Setting the Record Straight: The True Value of Home-Sharing in Nova Scotia

So, what can be done beyond constructing new homes? The answer lies in optimizing the use of existing real estate—precisely what home-sharing aims to achieve. This $1.3 million investment, a mere 0.076% of the budgeted investment in housing solutions, represents a strategic move to unlock hidden housing supply across the province by addressing homeowners’ concerns and reducing barriers to renting their extra space. It’s a small investment with the potential for significant impact. This investment is not just about creating more supply, it also allows existing homeowners to earn extra income, putting dollars back in the pockets of families and seniors.

What’s often overlooked is that this initiative is a pilot project, designed to be scaled over two years. The initial 23 successful home-share matches were made within just eight months, and more than 300 listings are currently in progress, with over 640 homeowners already signed up. Home-sharing is particularly appealing to older homeowners—often empty nesters—who are cautious about whom they invite into their homes. Happipad reports that many hosts take 3 to 6 months or longer to prepare and find a suitable housemate. Notably, rental prices in the program have remained highly affordable, with median rents in Halifax at $950 per month and rural areas between $450 and $600—rates unattainable with new construction.

Nova Scotia’s home-sharing initiative is more than just a short-term solution to the housing crunch; it’s a long-term strategy to support older adults in aging in place. Countries like Australia have long invested in similar programs, with research showing economic benefits and cost savings of approximately $42,000 CAD per match annually—largely due to reduced healthcare and public service costs by helping seniors stay healthier and connected to their communities.

Consider this: for $1.4 million, you could purchase an old fourplex in Halifax that likely needs significant updates, or for $1.3 million an updated 3 bedroom home. Alternatively, investing in a provincial home-sharing initiative has already begun yielding results, with hundreds more people joining each month. Programs like this take time to reach widespread adoption, but their potential impact is profound.

Labeling this program a failure is akin to dismissing the needs of Nova Scotia’s aging population, who deserve the opportunity to find supportive housing companions. Before criticizing this initiative, consider the long-term benefits it could bring to the province. With over 91% of Canadian seniors expressing a desire to age in place according to research from the National Institute on Aging, this program could become a crucial community-driven effort to make that possible. Moreover, for businesses across the province that depend on young and seasonal workers, this initiative is creating affordable and adaptable housing options to meet their needs.

Home-sharing may not be for everyone, but it provides a crucial option for those who need it most. For seniors, students, and young workers, investing less than 0.1% of the housing solutions budget is not only justified but essential—maximizing resources more effectively than many other solutions. This program builds capacity, generates additional income for residents, and stands as the only major alternative to new construction.

First published August 27, 2024