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Alternative Home Ownership trends
in Vancouver
The Greater Vancouver Area is currently not experiencing an increase in homebuyers entering non-traditional forms of home ownership. Despite this, income suites have been a trend in the local market for a couple of years, and are still a huge factor in the market locally.
Many buyers purchasing a detached home require a suite to qualify for the mortgage and the ones that don’t tend to want a suite for additional income to help with their mortgage costs.
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1. Co-ownership/co-equity
2. Joint tenants
3. Tenants in common
most-common forms of
non-traditional ownership:
1. Potential conflicts with co-owners, family or friends
2. Lack of control of property/asset
3. Potential tenant issues
buyer concerns and misconceptions:
Sellers in the Greater Vancouver Area have no critical concerns about accepting offers from homebuyers employing non-traditional means.
Seller perceptions
Understand the differences between ‘joint tenants’ and ‘tenants in common.’ If gifted part or all of a down payment from parents, know what the plan is when the property is sold before finalizing the purchase.
Creative strategies have more potential risks – it’s even more important to work with professionals who can advise on how best to protect against potential pitfalls.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.