The price of owning a home is quickly becoming out of reach for many living in Ontario. In just one year, prices have increased over 20% and the pressure for increases is still on. Depending on who you follow or what article you read, the market is either going to crash hard or not at all and continue to climb.
At the moment, my point of view is that home prices are going to continue to rise. I do not believe this is a "bubble" that is going to pop sending home prices falling. They will stay where they are or go up, not down.
So this is a real predicament for those people looking to get into their first home. The quality and size of home that they could afford last year may be out of reach now.
In the Toronto area, where the average home price is more than double the prices up here in the north, buyers are coming together to buy homes and live together! This might be a good option here in Sudbury as long as the buyers are willing to live under the same roof.
There are definitely lots of options. Sudbury is FULL of homes that are either legal duplexes or ones that have been converted to be used as a duplex style building. These are usually priced to account for the rent that could be obtained from renting the units so might still be expensive but likely more doable if there is increased buying power.
There are also many homes that have been setup with separate living areas. Usually called an in-law suite, it is possible to find a home where two families can co-habitat with considerable privacy.
If you are considering this option, speak with your lawyer and mortgage advisors to get a good understanding of the agreements you will need to make prior to heading out searching for homes.
Attached is a guide from the province that provides more information on this option.