Greater Toronto Area’s housing prices has affected many home buyers most especially first-timers who are finding it difficult to buy a home. Many buyers have put aside their dreams of buying a home to either rent or going to live with friends or family.
But one alternative buyer’s can turn to is co-living which gives residents the opportunity to share household cost as also cuts down on the cost of living .
The Toronto housing debacle has led to efforts to develop creative and inventive ways to adjust to their current situation.
Just like home buyers, the real estate industry and governments are also greatly concerned about the ongoing situation of high demand for homes with a limited supply backed by high home prices.
For many years now, these are the worst times faced by the housing market with home prices in 2016 much higher than the household incomes of many Canadians.
Single detached homes were at $1,016,145 by the end of 2016 which is a 23.1% year on year increase from the previous year.
On the other hand, condominiums which were considered to be much cheaper than detached homes also increased by 16% in the Greater Toronto Area.
This leaves people with virtually no possibility of buying a house and leads one tends to think, what will be the next step?
Renting was the next possible option for many who cannot afford to buy a home but renting in Toronto is also quite expensive.
With these two choices ruled out, home buyers are now heading towards co-living, which was a common trend in the 19th century.
With home prices expensive, less young adults getting are getting married coupled with a higher divorce rate.
Co-living has now become the trend among young adults which helps cut down on cost of living as residents in the home get to search the household expenses.
But even though some people might not want to live with other people, there are very little options to chose from perhaps co-living could be the answer to the current housing situation.