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Co-ownership on the rise in Metro Vancouver housing market

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Mortgage options available specifically designed for first-time homebuyers who want to share the cost of buying a home with one or more friends, roommates, co-workers or family members.

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.

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