Everything “multigenerational” is trending it seems, and even politicians are jumping on the band wagon.

There’s a new tax benefit available for your 2023 tax return called the Multigenerational Home Renovation Tax Credit (MHRTC).

Adding a suite

If you are adding a “secondary unit” to your home so that a relative or caregiver can move in to help a senior, or a parent can move into in to your home to get assistance, you make it more affordable by claiming the MHRTC, according to the website, Everything Zoomer. 

To qualify for this credit, the secondary suite must have the following features:

If you did this kind of work in 2023, get your receipts ready to file because you can claim up to $50,000 of the renovation cost as a tax credit. In return you’ll get a tax credit of 15% even if you don’t owe any tax.  

Now $7,500 is not likely to encourage you to run out and hire a renovator.  Average renovations run in the range of $600 per square foot in Toronto. So even a modest 650-square-foot secondary suite could be $400,000ish.

Tax credits expand project

However, if a renovator is quoting on the secondary suite and you want to make the rest of your home more accessible with items such as:

then adding these into the project may get the additional work done at a more affordable additional cost.

These upgrades are made more attractive by a couple of tax credits that have been around for a while: the Home Accessibility Tax Credit (HATC) and the Disability Tax Credit (DTC).  Like the MHRTC, the amount involved seem relatively small at face value.

However, the tax expert quoted by Everything Zoomer had some interesting advice about these taxes that could make it worth pursuing them.

Double dipping

Tax tips for making multigenerational housing more affordable including claiming tax credits

Gerry Vittoratos, a Montreal-based expert for the tax preparation software company UFILE, told Everything Zoomer that the DTC can be retroactive if you undergo the eligibility assessment process, and you have suffered from the disability up to 10 years. So, if you’ve had tax owing at any point in the last decade, the government will pay you the DTC refund in one lump sum. Depending on your tax situation, the DTC could be worth $1,500 to $2,500 for each year of disability.

If you have qualified for the DTC you also can qualify for the HATC, and Vittoratos says the beauty of that credit is that you can “double dip” – your renovation expenses may also qualify as a medical expense, and you can claim for both on your tax return. 

As a new builder whose FlexPlex building is perfect for multigenerational living and creating up to three additional suites in a home, I am curious how these tax credits can be used in my next building.  If you know, let me know!

Picture of Doug Ford in a backyard surrounded by signs

Everyone is looking for solutions to housing affordability.

The federal government thought it had part of the solution. It asked the provinces to mandate fourplexes across the country.

But here in Ontario, Doug Ford is not a fan of four-unit multiplexes.

The Premier said he has no problem with putting four units on a residential lot. But he said – incorrectly – that a fourplex is a four-storey “tower.” Then he said “no” to the opportunity to build fourplexes everywhere in the province.

Seeing is believing
The FlexPlex looks like a single-family home from the exterior

If only Premier Ford had seen our three-storey FlexPlex® before he jumped to conclusions. We designed the FlexPlex – capable of quickly and easily transitioning between fourplex-triplex-duplex-single-family home layouts – to fit into existing residential neighborhoods. We think that the FlexPlex model strikes the right balance between the need for more density and concerns about density in single-family areas.

Even an independent observer, The Globe and Mail, reported that the FlexPlex “presents a handsome, single-family face to the street.” It said the only giveaways that it’s a fourplex-ready multi-unit building are the four doorbells at the front door.

Financial Feasibility

Ontario has mandated that triplexes can be built anywhere in the province. But the response has been low. To finance new housing, investors need more rental income than a triplex can provide.

 That’s why Toronto and Mississauga, among others across Canada, have allowed four multi-family units everywhere and have cut the development charges that stand in the way of building them.

There is no point in allowing something that’s financially infeasible.

Revitalizing neighbourhoods

However, in both cities, neighborhoods are protected from “towers”. Fourplexes are subject to height and setback restrictions just like single-family houses. There are new single-family homes in and around the FlexPlex, in the Mimico area in Toronto, that are similar in height to our three-storey building.

More families can live in single-family neighborhoods with more density

But instead of housing three or four people in a 4,000 square foot single-family home, the FlexPlex can have up to eight bedroom/private bathroom combinations and up to four kitchens or food prep areas in the same size residential building.

Carolyn Whitzman, author of Home Truths: Fixing Canada’s Housing Crisis, is quoted in the media saying the majority of single-family residential neighborhoods in Toronto house fewer people than they did 30 years ago. “That’s not a good thing,” she said.

Amber Shortt’s “Living Here” newsletter for the Toronto Star says providing multi-unit buildings can turn this around. Shortt reported that a New Jersey neighborhood revitalized flagging community by introducing multiplexes into single-family zones. “The population has since risen by 40% allowing the town to reduce its taxes all while seeing a revitalization of its main street.”

