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Alternative Home Ownership trends
In Winnipeg
Throughout the past year, the Manitoba housing market has experienced a significant increase in homebuyers entering into non-traditional arrangements to achieve of home ownership.
Notable, the increase was noted among first-time homebuyers and primarily “new to Canada” homebuyers who are choosing properties that allow for extra income to be generated via a secondary suite.
Looking ahead this year, due to ongoing affordability challenges, it's reasonable to expect an estimated 10- to 12-per-cent increase in homebuyers further exploring other creative solutions to engage in the housing market.
The Government of Manitoba has a program that provides some funding for secondary suites. The RE/MAX network has reported more inquiries about grants and properties that would allow for this arrangement, over the past two years.
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1. Joint tenant
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. Potential tenant issues
3. Property damage incurred from tenants
buyer concerns and misconceptions:
Sellers in Winnipeg have not expressed any critical concerns about accepting an offer from a non-traditional homebuyer.
Seller perceptions
For homebuyers who are seeking extra income or assistance with servicing the debt associated with home ownership, income suites or co-habitation arrangements can be a viable option.
home-buying advice
regional insight
Regional insights and advice provided by RE/MAX brokers and agents. Each RE/MAX office independently owned and operated.