In the past few months I’ve had two very professional couples looking for mortgages to buy homes with in-law suites. Was I surprised? Not really but it made me think about where we are headed in the future.
From a demographic point of view the above trend has been going on for a few years. This will be the generation where the kids will take care of the parents. Already there are shortages in long term care residences. It is quite common in Hamilton for ill parents to stay and be charged in local hospitals. Retirement homes are popular but their rates are not exactly low at payments ranging from $2400 to $4400 per month, not everybody’s budget can certainly afford it.
So how does this affect the future? Well one couple is renovating their home spending over $100,000. The other couple was forced to move to acquire a 2 unit dwelling. In my opinion, future surveys will have 2 units built together side by side similar to a semi-detached building. Thus both parties can have privacy, modern efficiencies and yet still be close together.
What about future homes? What will they look like? It is not difficult to predict that homes will be smaller but smarter and more energy efficient. Demographics have led to larger homes for the 35 to 40 year old. At Robert Floris’ Mortgage Architects office we believe this trend is ending. Baby Boomers are getting older and they don’t require the large size homes anymore. Kids are choosing to marry later or not at all. Birth rates are declining.
Hamilton Builders are starting to catch up to these trends. Look for homes with self-learning technologies which include:
Multi-line phone system
Remote control fireplaces
Light control system
Monitored burglary, fire and toxic gas alarm systems
Outdoor grills with sinks, fridges and cooking islands
Are we far away from the changes? I don’t think so. Today’s technology addicts will be sure to bring the demand quicker than we think. Since our new generation with energy conscious and green sensitive, we will see these homes quicker then we think.
Robert Floris is an independent Mortgage Broker with Mortgage Architects