Nestled in the heart of the Greater Toronto Area’s most promising neighbourhoods, lies the ground-breaking concept of FlexPlex homes. These innovative homes are designed to inspire and accommodate Multi-Generational living, addressing the growing trend of extended families living under one roof.
The Flex Plex House and the Rise of Multi-Generational Living
Recent research has uncovered a noteworthy trend that’s gaining momentum in Toronto – Multi-Generational living. This phenomenon, which has seen substantial growth in the United States over the last five decades, is driven by the shared challenges of housing affordability. As Toronto grapples with housing costs, this trend is likely to persist, thanks to the financial benefits it offers.
The research also highlighted that, in addition to financial considerations, family caregiving plays a pivotal role in the choice of Multi-Generational living. Contrary to the assumption that Multi-Generational living might be stressful, the research reveals that more than half of adults find it to be a mostly or always rewarding experience. As someone who recently shared their household with their daughter’s family for a month, I’d bet that nearly 100% of children would support living with doting grandparents.
Embracing best practices in Multi-Gen Living is increasingly crucial in Toronto, as it offers a promising solution to housing affordability, as well as addressing the needs of both elders and childcare.
Unveiling the Financial Benefits of Owning a FlexPlex Home in the GTA
When the financial burden of securing a down payment or qualifying for a mortgage becomes too heavy to bear independently, it’s time to join forces with your family. A significant aspect of the affordability of owning a FlexPlex home comes from the idea of it being your “forever home.” This concept helps you avoid costly realtor fees, high property purchase taxes, and the potential HST for each move you didn’t make.
What’s more, the City of Toronto is making it easier for Multi-Generational living by eliminating development charges on the construction of duplexes, triplexes, and fourplexes while increasing them for condos. These development charge savings make the triplex an appealing alternative for today’s homebuyers.
The Don’ts of Successful Multi-Generational Living
#1 DON’T – Try to Accommodate Every Family Member in Every Meal
Provide families with the opportunity to have as many kitchens as they desire. In a FlexPlex home, you can strike a balance between interaction and privacy, making Multi-Generational living comfortable for everyone. Whether you prefer a traditional, interactive single-family home with up to four kitchens or separate units for each family group, FlexPlex offers the flexibility to adapt your space to your needs.
Consider the future – as family dynamics evolve, you can downsize within the FlexPlex by easily converting part of your space into rental accommodation. And when the grandkids arrive, you can “flex” back into a Multi-Generational home. With private bathrooms for every bedroom, independent heating, cooling, and soundproofing on each floor, reconfiguring the home is a breeze.
#2 DON’T – Give Your Adult Kids Unsolicited Child Rearing Advice
The last thing you want to hear as a parent is, “I don’t want to hear it!” Offering unsolicited parenting advice is a definite DON’T in the realm of Multi-Generational Living. My recent experience with my Vancouver-based daughter and her family living with us for a month emphasized the importance of respecting boundaries.
The Benefits of Multi-Generational Living – A Real-Life Story
Let’s take a moment to delve into the benefits of Multi-Generational living through a heartwarming story. Meet Zack and Jesse, a young couple with an aging bungalow. They decided it was time to upgrade their living conditions to accommodate their growing family. Simultaneously, Jesse’s parents, who lived in the original family home, were looking to downsize.
Their solution? A Multi-Generational legal duplex, where each family has an individual unit, allowing three generations to coexist harmoniously. The result? A happier and more spacious living arrangement, while also saving on purchase taxes and realtor fees.
Are you ready to unlock the potential of Multi-Generational living? Reach out to us to schedule a tour and learn more about how FlexPlex homes can shape your family’s future. Your dream of a more affordable and connected living space is just an email away!