The Seniors Multiplex Play: Why Vancouver Boomers Are Building to Age in Place

Margaret called me two years ago, worried. At 72, she was caught between two impossible choices.

Her three-bedroom Kitsilano home had become too much to manage. The garden she’d tended for 35 years now overwhelmed her. The stairs to the second floor were getting harder. Maintenance costs ate into her fixed income.

But the alternatives looked worse. Selling would generate maybe $3 million—enough to buy a condo and have some money left. But condo prices in her neighbourhood started at $1.2 million for anything decent. Strata fees, property taxes, and living costs would consume her remaining capital over time. She’d spent four decades in this community. The thought of leaving, or of eventually running out of money in an expensive condo, kept her up at night.

Renting wasn’t better. A two-bedroom apartment in Kitsilano ran $3,200 monthly. Over 15 years—her remaining life expectancy at 72—that’s nearly $600,000 in rent. She’d be trading $3 million in home equity for a $600,000 rental expense with nothing at the end.

Then we talked about the third option: building a multiplex on her lot, keeping an accessible ground-floor unit, and letting the other units generate income or fund her retirement.

Today, Margaret lives in a brand-new, barrier-free unit steps from her daughter. She has no mortgage. She collects $8,500 monthly in rental income from the other units. And when she passes, her children will inherit property worth significantly more than the house she lived in before.

Margaret’s story isn’t unique. For Vancouver seniors with the right properties and circumstances, multiplex development is emerging as a powerful retirement strategy.

The Seniors Housing Crisis Nobody Discusses

Before getting to solutions, let me lay out the problem. Vancouver’s seniors housing situation is worse than most people realize.

The Rental Crisis

According to the City of Vancouver’s seniors housing data:

• 30% of Vancouver seniors are renters—roughly 45,000 households
• 14,100 senior renter households pay more than 30% of income on housing (the standard affordability threshold)
• 5,100 senior households pay more than 50% of income on housing—an immediate crisis level
• Seniors are Vancouver’s fastest-growing demographic—the 65+ population increased 18% since 2016

The rental market offers no relief. Purpose-built senior rental housing has long waitlists. Market rentals cost $2,500-$3,500+ monthly for decent apartments in established neighbourhoods. A senior on CPP and OAS—roughly $1,800 monthly—cannot afford market rent anywhere in Metro Vancouver.

The Homeowner Trap

Seniors who own homes aren’t necessarily better off.

The typical Vancouver senior homeowner:

• Bought decades ago for a fraction of current value
• Has significant home equity but limited liquid retirement savings
• Faces rising property taxes, maintenance costs, and utility expenses
• Lives in a home poorly suited to aging (stairs, large lots, deferred maintenance)
• Cannot access equity without selling or reverse mortgaging

They’re “house rich and cash poor”—with assets they can’t easily use and housing that no longer fits their needs.

The Missing Middle Ground

Vancouver’s housing market offers seniors two main options:

Option A: Stay in aging single-family home

• Familiar neighbourhood and community
• But growing maintenance burden
• But accessibility challenges
• But equity locked up

Option B: Sell and buy/rent elsewhere

• Access to equity
• But loss of community and independence
• But ongoing housing costs in expensive market
• But uncertainty about long-term affordability

What’s missing: housing that lets seniors stay in their neighbourhood, access their equity, and live in appropriate space.

Multiplex development creates that option.

How the Multiplex Strategy Works

The senior multiplex strategy has several variations, but the core concept is consistent: convert your single-family lot into multiple units, keep one for yourself, and let the others support your retirement.

Variation 1: Keep One, Sell the Rest

The scenario: You develop your lot into a sixplex. You keep one ground-floor unit designed for accessibility. You sell the other five units at market prices.

