Co-ownership on the rise in Metro Vancouver housing market

Can’t break into the sky-high Lower Mainland housing market? Perhaps it’s time to consider co-ownership, a creative option of sharing the financial burden of buying a home.

Samantha Gale, CEO of the Canadian Mortgage Brokers Association – British Columbia, says co-owners become “tenants in common,” which means they have exclusive ownership of their percentage of title. However, decisions about sharing costs and exclusive use areas can be complex, as co-owners typically enter the process with different amounts of down payment and income levels to service the mortgage and maintenance costs.

“Co-owners should consider hiring a lawyer to draft a formal agreement for them – it will likely not be needed until there is a hiccup in the relationship, but if there is a dispute, the agreement will be vitally important to resolving the dispute,” says Gale.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Henry Bloch, co-founder of tax company H&R Block, dies at 96Henry Bloch, who helped found tax preparation giant H&R Block, died Tuesday at age 96, the company announced. First taxes, now death. There's no escaping either. Bloch = Block? 🧐 Only two truths in this world are death and taxes.
Source: CP24 - 🏆 30. / 67 Read more »