TORONTO — With home ownership becoming less attainable for many Canadians living in competitive markets, such as the Greater Toronto Area, many would-be buyers are turning to each other to go in on a property together in what is often called a co-ownership arrangement.
According to the Ontario government, co-ownership is when two or more people own and live in a home together. The residents can share common areas, such as kitchens or living rooms, or they may choose to live in entirely separate units within the home.
“Co-ownership makes housing more affordable and gives people more choices, like purchasing a larger home,” the government said in a press release in early December.
In an effort to encourage more residents to consider this alternative during Ontario’s “housing crisis,” the government under Ontario Premier Doug Ford released a set of guidelines earlier this month to walk would-be buyers through the process.
The guideline includes information on the types of co-ownership, financing and insurance considerations, potential legal and regulatory requirements, as well as other matters such as upkeep and shared responsibilities in the home.
“Solving Ontario’s housing crisis is going to take new and innovative ideas,” Steve Clark, Minister of Municipal Affairs and Housing,” said in a press release.
Before Canadians hurry to find like-minded individuals to share a new home with, realtor Lesli Gaynor, who consulted on Ontario’s guidelines, said there are a few things to consider before entering into an agreement.
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