Housing Innovation

There’s a growing interest in fourplexes, particularly in suburban settings. We’ve received numerous inquiries from property owners across Ontario who want to explore this innovative approach to affordable housing.

By denying the fourplex model, we think the Ontario government is standing in the way of an important innovation in affordable housing.

Doug Ford has changed his mind before. Hopefully, when presented with additional information and alternative perspectives, he’ll say “yes” to fourplexes as part of the solution to our housing crisis.

There’s misinformation about electric air-source heat pumps out there that could separate you from your money.

We’ll do our best to debunk them.

Urban myth #1
Natural gas furnaces are cheaper than heat pumps.

Heat pumps are the lowest-cost option for heating and cooling most homes in Canada. This finding is based on two recent reports:

These findings are the result of low heat pump operating costs. Heat pumps are unbelievably efficient, typically producing 300%-400% as much energy as the electricity that powers them. In comparison, high-efficiency natural gas furnaces are just 90-99% efficient.

It’s difficult to compare the cost of a heat pump to just a natural gas furnace as the heat pump replaces two systems in your home – the furnace and also the air conditioner.

Using the FlexPlex® an example, the cold climate heat pump wins out over the air conditioner/high-efficiency natural gas furnace, according to the Canadian Climate Institute’s calculator:

Cold Climate Heat Pump Heating and Cooling:                         $1516

Air Conditioner & Gas Furnace:                                                  $1730

Visit www.heatpumpcalculator.ca to try it for yourself.[2]

Urban myth #2
It’s too cold for heat pumps in Ontario

Cold-climate air-source heat pumps work well in Southern Ontario. They work to at least -30 degrees C. The coldest Toronto temperature recorded since 1960 was -25 degrees C.  

Heat pumps provide high levels of indoor comfort and warmth.

Heat pump technology is improving by leaps and bounds so by the time you shop for a heat pump, they may very well work below -30 degrees C.  

If your house is highly insulated and air-tight, you won’t notice the difference in heat pump performance on cold days. In fact, the FlexPlex® heat pump system works so well that if the temperature is set above 18 C it can feel a tad too toasty.

Urban myth #3
You need natural gas backup if you have a heat pump
Air source heat pumps work well in Toronto's climatic conditions to provide high levels of indoor comfort in cold weather

Some heating and cooling companies push the idea you need natural gas as a backup for a heat pump (probably based on information from the gas company).  What they’re suggesting is effectively adding a heat pump to a natural gas furnace.

Instead, some back-up electric heat – like an electric coil in the ductwork, or a heat-throwing electric fireplace – can do the trick if you home is well-insulated.

It’s only in very cold climates like Edmonton or Saskatoon that a more substantial back-up heating system is advised. 

Urban myth #4
You’re worse off with heat pumps than natural gas during a blackout
We compare the performance of heat pumps and natural gas furnaces during a power blackout

In an electricity failure, neither natural gas furnaces nor heat pumps will work.

All gas furnaces rely on electrically driven components to work. They also have safety systems that also prevent them from operating in a blackout.

In the case of the Flexplex, this highly insulated building will retain heat for a very long time. We expect that the electricity will be back on long before the building is cold.   

*The information in this article is based on Greenbilt’s research and our operating experience with heat pumps in our Flexplex® showcase home.


References

[1] “Cold-Climate Air Source Heat Pumps: Assessing Cost Effectiveness, Energy Savings and Greenhouse Gas Emission Reductions in Canadian Homes

[2] We made some adjustments to the calculator to make the assumptions realistic for the FlexPlex.

Many Canadian housing markets look like they’re Climbing the Wall of Worry. Does this mean you should be worried?

Toward the end of long bull markets, stock prices follow a pattern called “Climbing the Wall of Worry”. The worry shows up as periods of falling prices following negative events like the pandemic. But it ends up as a blip in a long up-market, and the bull run eventually returns.

This stage of a bull market isn’t peaceful for an investor.

You may agonize over whether to lock in your profits during market gyrations. Nothing lasts forever, including bull markets. 

Housing prices are climbing a wall of worry after a long bull market in Toronto

However, there’s a difference between your real estate and your stock portfolio. Your property is probably your biggest asset, but it’s also the roof over your head. You don’t sell it in one mouse click.

Toronto market outlook

So, you probably would like a crystal ball into the future. Let’s focus on Toronto because we have the most data about that market.

There is a lot of debate about what caused this long bull market in Toronto real estate. In our opinion, there are three key reasons. Toronto is:

To end the housing crisis, Toronto’s finally on a path to allow a lot more apartments in the housing mix.

But, to build enough apartments to ease the housing crisis, more things have to change. There is no short-term fix.

Until then, we expect continued tight Toronto housing markets will cause:

For the real estate junkies in the crowd, we are presenting 2023 Canadian property returns. It shows that residential was the top-performing property type in Toronto in the last year.

