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Alternative Home Ownership trends
on Vancouver Island
Relative affordability of the region, as compared to larger city centres like Vancouver, means there has not been an increase in homebuyers entering non-traditional forms of home ownership.
However, secondary suites are in demand in Greater Victoria as homebuyers look for ways to maximize their investment.
Due to ongoing affordability challenges on a broader scale, the region could see an increase in homebuyers exploring alternative solutions to engage in the housing market, of between two and five per cent.
Demand in the region has not shifted recently, however the biggest change is the Provincial regulation that now allows for four housing units on a traditional residential lot. Expect to see more housing since municipalities in Vancouver Island and Victoria automatically allow them without public hearings.
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1. Joint tenant
2. Income/secondary suites
3. Tenants in common
most-common forms of
non-traditional ownership:
1. Money for a down payment
2. Lack of knowledge on alternative ownership options
3. Uncertainty about process of alternative ownership forms
buyer concerns and misconceptions:
While sellers in the region have no critical concerns about accepting an offer from a non-traditional homebuyer. Sellers are more concerned with whether the buyer is a non-resident, and if there are impediments to funding.
Seller perceptions
Get legal advice on the type of ownership you’re interested in pursuing.
Learn about financing options available to you – namely, which types of ownership can not be mortgaged.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.