The math (Kitsilano example):

• Current home value: $3.2 million
• Development costs: $3.8 million (total project)
• Completed value: 6 units × $1.4 million = $8.4 million

Outcome:

• Sell 5 units: $7.0 million
• Less development costs: $3.8 million
• Less sales costs: $350,000
• Net cash: $2.85 million
• Retained unit value: $1.4 million
• Total position: $4.25 million (vs. $3.2 million pre-development)

Your situation:

• You live in a brand-new, accessible unit worth $1.4 million
• You have $2.85 million in cash
• No mortgage, no maintenance burden (strata handles it)
• Income from investment of cash: $100,000-$150,000/year at conservative yields

Variation 2: Keep One, Rent the Rest

The scenario: You develop the multiplex but keep all units as rentals. You live in one; the others generate monthly income.

The math:

• Development costs: $3.8 million (financed via construction loan, repaid from equity)
• Your unit: No rent paid (your home)
• 5 rental units at $3,200/month each: $16,000/month gross
• Less operating costs (15%): $13,600/month net
• Annual rental income: $163,200

Your situation:

• You live rent-free and mortgage-free
• You receive $163,000/year in income (replacing pension shortfall)
• You own assets worth $8.4 million
• Your children inherit both units and income stream

This variation requires significant equity to finance development or partnership with family/investors.

Variation 3: Multi-Generational Development

The scenario: You partner with adult children. They contribute capital; you contribute land. Multiple generations live in the completed building.

The structure:

• Your lot: Valued at $3.2 million (your contribution)
• Children contribute: $600,000 cash toward development costs
• Total project: $3.8 million development cost
• Children’s share: $600K / $3.8M = 16% of project
• Your share: $3.2M / $3.8M = 84% of project

Outcome:

• You keep ground-floor unit + receive proportional proceeds from sold units
• Children receive one unit or proportional cash
• Multiple generations live in same building or nearby
• Family wealth stays consolidated

This structure keeps families together while letting each generation build equity.

Case Study: Margaret’s Kitsilano Transformation

Let me walk through Margaret’s actual experience in detail.

Starting Position (2024)

Margaret, age 72, owned a 50’ × 122’ lot in Kitsilano. Her 1968 rancher was worth approximately $3.1 million—$2.8 million in land value, $300,000 in structure value. The house needed $150,000+ in deferred maintenance.

Her financial situation:

• Home: $3.1 million (no mortgage)
• Savings: $280,000 (RSP + cash)
• CPP + OAS income: $1,850/month
• Pension income: $1,200/month
• Total monthly income: $3,050

Her expenses:

• Property tax: $8,500/year ($708/month)
• Utilities: $450/month
• Maintenance: $500/month (average)
• Insurance: $300/month
• Food, transport, personal: $1,500/month
• Total monthly expenses: $3,458

Margaret was spending more than she earned, drawing down savings by $400/month. At that rate, she’d exhaust savings in about 50 years—longer than her life expectancy, but she worried about unexpected costs, health expenses, or longevity risk.

The Development Decision

After evaluating options, Margaret chose Variation 1: build a sixplex, keep one unit, sell five.

Her requirements:

• Ground-floor unit with no stairs
• In-suite laundry
• Easy maintenance (strata-managed building)
• Proximity to transit and amenities
• Minimal disruption during construction

The Development Process

Month 1-4: Design and partner selection Margaret worked with me to identify builders experienced with senior-friendly design. She selected a builder with 12 multiplex completions who agreed to a partnership structure: builder provides construction expertise and capital; Margaret provides land; returns split 70/30 in Margaret’s favour (reflecting her larger equity contribution).

Month 4-16: Permits and pre-construction During this period, Margaret continued living in her home. Permit timeline was 12 months—typical for Vancouver.

Month 16-18: Move out and demolition Margaret moved into a rental apartment. The builder covered rental costs as part of the partnership agreement.

Month 18-34: Construction 16 months of construction. Margaret visited monthly to monitor progress. Her ground-floor unit was designed to her specifications: wide doorways, curbless shower, single-level living, small private patio.

Month 35: Completion and move-in Margaret moved into her new unit. The other five units went to market.