The top-performing property type in Toronto in 2023 was residential real estate
The top-performing property type in Toronto in 2023 was residential real estate

Protecting the value of your property

If you own Toronto real estate, it looks like prices will continue on their long-term climb with some worry from time to time. But you’ll minimize any risk of loss if:

In the end, flexibility protects values and is part of a future-proof building.

Stairs can add to the sustainability and flexibility of a home

I’m twice over the moon.” 

Two heads are better than one.

Twins are double the fun.

Our language suggests that two are better than one.

We agreed, and that’s why we put double staircases in different model homes that Greenbilt Homes designed and built.

“Double, double, toil, and trouble,” you say! Is the extra cost and effort of a second staircase worth it?

FlexPlex® stairs

Toronto Star photo of exterior staircase of the FlexPlex

A photo of the FlexPlex exterior staircase was published in the Toronto Star in December, 2023

The answer is a resounding YES. A second staircase offered a huge improvement in functionality.

The most recent double staircase design is in the FlexPlex® home that Greenbilt designed and constructed at 19 Burlington Street, Toronto.  We knew that residents of a 55-foot-long building would appreciate having a rear external staircase.

But we thought the tenants would prefer the interior front staircase because it’s a climate-controlled, bright, and appealing.

We were wrong.  The rear staircase is used the most. It’s very handy as it’s adjacent to the kitchen and living areas.

In future, the addition of an exterior elevator down the centre of the stairscase can add to the home’s flexibility for tenants with mobility issues.

Greenbilt House stairs

Second staircase in a sustainable house

The green-certified Greenbilt House in Bronte Habour, Oakville also featured a flexible second staircase.

Greenbilt House was modelled on a mid-1800s farmhouse and featured a grand staircase in a front foyer with two-storey vaulted ceiling.  

In traditional homes, the rear staircase was a servants’ staircase.  In the case of Greenbilt House, the second staircase was located in a large mudroom/laundry with the garage entrance. It’s how goods came and went from house to garage.  It’s how clothes moved to the laundry room, and how people entered the backyard.

As you can imagine, that rear staircase was heavily used.

In future, if a secondary suite were added to the building, it would create a direct exterior entrance for the tenant.

Low-cost sustainability

The cost of adding a second, utilitarian staircase is fairly low.

The second stair represents flexibility. We believe it’s an important element of sustainability.

In the event of a fire, it provides safety.

Ying and yang

But, like most things, there’s ying and yang.

I can bet that at least one teenager has said: “OMG they’re home early. Quickly, out the back stairs.”

Meet the family behind Greenbilt Homes

Dad and Mike talk about Greenbilt Homes

Mike Manning’s father is an engineer who built things.  Mike says the apple doesn’t fall too far from the tree.

Mike turned his fascination with building into a profession that’s also a family business.

He completed a 3-year diploma in architectural technology at Algonquin College and began working in condo development in Calgary.  Soon he was working on the development site more than at the drafting table.

Mike eventually repositioned his career to work in commercial construction. The pinnacle was joining the team that built Toronto’s Scotia Plaza.

In the 1990s, Mike formed his Toronto residential construction company and that’s when he started a long professional association with his brother Stephen Manning, who today has his own homebuilding company in Ottawa. 

Stephen and his son Tyler pinch-hit for Mike on his biggest and most important jobs, including the FlexPlex.

We value their great contributions to the company.

Greenbilt Homes

Mike’s son Riley supported his dad’s vision to focus on sustainable construction. Riley told his friends’ parents that his dad was a green builder and eventually a parent called Mike up to ask about his services.  That was the nudge behind renaming the company Greenbilt Homes in the mid-2000s,

Mike’s wife Catherine joined the company to do R&D on green buildings. They still talk business strategy over breakfast after all these years. 

Back in the day, the kids chipped in by delivering flyers. As Eric, Riley and Alana got older they also helped with digital media. They continue to be involved in important ways even as they pursue their own careers today.

Even the extended family is involved. Mike’s cousin Heather Manning of Firefly Designs is our interior designer.

As you’d expect, Mom and Dad are always a listening ear on business matters. Dad weighs in using the practical experience of an engineer.

In some ways, running the business can be tough on the family. But when it comes to building a business based on passion, nothing beats our family affair.

The Globe and Mail helped us to celebrate the launch of Greenbilt Homes’ FlexPlex® with a new article about the project.

The report by Globe real estate columnist Dave LeBlanc included a retrospective of the long journey from concept to completion of this “flexible multiplex” concept home in South Etobicoke.

Mr. LeBlanc penned The Architourist column entitled “The FlexPlex finally gets its day in Toronto” for the Globe website and well as the Dec.8th print real estate section.

