As housing prices skyrocket, more families are shacking up to tackle the challenge. In the first quarter of 2024, homeowners spent approximately 60% of their pre-tax income on mortgages for median-priced Canadian homes — a hefty burden for one or even two earners. Multigenerational living, where multiple adults from the same family contribute to housing costs, has become a popular solution. In Canada, these households grew by 21% from 2011 to 2021, forming 3% of all households. This trend is expected to continue, experts say, especially with incentives like tax breaks for building secondary units for eligible relatives. If you're considering a multigenerational setup, you have two mortgage options: “joint tenancy,” where everyone shares ownership and responsibility equally, or “tenants-in-common,” where ownership shares reflect each person's financial contribution. Before committing, ensure a clear legal agreement covers missed payments, residency rules, and plans for changes like moving out, selling shares, or inheritance. Some cases are harder than others, like when an existing co-owner wants a pay out, which would require the mortgage to be refinanced. Also, for shared expenses like groceries, fairness is key — divide costs based on each member's financial capacity and usage.