The Outcome

Sales results:

• 5 units sold for average $1.42 million each = $7.1 million
• Less total project costs: $4.2 million
• Less sales costs (5%): $355,000
• Net proceeds: $2.545 million

Margaret’s share (70%): $1.78 million Builder’s share (30%): $765,000

Margaret’s final position:

• Ground-floor unit value: $1.42 million
• Cash from sales: $1.78 million
• Total: $3.2 million (plus brand-new, appropriate housing)

Comparison to selling original home:

• Original home sale would have netted ~$3.0 million (after costs)
• Multiplex route generated $3.2 million plus better housing
• Net gain: ~$200,000 plus dramatically improved living situation

Margaret’s New Financial Picture

Income:

• CPP + OAS: $1,850/month
• Pension: $1,200/month
• Investment income ($1.78M at 5%): $7,400/month
• Total: $10,450/month

Expenses:

• Strata fees: $550/month
• Property tax (unit): $3,000/year ($250/month)
• Insurance: $150/month
• Food, transport, personal: $1,500/month
• Total: $2,450/month

Net monthly surplus: $8,000

Margaret went from a $400/month deficit to an $8,000/month surplus. She can afford in-home care when needed, help her grandchildren with education, travel to visit family, and never worry about outliving her money.

The Accessibility Factor

For seniors considering multiplex development, accessibility design is critical. You’re building your forever home—it needs to work as your mobility changes.

Universal Design Principles

Universal design creates spaces that work for everyone, regardless of age or ability. Key features:

Entry:

• No-step entrance (grade-level or with ramp)
• Wide doorways (36” minimum, 42” preferred)
• Lever handles throughout
• Well-lit approach

Main Living:

• Open floor plan minimizing hallways
• Single-level living (all necessities on one floor)
• Flooring transitions minimized or eliminated
• Electrical outlets at accessible heights

Kitchen:

• Varied counter heights
• Pull-out shelving
• Side-by-side refrigerator
• Front-mounted controls on appliances

Bathroom:

• Curbless (roll-in) shower
• Grab bars (or blocking for future installation)
• Comfort-height toilet
• Vanity with knee clearance option

Bedroom:

• Direct bathroom access
• Adequate circulation space
• Window egress if required

Vancouver’s Accessibility Requirements

Under BC Building Code and Vancouver’s multiplex guidelines:

• Visitability requirements: One entrance accessible; main floor bathroom accessible
• Adaptable features: Many buildings must include features allowing future accessibility upgrades
• Senior-focused design: Not mandated, but increasingly common for ground-floor units

If you’re developing for yourself, specify accessibility features beyond minimum code requirements. The cost increment is modest during construction; retrofitting later is expensive.

Design Considerations for Aging

Beyond accessibility, consider:

Location within building:

• Ground floor minimizes elevator dependence
• Direct exterior access provides emergency egress and garden connection
• Corner units offer more natural light and ventilation

Unit configuration:

• Open sightlines between kitchen and living areas
• Bathroom close to bedroom for nighttime access
• Storage accessible without climbing or reaching

Outdoor space:

• Private patio or garden connection maintains gardening lifestyle
• Low-maintenance landscaping reduces burden

Technology:

• Wiring for smart home systems
• Video doorbell and intercom
• Medical alert system compatibility

Financial Comparison: Three Retirement Paths

Let me compare three common paths for Vancouver seniors with similar starting positions:

Scenario: 72-year-old with $3.2M home, $300K savings

Path A: Stay in Current Home

Year 1-10 projection:

• Annual deficit: $4,800 ($400/month × 12)
• Cumulative shortfall: $48,000
• Major repairs (estimate): $100,000
• Savings remaining at year 10: $152,000

At year 10: Savings nearly depleted, maintenance challenges mounting, stairs increasingly difficult.

