Canadian homebuyers are looking for creative ways to buy a house, including co-buying along with a friend or relative, or rent-to-own opportunities, according to a new survey.
Rent-to-own scenarios were the most popular, with 22 percent saying they would use the method to become a homeowner.
These are agreements with companies where some of the rent paid every month goes toward a down payment for the home. When the contract is up, homebuyers will have saved enough for a down payment, but will still need to go through the mortgage approval process.
Twenty-one percent said they would go for co-ownership with a relative (not a spouse), which can be a risky option, as one B.C. woman found out.
Ms. Dawson said that Ms. Currie has banged on her door, yelled at her dog, and not contributed to tax costs and maintenance of the home.
She has petitioned the courts to sell the home and divide the money evenly.
Another alternative way into homeownership is to buy a house that has a separate unit that can be rented out, something that 17 percent of those surveyed would consider.
Thirteen percent of current homeowners have used a non-traditional way of buying a home, the survey found.
The survey comes after a report found housing prices in parts of the country were nearly 200 percent higher than what average Canadians can afford.
Alberta Booming
Alberta has been seeing an increase in housing prices and pressure as more Canadians are moving there.In 2023, over 45,000 people moved to Alberta from other parts of the country, compared to 22,278 in 2022. The majority of Canadians who moved to Alberta were from Ontario (6,262) and B.C. (5,269).
“Ultimately, Calgary’s real estate market is diverse and can cater to all housing budgets by offering affordable choices for homebuyers and renters,” the blog said.
