Buying a home is one of the biggest challenges facing Toronto’s younger generation. But there’s a new type of housing that could change everything: multigenerational homes. This type of home typically consists of two or more generations living under the same residence, and it’s beginning to resurface in the city and across the GTA. In this blog, we’ll cover how to start building a multigenerational home and how it may be the solution for the current housing crisis.

Benefits of Multigenerational Homes

There are unique advantages to living in a home with multiple generations. 

Some of these perks may include:

  • Sharing financial payments – living in a home with multiple generations is a huge benefit because you can split up the living expenses. This allows each family member to put some money aside and build their savings as well as pay off any debt. 
  • Better care for aging family membersmultigenerational housing gives you the opportunity to provide better care for your aging loved ones, whether it’s your parents or other relatives who need that extra support.
  • Assistance with adult or childcare – when more family members live under the same roof, there’s a larger pool of people to help take care of the children. You may also have older children helping to take care of their grandparents.

What Type of Home Renovation or Home Addition Project Should a Multigenerational Home Consider?

There are a variety of renovations you can do to build multigenerational homes. Whether you want to just expand your space or create separate living areas, there are several exceptional ideas for these types of homes. Here are the top home renovation and home addition ideas we recommend:

Get the best tips to plan for your next renovation project.

Multigenerational Home Tax Credit

In January 2023, the Canadian government launched the Multigenerational Home Renovation Tax Credit, a refundable tax credit that’s meant to help families with the cost of renovating their home to create a second unit for a qualifying person. 

You are eligible to claim 15% of the value of your home renovations that cost up to $50,000. 

Those who can claim this credit must be:

  • A family member who is a minimum of 18 years old and qualifies for the disability tax credit before the end of the renovation period taxation year.
  • A family member who is at least 65 years old before the end of the renovation period taxation year.

Final Thoughts

Multi-generational living is a viable solution for the current housing crisis we’re facing in Toronto. Making this upgrade to your home can help in countless ways like strengthening the bond between family members, creating a supportive network, and easing the financial burden on everyone. 

Artycon is the preferred source for custom home building and specializes in creating multigenerational homes. Contact us to book a free consultation!

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