For some people, the dream of owning a home in a big Ontario city looks to remain just that, a dream. The inflated real estate market has put the price of even a modest single-family dwelling out of reach of many would-be buyers. In Toronto, however, a new concept has emerged as a way to lighten the financial load of home ownership.
A group of potential homebuyers met in a pub in Toronto in the spring of 2017. Although the scene bore a striking resemblance to a speed-dating event, the minglers were searching for purchasing partners instead of romantic ones. The idea is simple: what one person cannot afford, perhaps two can.
During the evening, the participants meet and greet, and go over what they can bring to the table financially. The hope is to find someone with similar needs and to buy a home together for both parties to share. Some are looking to live in the home with a mortgage partner, while others are seeking to buy an investment property to sublet a portion of the home, while the other buyer lives in the rest of the house. It’s a unique workaround for expensive housing, but it’s a familiar concept in the world of residential rentals.
For some people, the idea of sharing ownership of a home with a stranger may be a perfectly acceptable path toward entry into the housing market. Purchasing real estate with a partner can be a bit of a risky venture, however. To be certain of where one stands legally, it would be a very good idea to discuss the matter with an Ontario lawyer before committing to a deal.
Source: thespec.com, “Would you co-own with a total stranger? Priced-out Torontonians turn to real estate speed dating“, May 8, 2017