Suites, Joint Purchases & Co-Living in Today’s Market
If you’ve found yourself thinking, “How on earth are our kids ever going to buy a home?”—you’re not alone.
Across the Lower Mainland, more families are quietly re-thinking what “homeownership” looks like. With rising prices, high interest rates, and a tight rental market, one question keeps coming up in my conversations with parents:
Should we help our adult kids by buying together, adding a suite, or living under one roof?
There’s no one-size-fits-all answer—but there are smart ways to approach it, and a few serious pitfalls to avoid.
Let’s break it down.
Why This Conversation Is Happening Now
This isn’t about indulgence or entitlement—it’s about math.
Many adult children:
Earn solid incomes but still can’t qualify alone
Are stuck in expensive rentals with no path to saving
Want stability but not a 40-year mortgage with roommates
Meanwhile, many parents:
Are sitting on significant home equity
Have larger homes than they need
Are thinking about downsizing eventually—just not yet
That overlap is driving a surge in intergenerational housing solutions.
Option 1: Adding a Suite to Your Existing Home
Best for: Parents who want independence and a safety net for their kids.
How it works
Parents remain owners
Adult child lives in a legal or authorized suite
Rent may be market-based, reduced, or replaced with cost-sharing
Pros
✔ Keeps ownership clean and simple
✔ Creates flexibility (family now, rental income later)
✔ Helps adult kids build savings
✔ Increases resale value in many North Shore neighborhoods
Watch out for
⚠ Zoning and permitting requirements
⚠ Construction costs (often higher than expected)
⚠ Lifestyle boundaries—shared driveways, noise, guests
Pro tip: Even with family, treat this like a business arrangement. Clear expectations save relationships.
Option 2: Joint Purchase (Buying Together)
Best for: Families who are aligned financially and emotionally.
How it works
Parents and adult children purchase a home together
Ownership is shared (often as tenants in common)
Equity and responsibilities are clearly defined upfront
Pros
✔ Makes larger or better-located homes possible
✔ Reduces borrowing pressure on kids
✔ Allows parents to “age in place” with support
✔ Can be more tax-efficient than gifting cash
Watch out for
⚠ Exit strategies (what happens if someone wants out?)
⚠ Relationship changes (marriage, divorce, job relocation)
⚠ Estate planning complexity
Non-negotiable: Legal advice before you buy. Not after.
Option 3: Purpose-Built Co-Living or Multi-Generational Homes
Best for: Families planning long-term, not temporary solutions.
How it works
Purchase a home designed for separation and privacy
Separate entrances, kitchens, living spaces
Often includes future downsizing flexibility
Pros
✔ Built-in independence
✔ Shared costs without shared lifestyles
✔ Supports caregiving as parents age
✔ Increasingly attractive for resale
Watch out for
⚠ Limited inventory
⚠ Higher upfront price
⚠ Requires honest conversations about boundaries
This option works best when it’s intentional, not reactive.
The Emotional Side (The Part No One Likes to Talk About)
This decision isn’t just financial—it’s deeply emotional.
Parents often worry:
Am I enabling or empowering?
Will this delay their independence?
What if this strains our relationship?
Adult kids often worry:
Will I ever truly own something myself?
Am I failing because I need help?
Will I feel like a tenant forever?
The families who succeed are the ones who:
Talk openly about expectations
Put agreements in writing
Revisit the plan every few years
Housing should support relationships—not test them.
Questions to Ask Before You Say Yes
Before moving forward, I encourage families to answer these honestly:
Is this a short-term bridge or a long-term plan?
What happens if someone wants to sell, move, or needs cash?
How will expenses, maintenance, and decisions be handled?
Have we spoken to a lawyer and a financial advisor?
Are we doing this out of fear—or strategy?
If the answers feel fuzzy, slow down. That’s a sign you need more clarity, not more urgency.
This Can Be Smart—If Done Right
Helping adult kids buy into a home is no longer unusual—it’s becoming a strategic housing solution in high-cost markets like ours.
When done thoughtfully, it can:
Preserve family wealth
Reduce stress across generations
Create flexibility for future downsizing
When done emotionally or without planning, it can:
Complicate estates
Strain relationships
Limit future choices
If this conversation is coming up in your family, it’s worth approaching it with guidance—not assumptions.
Looking for Detached Homes With Suites?
If part of your plan involves buying a detached home with an existing suite—or the potential to add one—finding the right property matters more than ever.
Not all suites are created equal.
Some are:
Fully legal and mortgage-friendly
Older “in-law” suites that need updates
Great layouts on paper but challenging for real-life privacy
Zoned correctly now but limited for future flexibility
This is where experience really counts.
👉 [View current detached homes with suites here]
(North Shore listings curated with multi-generational living in mind)
How I Can Help Your Family Navigate This
As a Realtor who works extensively with:
Downsizers
Multi-generational families
Parents helping adult children enter the market
…I help families think beyond the purchase.
That includes:
Evaluating suite legality, zoning, and resale impact
Identifying homes that support future downsizing or exit strategies
Connecting you with trusted legal, mortgage, and renovation professionals
Helping everyone get on the same page before emotions run the show
This isn’t just about buying a house—it’s about setting your family up for flexibility, harmony, and long-term success.
If you’re exploring options or just starting the conversation, I’m always happy to be a sounding board.
👉 Explore detached homes with suites or book a consultation here
Final Thought
Helping adult children buy into a home can be a smart, strategic move—but only when it’s approached with clarity, structure, and the right support.
The goal isn’t just affordability.
It’s freedom, stability, and options—for everyone involved.
Shelley Hird
North Shore Realtor® and Downsizing Specialist
www.shelleyhird.com









