Heddle Real Estate - Royal LePage State Realty Brokerage

By Mike Heddle
Posted Monday, Sep 20, 2021 10:03 am

Canadians consider splitting a mortgage with friends. But it's complicated

Canada’s hot housing markets have been pushing home affordability out of reach for younger Canadians over the years, meaning that in order to get a piece of the market, some Canadians will have to get creative.

According to a survey by real estate company RE/MAX, one in three Canadians are looking into alternative ways to finance their dreams of home ownership, such as multi-person housing, which could have a group of friends or family pool together their finances to get approved for a mortgage. At least 13 per cent of those surveyed are seriously considering a group financing option to afford a home.

This option isn’t unheard of. The 2016 Canadian Federal Census data found that multi-generational households, or homes with three generations or more, were the fastest-growing housing category between 2001 and 2016 with a boost of 37 per cent.

Everyone involved in the arrangement would have to...[READ MORE]

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