Path B: Sell Home, Buy Condo

Initial:

• Home sale proceeds: $3,050,000 (net)
• Condo purchase: $1,200,000
• Remaining after purchase: $1,850,000 + original $300,000 = $2,150,000

Year 1-10:

• Strata fees: $700/month ($84,000 over 10 years)
• Property taxes: $6,000/year ($60,000 over 10 years)
• Additional living costs: covered by investment income
• Net investment income (5% on $2.15M): ~$107,500/year

At year 10: Still financially solid, but condo has appreciated modestly, and living in standardized housing without community connection established over 40 years.

Path C: Multiplex Development (Margaret’s Approach)

Initial investment: $0 (land equity covers share) 24-month development period: Some carrying costs covered by partner

Post-development:

• Cash position: $1,780,000 + original $300,000 = $2,080,000
• Unit value: $1,420,000
• Total: $3,500,000

Year 1-10:

• Investment income (5% on $2.08M): ~$104,000/year
• Living costs: ~$30,000/year
• Net annual surplus: ~$74,000

At year 10:

• Cash grown to ~$2,800,000 (assuming 5% growth, $74K annual additions)
• Unit appreciated to ~$1,700,000 (assuming 2% annual growth)
• Total position: ~$4,500,000

Path C generates ~$1 million more wealth over 10 years than Path B, while providing custom-designed accessible housing in the original neighbourhood.

The Multi-Generational Partnership Model

Some seniors partner with adult children or other family members. This approach has distinct advantages and challenges.

Why It Works

For seniors:

• Reduces capital requirements
• Keeps family nearby
• Shares development risk
• Creates legacy asset for family

For adult children:

• Entry into expensive market with family support
• Proximity to aging parents (caregiving considerations)
• Shared equity building
• Future inheritance clarity

Structure Considerations

Successful multi-generational partnerships require clear agreements:

Ownership structure:

• Individual strata ownership (each generation owns their unit)
• Proportional ownership based on contribution
• Clear exit mechanisms if circumstances change

Financial contributions:

• How much does each party contribute?
• How are cost overruns handled?
• How are proceeds divided if units sell?

Living arrangements:

• Who gets which unit?
• What about visitors, noise, shared spaces?
• What if relationships deteriorate?

Future scenarios:

• What happens if parent needs care?
• What if child wants to sell?
• What happens at parent’s death?

Work with a family lawyer to document agreements. Informal arrangements between relatives frequently become disputes.

Case Study: The Yamamoto Family

Three-generation partnership in Hastings-Sunrise:

Participants:

• George (78) and Helen (76): Owned 48’ × 120’ lot valued at $2.6 million
• David (52) and Karen (50): Their son and daughter-in-law, contributed $400,000
• Two adult grandchildren: Interested in eventual ownership

Structure:

• George/Helen: 80% ownership (land contribution)
• David/Karen: 20% ownership (cash contribution)
• Grandchildren: Right of first refusal on future sales

Development:

• 5-unit multiplex (lot slightly below maximum threshold)
• George/Helen keep ground-floor accessible unit
• David/Karen keep one upper unit
• Three units sold to fund development

Outcome:

• George/Helen: Accessible unit + $1.2 million cash
• David/Karen: Unit worth $980,000 for $400,000 investment
• Grandchildren: Clear path to purchasing family units later
• Three generations now live within 50 feet of each other

When Multi-Generational Doesn’t Work

Not all families should partner:

• Existing relationship tensions: Development stress amplifies problems
• Unequal financial positions: Creates resentment
• Different risk tolerances: One party may want conservative approach while other pushes for maximization
• Geographic distance: Hard to partner when family lives elsewhere
• Complexity aversion: Some families prefer clean, simple arrangements

If partnership isn’t right, independent development (or selling to a developer) may be better.

Risks and Considerations for Seniors

Multiplex development isn’t right for every senior. Consider these factors honestly:

Health and Timeline

Development takes 24-36 months. If you have serious health conditions with uncertain prognosis, the timeline may not work. Consider:

• Can you handle 2+ years of disruption?
• What if health changes during construction?
• Do you have capacity to make decisions throughout the process?