He quoted generously from a 2019 Globe and Mail article by John Lorinc about the beginnings of the FlexPlex as a dream that was captured on architectural firm Sustainable’s drafting table.

Mr. LeBlanc’s article chronicled some of the unexpected setbacks that occurred after the first article. They include the Covid lockdown and $112,000 in development charges incurred for the right to add a second unit to the site of a former single-family house.  Other setbacks not mentioned in the article included opposition from neighbours, and rapid increases in mortgage rates just as building finally got underway and bills came pouring in.

But like the old saying “you can’t keep a good man down,” the concept of FlexPlex as a highly flexible building that can accommodate equally flexible occupant types somehow carried on despite the adversity.

Today the building is a striking Duplex that houses Greenbilt President Mike Manning and his wife Catherine Ann Marshall in the lower unit. A globe-trotting family with children who have just arrived from Seoul, South Korea live in the upper unit.

The FlexPlex’s “secret sauce” is that it can quickly and easily be converted from a Duplex to a Triplex to four 2-bedroom apartments OR it can be converted into a large multi-generational or co-living style single residence.  The building can have up to eight bedroom/bathroom combinations and up to four full or partial kitchens.

The benefit of all this flexibility is that an owner can start with a fourplex, and over the years use more and more of the space in the building for personal use. Conversely, they can downsize in place.

The FlexPlex represents a solution to the absence of missing-middle housing types in Toronto.

In addition, it achieves all of this in a climate-friendly, energy-efficient, all-electric, low-carbon building with heat pumps for heating, cooling and hot water – truly an accomplishment of which to be proud!

The Globe article described the FlexPlex as presenting “a handsome, single-family face to the street, albeit a very contemporary one with cladding of concrete panels.”

Coming from someone of Mr. LeBlanc’s stature, this architectural evaluation of the FlexPlex was a pleasure to hear.

He is an authority on Modernist architecture with a background in the arts, and has served as a juror for the Ontario Association of Architects and the City of Toronto.

Reading the Globe article was a watershed moment. You can see it here: https://www.theglobeandmail.com/real-estate/toronto/article-the-flexplex-finally-gets-its-day-in-toronto/

It reminded us how long we battled adversity. But now that the journey is over, culminating with the occupancy of the FlexPlex, the retrospective article reminded us that we have a lot to celebrate.

FlexPlex Globe Mail Coverage - The FlexPlex finally gets its day in Toronto

We’ve just completed a five-year dream project, and we’re excited to share it with you! Flexplex Canada’s latest venture, the FlexPlex, is more than just a home; it’s a revolutionary concept designed to address the housing needs of today. It offers an innovative solution for multi-generational living, passive income generation, and eco-friendly living. In this blog, we’ll take you on a virtual tour of the FlexPlex and explain how it aligns with Toronto’s changing housing landscape and green homes Ontario movement.

The Birth of FlexPlex: A Solution for Multi-Generational Living and Passive Income

FlexPlex Canada began as an idea to provide families with a unique housing solution. It caters to multi-generational living while offering the potential for passive income. When you enter the FlexPlex, you step into a warm and inviting home that can seamlessly transition from a single-family residence to four 2-bedroom apartments.

Toronto’s Housing Evolution: A Step in the Right Direction

In a recent announcement, Toronto’s mayor unveiled a comprehensive plan to address the city’s affordability crisis. This plan aims to diversify the housing landscape, and it’s seen as a positive step by experts and advocates. So, what does this mean for you? It means an opportunity to get in early on a new level of housing that aligns perfectly with the FlexPlex concept. Under this plan, you can expect:

Gentle Density

Neighbourhoods will witness the emergence of multiplex housing in areas currently zoned for single-family homes.

Legalized Rooming Houses

Rooming houses will be legalized throughout the city, eliminating restrictions on their operation.

FlexPlex Configurations: A Housing Solution for Everyone

The FlexPlex offers various configurations to meet your specific needs:

Single-family Home

Up to seven bedrooms, bathrooms, three dens, a full-floor office/studio/workspace, and the option for Airbnb or short-term rentals.

Duplex Home

Featuring a two-story owner’s suite and an additional two-story rental unit or Airbnb.

Triplex

Consisting of a two-story owner’s suite and two two-bedroom rental units or Airbnb.

Four 2-bedroom units

The most affordable configuration, offering the opportunity to live in one unit while renting out three others or owning a rental building.

Multi-generational Home

Designed to cater to the needs of multi-generational living.

Co-ownership

FlexPlex makes co-ownership straightforward, allowing private and defined units that can be condo-titled for resale.

Eco-Friendly Homes – The Future of Housing

Eco-friendly homes are on the rise, and for a good reason. With the FlexPlex, we’re at the forefront of this housing revolution. Here’s why you should invest in eco homes in Ontario:

Lower Environmental Impact

Eco-friendly homes like the FlexPlex reduce your carbon footprint, helping you contribute to a greener future.

