Co-ownerships – your entrance to the real estate market?

November 8th, 2016 by Lauren Blumas

I’m a millennial. I’ve had many discussions with my millennial (and other) peers about the soaring cost of real estate and the barriers to us young(ish) adults getting in to the housing market in Toronto and surrounding areas.

Many of my friends have reluctantly counted themselves out of the market entirely.

But perhaps there is a way to own a home despite current conditions through co‑ownership with friends, acquaintances or family members.

To some, co‑ownership might seem like a radical hippy ideal harkening back to the 60s and 70s. The truth is that it can be structured, through contract, to suit all kinds of arrangements and ideals.

For some, co‑owning a home is simply a cost‑splitting mechanism to gain entry in to the elite world of City real estate. Co‑owned homes may have segregated living space with all the privacy of apartment style living. Others might structure their co‑ownership with communal living ideals in mind – complete with shared household responsibilities.

In either case, co‑ownership might just be the only feasible way forward for many first‑time homebuyers trying to break-in to today’s market.

We’re ideally situated to help you along the path of co‑ownership. As a small law firm with progressive ideals, we’ve been engaged in non‑traditional housing development work of this nature for 40 odd years.

If co‑ownership is something you are considering, stay tuned for our upcoming free session on the “how to’s of co‑ownership”. Date and location to be announced shortly. Sign up to our email list to receive the announcement.

Filed in: Housing, IC Education Updates