Emerging Trends: Floor Plans, Flexibility, Demographics, Tiny Houses

The real estate market is constantly changing and evolving, and we’re seeing a lot of new trends in response to shifting demographics and economical change. As the demographics change in the London area, there is demand for different and new products in the housing sector. It changes the way we have to think about the market and how we build new homes. 

This blog post will dive into the rising trends of floor plans, flexibility, changing demographics, and tiny houses. We’ll take a look at some interesting new developments and trends and the potential they hold for future success.

Breaking Free from Traditional Zoning

In a move to address the housing crisis, Toronto’s city council recently had made the decision to eliminate single-family residential zoning. You’ll be able to have duplexes,triplexes, and fourplexes. Toronto obviously has a more serious housing crisis than London but it reflects the need for diverse and flexible housing.

Multi-Generational Living

Due to our aging baby boomer population and the rising costs of home prices, multi-generational living is becoming increasingly popular. It is defined as 3 or more generations of family under the same roof. Many adult children of these baby boomers are returning to an older way of living, with their elderly parents moving in with their adult children. This arrangement usually involves shared responsibilities, such as sharing the housework and childcare.

Multiple Primary Bedroom Suites

Another trend that is becoming more common is having multiple primary bedroom suites. With multi-generational living on the rise, it’s a smart idea to adjust floor plans in response to the changing demographic trend. They don’t necessarily have to be on the same floor, but it helps ensure comfort and privacy for those living in the home.

Accessory Dwelling Units (ADU’S)

ADU’s are also known as mortgage helper units or secondary suites. They are an addition to single family homes and aren’t completely separated from the rest of the house. ADU’s usually include a bedroom, full bathroom, and a small kitchenette. These in-home rentals can offer financial relief to homeowners while providing a sufficient living space for both themselves and renters. For example, an ADU setup could cost around $80,000 and could be rented out for around $1,400 per month, providing around $800 extra income to go to paying for utilities, maintenance costs of the home, and to the mortgage payment.

Tiny House and Garden Suites

A very popular trend in the United States that continues to grow are tiny houses or garden suites. They are independent units that serve as potential rental properties. Some people chose to convert their garage space, while others chose to build a small living space in the backyard. The options vary but, it provides additional income and provides renters with a unique living space. In Canada, most lenders don’t consider tiny houses or garden suites to add any value to a property.

Future Proof New Build Homes

As the cost of home ownership continues to rise, its crucial builders understand the importance of setting a home up for the future. Although it seems we’ve hit the peak for interest rates and home prices, the reality is that we don’t know what the future holds. We can make the assumption that the costs to own a home in Canada or North America will remain high for the foreseeable future. Consider re-working your floor plans to future proof the homes. Prepare for additions like ADU’S, secondary dwelling units, and tiny homes. Consider making the electrical panel accessible to get the services to the tiny dwelling.

Consider these innovative trends to bring value to your clients and be prepared for where the market is heading. If you require more information, don’t hesitate to contact us. Don’t forget to join the Locorum community today and start earning rewards on your home purchase. You're not just buying a home; you're investing in your future. Let Locorum and the Santa Sells Houses Real Estate Team help you make the most of it.