More Canadians are co-owning homes with family members or friends, a recent Royal LePage survey shows. A person walks past multiple for-sale and sold real estate signs in Mississauga, Ont., on Wednesday, May 24, 2023. THE CANADIAN PRESS/Nathan Denette
TORONTO – A recent Royal LePage survey shows that more Canadians are co-owning homes with family members or friends.
The online survey, conducted by Leger between Aug. 10 and Aug. 21, shows six per cent of respondents co-own homes with someone other than their spouse.
Eighty-nine per cent of respondents bought the home with a family member, seven per cent with friends and eight per cent with someone who is not a friend or family.
Karen Yolevski of Royal LePage Real Estate Services Ltd. says that multi-generational households are now the fastest-growing household type in Canada and the decision is increasingly made for financial reasons, with 76 per cent of co-owners saying affordability was a driving factor.
She says increasing home prices and interest rates with higher thresholds for mortgages are making Canadians pool their resources to buy a property.
Yolevski says co-owning a property with friends or family is not simple, as it comes with meaningful lifestyle changes and in-depth conversations over financial, legal and personal obligations.
This report by The Canadian Press was first published Aug. 31, 2023.
