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Alternative Home Ownership trends
in Montreal
The Montreal region has experienced an increase in non-traditional forms of home ownership over the past year, due to obstacles accessing housing, such as afforability and inventory.
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 alternative ways to engage in the housing market.
The RE/MAX network reports the rise of secondary suites in Montreal, in order to earn additional income, but present legislation needs to be amended to facilitate this as a broader trend in the market.
This is expected to continue, especially if and when more flexible/accommodating regulations are enacted.
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1. Co-ownership/co-equity
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. Uncertainty about assessing alternative forms of ownership.
3. Lack of knowledge on alternative ownership options.
buyer concerns and misconceptions:
In Montreal, sellers have no concerns about accepting an offer from non-traditional homebuyers. So long as the offer remains simple and financing accessible. Further, zoning information and city by-laws must be disclosed by realtors.
Seller perceptions
1. Make sure that you have the right co-ownership undivided agreement if you are going to co-own.
2. Verify all legislations, city by-laws and mortgage contracts with your notary (Quebec real estate lawyers) before signing your offer.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.