As London’s housing market continues to become increasingly unaffordable, a new type of starter home is emerging as a potential solution: Flex Haus. Popularized in larger cities like Toronto and Vancouver, these homes come with a secondary unit built into the design, offering first-time homebuyers the opportunity to rent it out or house family members, helping to cover mortgage costs.
The demand for such properties has grown and Ironstone Building Company is leading the charge in London. After provincial regulation changes made it easier to include secondary units, Ironstone converted existing homes into Flex Haus models and began integrating these units into new builds.
The concept goes beyond simply adding space; Ironstone partnered with RBC to factor potential rental income into mortgage applications, making these homes more attainable for buyers. This approach offers a practical solution for those struggling to break into the market, providing both affordability and flexibility in today’s challenging economic climate.
As the trend continues to gain momentum, Flex Haus could play a crucial role in addressing London’s housing affordability crisis, offering a new path to homeownership for many in the city.
For more details, you can read the full article on The London Free Press website here