Good Resale Value

Purchasing or converting a house into a multigenerational home can prove a lucrative investment. Indeed, this type of property has a generally higher resale value than a traditional home, over 15% on average, due to the flexibility it offers families seeking some form of multigenerational housing. However, it may stay longer on the market than a single-family residence.

Can It Be Converted Back into a Single-Family Home?

Another point to consider is the option to turn the house back into a single-family dwelling. This may even impact its resale value! Such versatility is especially appealing to potential buyers who will only need a multigenerational home temporarily, maybe a few years, for example.

When visiting this type of property, it may be wise to check if the renovation was carried out with the ability to return easily to the original single-family layout in mind. Sometimes, this may only involve simple changes, like removing a second kitchen or restoring a front entrance. Whereas other homes, designed to serve a multigenerational function from the outset, may require more extensive modifications.

A Growing Market: What Do the Numbers Say?

Currently, real estate reporting in Québec doesn’t systematically compile data on the multigenerational housing market. Nevertheless, according to Statistics Canada, in 2021, there were 50,790 multigenerational households (at least 3 generations of the same family living together) in Québec. Furthermore, the proportions of multigenerational households in Canada rose by 37.5% between 2001 and 2016.

Interest in this type of co-living arrangement is therefore increasing. A trend sustained by an aging population and the high costs of seniors’ residences, which is driving more and more families to choose multigenerational housing. In view of all this, a multigenerational home certainly seems like a sound investment!

The Various Facets of Selling and Buying a Multigenerational Residence

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