Is Buying a Home Together Right for Your Family?

Multigenerational living used to carry a stigma — it meant something had gone wrong. That story has changed. Today, families are choosing this arrangement deliberately, as a strategy to share costs, stay connected, and build something that works for their lives right now.

Nearly 1 in 5 Canadians lives in an intergenerational household made up of parents and adult children — and that number is growing. If your family is exploring this path, here's what's worth knowing before you start the search.

WHY MORE FAMILIES ARE CHOOSING THIS

For most families, cost is somewhere in the mix. With the national average home price above $650,000 and nearly half of Canadians expressing serious affordability concerns, buying together has become a practical response to a tough market. More income to qualify with, more people splitting costs — the monthly number gets much more manageable.

Caregiving is another major driver. With over 8 million Canadians aged 65 and older, families are rethinking how they want to support aging parents. Remote work has also made living closer to family easier — about 1 in 4 employed Canadians is now in a fully remote or hybrid arrangement.

What does it mean for you?

WHAT TO LOOK FOR IN A PROPERTY

The properties that work best for multigenerational living take privacy seriously — not just in theory, but in the layout. Dual primary suites, separate entrances, finished basements with independent living areas, or self-contained secondary suites are what make the arrangement truly sustainable long-term.

Flexibility matters too. Secondary suites, laneway homes, and garden suites are increasingly viable as municipalities loosen rules around additional units. Also think about the long game — first-floor suites, wider hallways, and zero-step entries are what keep a multigenerational home functional as needs evolve over time.

What does it mean for you?

THE FINANCIAL CONVERSATIONS TO HAVE EARLY

If multiple people will be on the mortgage, everyone needs to understand what that means. Combined incomes can help qualify for more, but all parties share legal responsibility for the debt — and all are exposed to renewal risk together. The Bank of Canada has flagged that roughly 60% of outstanding mortgages will renew in 2025 or 2026, often at higher rates.

Ownership structure also needs to be defined clearly. Title held as joint tenancy versus tenancy in common carries very different implications if someone wants to sell, a relationship changes, or an owner passes away. Don't leave these details to assumption — spell them out before anyone falls in love with a property.

What does it mean for you?

THE DETAILS MOST FAMILIES OVERLOOK

Closing costs are easy to underestimate. Land transfer tax varies by province and can stack with municipal taxes in some cities. If first-time buyers are part of the purchase, tools like the First Home Savings Account, the Home Buyers' Plan, and the Home Buyers' Amount are worth exploring — real savings that are easy to miss if nobody raises them.

Get the agreement in writing. A verbal understanding between family members feels fine when everyone is aligned — but circumstances always change eventually. A written agreement covering shared expenses, maintenance responsibilities, common areas, and exit terms gives everyone protection. It also makes the hard conversations easier, because you've already had them. Bonus: if the arrangement involves creating a self-contained unit for an eligible family member, the Multigenerational Home Renovation Tax Credit offers a refundable credit of up to $7,250 on qualifying renovations.

What does it mean for you?

IS THIS ACTUALLY THE RIGHT MOVE?

The families who thrive in multigenerational arrangements almost always went in with shared intent — everyone genuinely wanted it and understood what they were agreeing to. That's very different from one party going along because the math made sense.

Ask the honest questions before you commit: Are financial expectations clear and fair? Does everyone have a realistic picture of what shared space feels like on a difficult Tuesday — not just a good weekend? If the answers are mostly positive, multigenerational living can be genuinely great. Many families have made it work extremely well.

What does it mean for you?

WE'RE HERE TO GUIDE YOU

Multigenerational living has real advantages — on affordability, caregiving, and long-term financial stability. What makes it work is going in with the right property, the right legal structure, and honest conversations before anyone signs anything. Whether you're just starting to think this through or ready to take next steps, we're here to help you navigate it with confidence. Connect with us anytime.

This content is intended for general informational purposes only and does not constitute legal, financial, or tax advice. Please consult a qualified real estate professional, mortgage lender, and legal advisor for guidance specific to your situation and jurisdiction.

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Apr 01, 2026