Alternative Ways to Enter the Housing Market
The market is moving quickly there is no doubt about that. We are seeing buyers using alternative methods of getting into the market. Do you know anyone who has purchased a home using one of these methods in the last year?
- Renting a portion of the primary residence to offset costs
- Buying a home as a family or going in on a property with a couple of your closest friends.
- Cooperative living. This seems to be making waves with planners receiving an increased number of building applications for Co-op developments to be built
Do you have any other creative ideas on how to get into the market? We would love to hear!
1 in 3 Canadian Homebuyers are exploring alternative options to help them get into the market.
21% are renting out a portion of their primary residence
13% are pooling finances with friends or family to purchase a home
7% living with like minded neighbours in a co-op/shared living arrangement
Of those Canadians are are considering alternative ways to become homeowners, 54% are Millenials and Gen Z