If health concerns are significant, selling to a developer captures some premium immediately with less complexity.

Cognitive Capacity

Development involves complex decisions, contract negotiations, and ongoing management. Ensure you (or a trusted family member with power of attorney) have capacity to navigate the process.

Displacement Challenges

Moving twice in retirement (out during construction, back into new unit) is disruptive. Consider:

• Where will you live during construction?
• Can you handle the stress of multiple moves?
• What about medical relationships, social connections, routines?

Some seniors find the displacement manageable; others find it overwhelming.

Family Dynamics

If you’re involving family, be realistic about relationships:

• Will involvement create tension or obligation?
• Are all family members aligned on goals?
• What happens if family relationships change?

Financial Complexity

Development involves significant financial exposure. Even with experienced partners, you’re at risk if:

• Construction costs overrun dramatically
• Market values decline
• Partner defaults

Ensure you understand and can tolerate the risks before proceeding.

Frequently Asked Questions

At what age does this strategy make sense?

Generally 65-75 is ideal. Younger seniors have time to navigate the 2-3 year process. Much older seniors may find the timeline and disruption challenging. But individual circumstances vary—health, support network, and urgency matter more than chronological age.

Can I do this if I have a mortgage?

It depends on mortgage size. If you have significant equity (70%+), it’s potentially feasible. If your mortgage exceeds 40-50% of property value, the math becomes difficult. Pay down the mortgage first, or consider selling instead.

What about reverse mortgages as an alternative?

Reverse mortgages can access equity without moving, but:

• Interest compounds over time, eroding equity
• Typically limited to 20-55% of home value
• Doesn’t address accessibility or maintenance issues
• Reduces inheritance for heirs

For some seniors, reverse mortgage is appropriate. For those with development-suitable lots, multiplex typically generates better outcomes.

How do strata fees compare to home maintenance costs?

Strata fees for new multiplexes run $400-$700/month. This covers:

• Building insurance
• Common area maintenance
• Contingency fund contributions
• Property management

Compare to single-family costs:

• Insurance: $200-$400/month
• Maintenance reserve: $300-$600/month
• Garden/exterior upkeep: $100-$400/month

Net difference is often modest, but strata eliminates personal responsibility for repairs.

What happens to my unit when I pass away?

Your strata unit passes through your estate like any property. You can leave it to:

• Spouse (if applicable)
• Children (equal or specific distribution)
• Trust (for complex family situations)

Work with an estate lawyer to ensure your unit integrates with your overall estate plan.

Can I rent out my unit if I need to move to care?

Yes. Strata units can be rented (subject to any rental restrictions in the strata’s bylaws—which you can influence since you’re a participant in the development). If you eventually need full-time care, your unit can generate income to help fund it.

Is This Right for You?

The senior multiplex strategy works for homeowners who:

• Own single-family lots with development potential (5,995+ sq ft, 49.5’+ width)
• Want to stay in their neighbourhood
• Can handle 2-3 years of process and displacement
• Have realistic expectations about complexity and risk
• Either have financial capacity or family partners

It may not work for:

• Seniors with significant health concerns or limited timeline
• Properties that don’t support efficient development
• Those who prefer simplicity over optimization
• Seniors without support network to navigate the process

The decision deserves careful analysis of your specific property, financial situation, family circumstances, and personal preferences.

Getting Started

If you’re a Vancouver senior exploring housing options—whether multiplex development, selling to a developer, or other paths—the starting point is understanding your specific situation.

What’s your property actually worth, and what’s its development potential? What would different strategies produce financially? What trade-offs are you willing to accept?

I help Vancouver seniors work through these questions. The goal isn’t to sell you on a particular strategy—it’s to give you clarity on your options so you can make the decision that fits your life.

Contact Greyden Douglas directly at (604) 218-2289 or book a call to discuss your Vancouver real estate goals.