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Alternative Home Ownership trends
in Edmonton
There is currently a significant increase in homebuyers in Edmonton entering non-traditional forms of home ownership over the past year. Demand for secondary and garage suites are increasing. The additional legal suites provide income which can be used for mortgage qualification, which expands and leverages up the buying power for buyers.
International migration from Ukraine, India and the United States, plus inter-provincial migration from Ontario and BC, has increased the number of generational families living together in larger homes. Agreement for sales and rent-to-own are also increasing, as those structures match with market conditions.
Until interest rates come down, some buyers will be out of the price range for properties they want. Builders, investors and lenders will continue to fill that gap by providing more non-traditional options.
Beyond methods of ownership, the RE/MAX network has reported an uptick in homebuyers' and homeowners' desire to develop secondary suites for additional income. This is seen as a ‘major trend’ in Edmonton and some surrounding municipalities.
The recently passed progressive bylaw changes in Edmonton are encouraging and incentivizing construction.
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1. Joint tenant
2. Tenants in common
3. Income/secondary suites
most-common forms of
non-traditional ownership:
1. Potential conflicts with co-owners, family or friends
2. Potential tenant issues
3. Misperceptions around the challenges involved
buyer concerns and misconceptions:
Sellers in the Edmonton area are not expressing any critical concerns about accepting an offer from a non-traditional homebuyer.
Seller perceptions
Interview different realtors to find the best one for your needs. Creative strategies can carry more risk, underscoring the importance of working with a professional.
Work with a lawyer and mortgage broker who are also familiar with the ins/outs of the homebuying strategy you’re looking to use.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.