Exploring Alternative Paths to Homeownership in Canada Challenging Real Estate Market

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Despite facing affordability challenges, the desire for homeownership remains strong among Canadians. Individuals are exploring non-traditional avenues to enter the real estate market, such as purchasing property with non-spousal family members, renting out parts of their homes, or engaging in rent-to-own arrangements. This shift is seen as a testament to the confidence average Canadian consumers have in the real estate market, despite the high cost of living, interest rates, and housing prices.

The rising cost of living, coupled with steep housing prices, has led to a growing interest in alternative homeownership solutions. In northern Ontario, for example, co-ownership arrangements between family members and young adults staying with their parents to save for a down payment are becoming increasingly common. Homes once priced under $200,000 are now reaching $300-500,000, necessitating additional financial planning and alternative approaches to homeownership.

Read the full article on: CTV NEWS