Why Multigenerational Living Makes Financial Sense
The Problem: Single-Family Homes Are Out of Reach for Many
Across Ontario, home prices have increased dramatically over the past decade. In many cities, including Kingston, average home prices have more than doubled.
What used to be an attainable dream for first-time buyers — owning a detached house — is now financially out of reach for many families, even those with dual incomes. The cost of borrowing has gone up, development fees are higher than ever, and construction costs keep climbing. The result? Families are forced to make tough choices: rent long-term, move far from work or support networks, or consider alternative housing models.
A Growing Solution: Multi-generational Living
More and more families are now turning to multi-generational living — where multiple generations live together on one property. This arrangement is becoming increasingly popular, and for good reason: it offers a smarter, more affordable way to navigate Ontario’s tough housing market.
Why It Works Financially
- Shared Mortgage and Living Costs
Multiple adults can split the mortgage, utilities, and property taxes, easing the financial burden on each person or couple. - Lower Per-Person Housing Costs
A larger home or multi-unit property can provide private space for each generation at a lower overall cost than everyone renting or buying separately. - Built-In Family Support
Grandparents can assist with childcare, and younger adults can help care for seniors — reducing the need for paid daycare or home-care services. - More Stability and Long-Term Planning
Owning property together gives the entire family long-term housing security, especially compared to unpredictable rental markets. - Government Support
There are now tax incentives available to help families offset the cost of adding separate suites for seniors or adults with disabilities.
Realistic Example: A Purpose-Built Triplex in Kingston, Ontario
Let’s imagine a family exploring this option in Kingston.
The Family Setup
- Unit 1: Parents in their 40s with two young children
- Unit 2: Their adult daughter and her partner
- Unit 3: A retired grandparent
The Property
They purchase a new triplex in Kingston, designed with three self-contained units, each with a private entrance, kitchen, and bathroom. It offers privacy, but the family still lives close together — making support and shared responsibilities much easier.
The Finances
Let’s say the triplex costs $1.2 million. With a 20% down payment, the remaining mortgage and associated costs come out to about $6,000 per month.
They decide to split the costs:
- Parents (Unit 1): $2,800
- Adult daughter and partner (Unit 2): $2,200
- Grandparent (Unit 3): $1,000
This setup allows each household to pay significantly less than they would on their own for a rental or mortgage, while also building equity together.
Is This Happening Elsewhere?
Yes — multi-generational housing is gaining popularity not only in Ontario but around the world. In countries like Japan, Australia, and South Korea, it’s already common for families to live under one roof, either by tradition or design.
Here in Canada, the trend is growing too, especially in cities where housing affordability is a major concern. Builders and planners are beginning to take notice, and more municipalities are starting to allow multi-unit homes like duplexes, triplexes, and garden suites in traditionally single-family neighborhoods.
What Does this Mean?
As housing costs continue to rise across Ontario, families need creative, realistic options to stay housed and financially stable. Multi-generational living — especially in purpose-built homes like triplexes — offers a practical solution.
By pooling resources, supporting each other, and sharing costs, families can access better housing, reduce financial pressure, and build lasting stability together. For many, it’s not just a workaround — it’s a smart, modern way to live.