April 2016
THE INTERGENERATIONAL HOME:
AN OLD SOLUTION THAT IS NEW AGAIN


A real estate broker told me about the wild speculation in houses in mid town Toronto. This speculation is pushing homes beyond the reach of young families.

One solution that is old but new again is the intergenerational home. More than one generation living in the same home.
One advantage of intergenerational homes is to promote seniors' autonomy and to provide for stability and continuity.

Cohabitation enhances their sense of security and reduces the costs associated with maintaining a property for all members of the family.

In addition, according to the Canada Mortgage and Housing Corporation (CMHC), residential intensification and the preservation of the housing stock are also benefits associated with intergenerational homes.
Historically, this is how home ownership was managed in many cultures and still is today.
Intergenerational housing projects are springing up in Europe.
 
For example, in Lyon France, a project was set up for students to pay below market rents to live in a retirement home. They have to spend some time with the residents as a condition of living there, which is beneficial to both parties.

In Britain, a commission chaired by a former minister recommended that new housing for the elderly should be incorporated into shopping developments, new apartment blocks and even universities to prevent the elderly from being cut off in "care ghettoes".

"The old model saw care homes as isolated institutions where things were done to you rather than for you and were islands of misery," said former care minister Paul Burstow.
An intergenerational home can be designed or renovated to create shared and separate spaces for the young family and for the older members of the family.

Architects are creating these innovative spaces in both modern and traditional designs.

Meals can be a time to get together.
At night, there can be separate sleeping areas in the home so that children's noises do not disturb the seniors who might retire earlier in the evening.
Another factor that is important is that assisted living, home care and long term care can be very expensive.

An upscale retirement home in mid town Toronto costs approximately $7000 per person per month for a 300 square foot unit with meals, housekeeping and some nursing support. Very few can afford that type of residential care.

In fact, home care can be much more costly with staffing in the home each day of the week. Home care can cost a family between $3000 to $15,000 per month or more.

Therefore, the intergenerational home as a solution for both the younger and older members of families may be ready for prime time wherever the cost of owning a home is so high that it prevents young families from entering the market.

This may not work for everyone but it is a solution worth considering.
TO START THE CONVERSATION:                                              

1-800-620-7551 or 647-350-5500

 

Email us at: info@rupertcasemanagement.com

 

It all starts with a conversation.  We are always pleased to help.

 

 

           Raymond Rupert MD. MBA.
           Founder/Medical Director
           Rupert Case Management Inc.
           505 Eglinton Avenue West, Suite 203
           Toronto, ON M5N 1B1
           direct:     647-350-5500
           24*7:       1-800-620-7551
           email: info@rupertcasemanagement.com
           www.rupertcasemanagement.com 
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