Lifetime of Savings

These homes are highly resilient and energy-efficient, offering a lifetime of savings on utility costs as well as maintenance. The payback on the investment in an eco-friendly house is very impressive, particularly in times when costs are continuously rising.

Low Maintenance Costs

Sustainability is not just about energy efficiency; it’s also about building materials and technologies that require minimal maintenance. Eco-friendly homes are constructed to last, reducing the need for costly repairs and replacements.

Keeping Your Home Affordable

As the world experiences economic shifts and uncertainties, the affordability of your home is a critical concern. An eco-friendly house helps keep your home affordable by significantly reducing ongoing costs.

Meet the Team: Your Guides to the FlexPlex Experience

Our journey to introduce you to the FlexPlex doesn’t stop with our words on this page. We’re thrilled to have the opportunity to meet you in person, answer any questions you may have, and show you around our extraordinary creation. Allow us to introduce you to the team that will be your guides to the FlexPlex experience.

Mike Manning – President

With 45 years of experience in Mastery Carpentry, Mike brings a wealth of knowledge to the table. He’s passionate about the FlexPlex concept and eager to share the details with you.

Thanj Thangara and Sydney Phillips

They are our expert carpenters. Their insights into the construction process and the eco-friendly features of the FlexPlex are sure to leave you informed and inspired.

Catherine Marshall

Catherine is your go-to person for any questions about financing and investment opportunities. They can guide you through the financial aspects of owning a FlexPlex.

What to Expect When You Meet the FlexPlex Team

We’re excited to meet you and help you discover the FlexPlex from start to finish. Here’s what you can look forward to:

Self-Guided House Tours

If you prefer to explore at your own pace, you’re more than welcome to take a self-guided tour. Wander through the FlexPlex and soak in the innovative design and eco-friendly features.

Private House Tours

For a more personalized experience, you can request a private tour with one of our incredible team members. They’ll take you through every aspect of the FlexPlex, answering your questions and giving you a deep understanding of how well-made this home truly is.

Share the Experience

Loved what you saw? Feel free to invite friends and family to come see it as well. We encourage you to share this opportunity with your loved ones, as the FlexPlex is not just a home; it’s a concept that can change the way we live and invest in housing.

Join Us on November 11 – Your Opportunity to Witness the Future

On November 11, we invite you to our open house, where you can experience the craftsmanship and innovation behind the FlexPlex firsthand. You’ll have the chance to learn about the eco-friendly measures we’ve taken, including our HVAC system and windows, that ensure this home is built to last and has a lower impact on the environment.

By investing in the FlexPlex, you can enter the booming Toronto real estate market, enjoy multi-generational living with privacy, create passive income, and contribute to a more sustainable future. This isn’t just a home; it’s a safeguard against future financial instability. It’s a commitment to both your financial well-being and the well-being of the planet. Join us on November 11 to explore how the FlexPlex combines innovation, affordability, and sustainability in one extraordinary package, allowing you to experience a lifetime of savings and comfort.

Alternative Housing Options in Toronto

In the contemporary landscape of Toronto’s dynamic real estate market, the concept of home has dramatically evolved. Traditional housing solutions may not always cater to the requirements of today’s diverse home buyers. This necessity has paved the way for creative and innovative housing designs like the Triplex House, the brainchild of progressive multi unit home construction.

As a stand-out solution in the kaleidoscope of multi unit residential options, the Triplex House courageously champions the balance between cost, comfort, and convenience. Whether you’re a multi-generational family seeking a united yet private living space, a co-living group looking for versatile room arrangements, or a visionary real estate investor scouring for high-potential multi unit properties for sale to diversify your portfolio, the Triplex House presents an ideal blend of adaptability and stability.

This forward-thinking living solution, amplified by the rise of multi unit Toronto listings for sale, effortlessly aligns with your changing lifestyle needs and evolving financial goals. It prioritizes affordability without compromising on comfort, signifying a radical shift in the perception and organization of living space. By embracing such an innovative multi unit home, you are choosing to be at the forefront of a residential revolution, reimagining what home means in a bustling metropolis like Toronto.

An Innovative Response to Affordable Housing Crisis: The FlexPlex® House

Making dwelling affordable and comfortable for everyone in a bustling metropolitan area like Toronto is an urgent and complex issue. It requires creative thinking to design and implement feasible solutions.

Traditional measures, like constructing high-rise buildings, are often not enough. These structures can sometimes contribute to skyrocketing rental rates, and the time it takes to construct them can exacerbate existing housing shortages. As a result, potential homeowners and investors are being drawn towards innovative multi unit residential properties for sale which offer practical, cost-effective solutions.

Leading the march towards these creative solutions is the FlexPlex, a product of environmental home construction, by custom home builders in Toronto, Greenbilt Homes. This unique housing model is disrupting the status quo and shedding new light on possibilities within the real estate market.

