by Nutan Brown
on Monday, January 13th, 2020 at 3:31pm.
As house prices continue to skyrocket across Ontario, buyers and renters need to find new and innovative ways to enter the housing market. One such way recently suggested by the Ontario government in their Ontario's Housing Supply Action Plan is through co-ownership.
Co-ownership housing is a shared living arrangement where two or more people own and live in a home together. Co-owners may share living spaces like kitchens and living rooms, or the home may be divided into separate units.
Living with multiple people has a range of benefits including the option to live in neighbourhoods you couldn't afford on your own, fostering a sense of community with your housemates, and lowering your cost of living.
Buying a home with other people is a big commitment, both financially and in the ways you’ll be living together. You will need to make decisions together and share the responsibility of caring for the property.
Establishing a legal agreement is recommended to provide clarity about the rights and obligations of everyone involved. Seek professional legal advice to make sure that the agreement is properly prepared and there are no future discrepancies.
Co-ownership housing isn't for everyone, but it is certainly a sensible option for those seeking financial flexibility in today's housing market. If you are looking to make a move, or if you have any questions, contact me to get started!