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Alternative Home Ownership trends
in Toronto/East GTA
Toronto and East GTA regions have experienced an increase in non-traditional forms of home ownership over the past year.
Looking ahead this year, due to ongoing affordability challenges, it's reasonable to expect an estimated eight to 10 per cent increase in homebuyers starting to explore other creative solutions to engage with the housing market.
Beyond methods of ownership, the RE/MAX network has noted an uptick in homebuyers or current homeowners looking to develop secondary suites for additional income in the GTA. However, this uptick carries with it a high barrier to entry, and long breaks, even on construction costs. Expect this uptick to continue, but not at the rate needed to meet inventory supply challenges.
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1. Tenants in common
2. Income/secondary suites
3. Joint tenants
most-common forms of
non-traditional ownership:
1. Potential conflicts with co-owners, family or friends
2. Potential tenant issues
3. Property damages incurred form tenants
buyer concerns and misconceptions:
In Toronto and the East GTA, sellers have no critical concerns about accepting an offer from a non-traditional homebuyer.
Seller perceptions
Homebuyers need to understand and create the right type of agreement at the start, to avoid running into problems later that might be harder to fix. This also means understanding all the risks, implications and benefits from the start. Keep in mind, it's not only for protection – the more informed a homebuyer is at the beginning, the better they can benefit from long-term equity and value.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.