The Future of Multi Unit Home Construction

FlexPlex is positioned as the future of multi unit home construction, as it can seamlessly transition from housing four distinct two-bedroom units to serving as a spacious single family home. This feature makes it a particularly enticing option for real estate investors searching for multi units for sale in Toronto. FlexPlex homes come in four different variations; Duplex, Triplex, Fourplex, and Co-living.

FlexPlex Construction Process

The construction process behind the FlexPlex also stands out. It employs efficient, wood-framed low-rise construction techniques. This not only expedites the building process but also provides an eco-friendly and efficient alternative to high-rise condos.

Toronto home builders working on FlexPlex projects value collaborations among families, friends, or co-living organizations. By pooling resources and coming together to purchase a multi unit property for sale like the FlexPlex, buyers can benefit from lower operation, maintenance costs and potentially lower mortgage payments than average rents.

Affordable Residential Solution

The FlexPlex’s contribution to the solution for the affordable housing crisis doesn’t stop at the blueprint stage. By visiting 19 Burlington Street in Humber Bay Shores, you can witness this innovative housing model in a real-world setting and visualize its potential within Toronto’s vibrant and ever-changing urban landscape. The FlexPlex isn’t just a theoretical concept, it’s a living, breathing testament to the bright future of multi-unit residential solutions in our cities.

The Revolutionary FlexPlex: Simplifying Real Estate Investment

Investing in real estate can be complex. However, the FlexPlex design by Greenbilt Homes minimizes uncertainties and offers a simplified approach to home ownership and investment. The FlexPlex advantage includes:

Adaptability to Changing Market Demands

Traditionally, investors need to find the ‘right property’ for the ‘right’ kind of tenant. FlexPlex eliminates this task.

Assurance of Rent Covering Mortgage

Fear of unsuccessful rent cover can discourage potential investors. The FlexPlex offers up to four distinct revenue streams from a single property.

Smooth Property Sales

Uncertain selling prospects can be worrying for property owners. The FlexPlex removes this obstacle by providing the ability to transform the property into four separate condos that can be individually sold.

The FlexPlex offers resiliency to navigate a volatile market, due to its adaptability and appeal to multiple generations.

A Rising Canadian Trend: Multi-Generational Living

Innovative home construction designs, such as the Triplex House, have shown the real estate market’s responsiveness to changing housing needs in Canada. One such significant shift is the rising trend of multi-generational living. As families grapple with the rising costs of home ownership in urban areas like Toronto, the paradigm of multi-family living has gained new resonance.

What is Multi-Generational Living?

Multi-generational living, where families belonging to three or more generations live under the same roof, has been a long-standing practice in many cultures. However, given the current financial realities and evolving family structures, this living arrangement has gained more traction in Canada.

The American Housing Survey indicates that there has been an upward trend in multi-generational households from 4.9% in 2009 to 6.5% in 2017. According to the 2016 Canadian census, multi-generational households are the fastest-growing household type. Over 2.2 million Canadians, or 6.3% of the population, now live in such households.

Significant forces driving this trend include the delay of young adults in moving out due to educational pursuits, financial constraints, or to provide support to aging family members. For many families, multi-generational living presents a financially savvy way to pool resources and share responsibilities.

Harnessing the Power of FlexPlex: Adaptive Living Solutions for Multi-generational Homes

Greenbilt’s FlexPlex, a promising project in the field of Toronto triplex home construction, adapts perfectly to this emerging demographic trend. It caters to the unique needs of multi-generational homes, offering flexible spaces for all family members, thus aiding in reducing rental costs and meeting the burgeoning demand for affordable living options.

For instance, a FlexPlex triplex house can presently function as a duplex for a parent-child duo. Yet, as the family structure further expands, it can transform seamlessly into a triplex – effortlessly accommodating an additional generation. In doing so, it eradicates the necessity for pricey renovations or the inconvenience of relocations.

A satisfied FlexPlex homeowner, Linda Boorman, fully endorses this innovative multi-unit residential solution. With FlexPlex, she’s been able to maintain her family’s content cohabitation, undisturbed for over 12 years. This is the power of a housing solution mirroring the rhythm of life, facilitating growth and evolution rather than resisting it.

Be it the need for privacy, accessibility, or shared resources, the concept of multi-generational living involves several complex facets. Recognizing and accommodating these variables is the FlexPlex design, championing the ethos of adaptability and affording all family members a comfortable living experience under the same roof.

As our societal norms continue to redefine themselves, so will our living arrangements. Thus, the demand for flexible housing like FlexPlex will surge, pointing towards an optimistic and more inclusive future in home construction and real estate investments. With its inherent potential to adjust and transform, FlexPlex doesn’t just promise a house for today, but a home for the future.

