folks decide to rent because they don’t have enough money for a down payment or so they can have fewer economic worries. But for others, it’s more about making a lifestyle choice than being a victim of circumstance. That’s the case for Maryanna Lewyckyj, a 56-yearold Torontonian who has rented for most of her adult life. It’s great for busy people who don’t have time for maintenance, or for those who don’t spend a lot of time at home, she says. Maryanna made the decision years ago not to spend her money on a mortgage. She shares a twobedroom apartment with her common-law spouse and has lived there for 20 years. “Does it have a concierge or a pool? No. But if you’re living a full life, you don’t need those things,” she says. “I just want a comfortable bed and hot water.”