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Alternative Home Ownership trends
in Hamilton/west GTA
The regions of Hamilton, Burlington and Oakville have experienced an increase in homebuyers looking for creative forms of home ownership as a way of overcoming affordability challenges. Notably, there has been a 300-per-cent increase in multi-generational buyers in the region. Looking ahead in 2024, the increase in alternative home-ownership trends is expected to continue.
The RE/MAX Network is not reporting an increase in homebuyers or current homeowners in the region looking to develop secondary suites for additional income, due to high construction costs. However, there are a lot of legal two-family conversions, which are estimated to be three per cent of the market.
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1. Reverse mortgages, including a lot of move-up seniors buying bungalows or in retirement communities
2. Co-buying/co-ownership/co-equity with family
3. Shared equity mortgages (with parents, grandparents etc.)
most-common forms of
non-traditional ownership:
1. Potential conflicts with co-owners, family and friends
2. Potential tenant issues
3. Property damages incurred from tenants
buyer concerns and misconceptions:
In Hamilton-Burlington-Oakville, sellers have no concerns about accepting an offer from non-traditional homebuyers. It is actually preferred as there are multiple people on the agreement of purchase and sale.
Seller perceptions
Build a strong team of agents, mortgage people, lawyers and accountants and architects to navigate through the non-traditional home-buying process.
Speak to a good lender about which options are best for you. A professional realtor might know someone in their network with whom they could put you in touch with, with insight and expertise tailored to your specific needs.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.