Toronto Real Estate Market: Stability and Potential Growth

Navigating the fluctuating currents of the real estate market can be daunting. However, the Toronto real estate market stands out as an island of stability amidst the undulating waves of change. Despite variations in buying activity, the market shows a robust resilience that has weathered economic shifts and global challenges.

Looking for the Right Opportunity

Potential investors and new home buyers are exercising caution, opting to slowly navigate the waters while seeking the right opportunity for a profitable investment. This calculated pause is an echo of their unwavering confidence in the long-term value of Toronto’s real estate. The trend is clear — buyers are willing to wait for the perfect window to secure their investment rather than rush into premature purchases.

Uptick in Home Buyers

Reinforcing this notion is a recent market trends survey by Mustel Group Market Research. The study indicates a growing willingness among buyers, spanning across generations, to invest in new home construction, multi unit residential projects and other real estate endeavors. This presents a 36% increased likelihood to buy a home now compared to just a few years ago, extending from baby boomers and Gen X to millennials and even the Gen Z cohort.

This upward trend is not confined to young, first-time buyers alone. The confidence in owning a home as a wise financial investment is seen across all age groups, strengthening an already firm faith in long-term investments in the Toronto residential sector.

Positive Investment Beliefs

According to the survey, an encouraging 49% of respondents believe that investing in a home—single-family or multi unit for sale Toronto—will yield similar or better returns than other types of investments within a year. This belief gets stronger when looking at long-term investments, with 60% of respondents expressing confidence that property will outperform other financial engagements in the coming decade.

Potential Challenges for Home Buyers

While high property prices pose a challenge and act as barriers to entry into the real estate market, other factors contribute to successful investments. These include securing an income that can comfortably cover mortgage payments and finding a home that reflects the buyer’s lifestyle needs, ensuring privacy, minimizing noise, and instilling a sense of ownership and pride.

In summary, the thriving real estate market in Toronto, marked by strong buyer confidence and an upward trend in home-buying intent, creates an environment conducive for long-term, successful investments.

Whether you’re considering new home construction, hunting for multi unit properties for sale in Ontario or exploring opportunities with a Toronto home builder, the market is ripe for exploration. In such a robust and promising market, property investment can serve as a safe harbour amidst financial turbulence, underlining the potential growth and encouraging stability the Toronto real estate market has to offer.

Investing in Residential Real Estate: A Self-Steered Approach

In a world where global economic trends and fluctuations can influence investments significantly, a self-steered approach to investing in residential real estate, such as multi unit residential properties or triplexes for sale, provides better control and transparency. The key to this approach is your active involvement in every phase of the investment process.

In markets as volatile and unpredictable as Silicon Valley, investors often grapple with unanticipated losses without having a comprehensive understanding of how they were incurred. However, when you invest in residential real estate, particularly in multi unit properties for sale in Ontario or rental properties, you are in the driver’s seat, guiding your own investment journey.

Taking Control of Your Real Estate Investment Journey: Risks and Rewards

From the moment you decide to invest, every significant decision rests in your hands. You control the timing and location of the property acquisition, the financing options you pursue and even the selection of tenants or co-owners. When the time comes for potential enhancements or expansions on the property to further its profitability, you are at the helm. Ultimately, the decision to sell, when the market is prime, and turn a profitable return on your investment is yours to make.

Still, every investment venture does carry risk. Market conditions and interest rates can vary and unexpected expenses may arise. However, having personal control over your real estate property investment empowers you to manage these risks in ways most advantageous to you.

You have the flexibility to adapt quickly to evolving market trends and the capacity to align your investment strategy with your personal financial goals. Consequently, your risks are better managed and investment opportunities optimized.

This self-steered approach hinges on treating your real estate investment as a journey, one that you captain. It involves staying informed, constantly analyzing market trends, actively seeking out new home construction opportunities, thinking creatively with home builder Toronto, and strategizing resource usage to reap the most out of each investment.

With dedication, due diligence and sound decision-making, this hands-on approach can pave the way for a secure and successful real estate investment portfolio. Whether you’re a seasoned investor or looking to buy your first triplex for sale in Toronto, staying active at all levels of your real estate investment journey is key to ensuring financial prosperity.

The Rising Popularity of Co-Ownership: FlexPlex Advantages

In a dynamic housing scene, co-ownership has emerged as a popular trend. This innovative form of homeownership allows unrelated individuals to share the costs and responsibilities involved in property ownership. This concept has gained widespread appeal among various demographic segments, from Baby Boomers to Gen Z. It’s especially attractive for those looking at multi unit properties for sale in Ontario and seeking for a shared investment in new home construction.

Why is co-ownership gaining traction? Behind this rise lies the appeal of a diverse and vibrant home life, as well as economic considerations. Increasing property prices are a significant deciding factor pushing the move towards shared ownership. Furthermore, co-existing under a single roof can lead to reduced living costs as expenses like utilities, maintenance, and mortgage repayments are shared.

