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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