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Alternative Home Ownership trends
in Halifax
The Nova Scotia region has experienced an increase in non-traditional forms of home ownership over the past year. People are having a harder time affording housing let alone everyday necessities. Families and friends moving in with one another is a trend to help save money. This is expected to continue given the expected level of inflation and interest rates.
Looking ahead this year, due to ongoing affordability challenges, it's reasonable to expect an estimated 10- to 15-per-cent increase in homebuyers exploring other creative solutions to engage with the housing market.
Secondary suites for additional income in Moncton are also on the rise, with an increase in homebuyers/current homeowners looking to develop secondary suites for additional income. Low inventory along with greater flexibility from the municipality is expected to encourage this activity.
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1. Joint tenants
2. Co-ownership/co-equity
3. Income/secondary suites
most-common forms of
non-traditional ownership:
1. Potential conflicts with co-owners/family/friends
2. Lack of control of property/asset
3. Potential tenant issues
buyer concerns and misconceptions:
Halifax property sellers have no concerns about accepting an offer from non-traditional homebuyers, so long as the buyers have a reliable plan for how they will finance the property.
Seller perceptions
1. Consult a professional broker to learn about your options and how to navigate the transaction.
2. Be patient. The ideal situation often requires weeks/months of looking and offering.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.