In this context, the FlexPlex® design by the reputable custom home builders in Toronto, Greenbilt Homes, stands out as a flexible solution that caters to this rapidly growing demand. Unique features of the FlexPlex® design allow it to adapt from a single-family dwelling to a duplex, triplex, or even four 2-bedroom apartments. This provides the flexibility for co-owners to customize their living arrangement according to their individual preference and changing lifestyle needs.

Moreover, exit strategies can be a potential issue in co-ownership scenarios if one owner decides to sell their share. The FlexPlex answers this through its easy conversion into separate condominiums, facilitating a smooth and hassle-free sale process. The design’s inherent flexibility, alongside the growing trend of multi-generational and co-living arrangements, ensures FlexPlex remains an attractive investment option in multi unit for sale Toronto listings.

Co-ownership might not be the traditional route of property investment, but it does provide an effective solution in today’s landscape of rising property prices and increased demand for flexible housing. By recognising the value of this shared ownership model and supporting it with innovative housing designs like FlexPlex®, it’s indeed possible to enjoy the benefits of homeownership amidst rising property prices.

Introduction of House Hacking

Recent trends in residential real estate investment have shifted towards innovative strategies, one of which includes ‘House Hacking.’ The concept of house hacking is rooted in the idea of creating multiple income streams from your property, essentially transforming your multi-family home into a blend of personal dwelling and rental property. This smart investing strategy is seen as an updated, more flexible version of the traditional “mortgage helper” concept.

The FlexPlex Model and its Dual Advantage in Homeownership and Investment

House hacking significantly improves homeownership accessibility, especially for those without significant familial financial support. It’s a strategy that opens up a path towards property ownership that circumvents the daunting financial demands generally associated with buying a home. With house hacking, innovative home designs such as the FlexPlex, can aid in augmenting your income while accommodating your living needs.

Unique to the FlexPlex design is the potential to establish up to four separate rental units within your property. As a FlexPlex owner, you have the opportunity to live in one unit while renting out the others, thereby creating multiple sources of income that can contribute towards paying your mortgage and potentially generating profit. This innovative approach offers a dual advantage as an investor and home owner.

However, the FlexPlex model takes the process a step further compared to traditional house hacking strategies. Its distinguishing factor lies in its built-in flexibility. Foreseeing the evolving needs and circumstances of homeowners, the FlexPlex design can be easily transformed to align with changes in your personal life or market demands. Whether it involves shifting from a triplex to a duplex or to a single-family home, the ease with which this can be done sets FlexPlex apart.

In essence, house hacking illustrates an ever-growing demand for flexible and affordable housing options in today’s dynamic real estate market. With the inherent ability of FlexPlex to adapt and evolve, it offers a viable solution to meet these needs, ensuring a more secure and profitable investment strategy.

Conclusion: Flexibility Paves the Way for Future-Proof Investment

In the ever-changing real estate landscape, flexibility is crucial. Toronto residential builders Greenbilt Homes have encapsulated this essence of adaptability in their FlexPlex design. These homes offer a solution for families, co-living groups, and those seeking multi unit for sale Toronto.

FlexPlex offers options for sustainable living with its low operating and maintenance costs. In such a volatile real estate market, it stands out as a beacon of achievable homeownership. As we move towards a future that will demand flexible and inclusive living solutions, FlexPlex properties could be your answer.

Experience the perfect balance of flexibility, investment security, and home comfort that FlexPlex offers. Arrange a guided tour of a FlexPlex construction in progress or explore triplex for sale Toronto through us. Your future-proof investment awaits!

Nestled in one of the Greater Toronto Area’s leafy neighborhoods is the FlexPlex home. This innovative model home is designed to inspire multigenerational living, accommodating the growing trend of extended families living under one roof.

The Rise of Multi-Generational Living

Recent research has uncovered a noteworthy trend that’s gaining momentum in Toronto – multigenerational 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 multigenerational living. Contrary to the assumption that multigenerational 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 “multigen” 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.

Financial Benefits of Owning a FlexPlex Home

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 multigenerational 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.

Don’ts of Successful Multigenerational 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 multigenerational 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 multigenerational 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 multigenerational 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 multigenerational 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 multigenerational legal duplex, where each family has an individual unit, allowing three generations to coexist harmoniously. Greenbilt Homes had the honour of building their home. The result? Seven years into it, they have a happier and more spacious living arrangement, while also saving on purchase taxes and realtor fees.

Are you ready to unlock the potential of multigenerational living? Reach out to us to learn more about how a FlexPlex – either a three-storey fourplex version or a two-story triplex or duplex – can shape your family’s future. Your dream of a more affordable and connected living space is just an email away!

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