Co-ownership of Homes Increasing in Vancouver Due to Rising Real Estate Prices

Real estate professionals say there are an increasing number of families who are sharing resources to get into the market. Prices of homes in Metro Vancouver are getting further out of reach for local incomes.

Co-ownership which are promoted as “mixer mortgages” by banks and credit unions allow families or friends to own and live in the same residence. According to Mayor Gregor Robertson, this is not something new in Vancouver but with the average detached home price rising to $2.5 million, it makes sense that more individuals are reportedly looking at these types of financial arrangements.

According to a real estate lawyer, Richard Bell who guides clients on preparing co-ownership agreements, many of the agreements involve parents and adult children dividing and living in shared property. Richard stated that just in the past year, he has seen a large increase in families entering this kind of agreement and he anticipates the trend to increase. He also mentioned that Vancouver’s new zoning of laneway homes is also increasing the co-ownership trend.

Reference: The Province

http://www.theprovince.com/…/ownership…/11640047/story.html…