‘Growing in popularity’: More Canadians buying homes with family, friends amid affordability crisis, survey says
As housing prices across the country continue to be unaffordable for many would-be homebuyers, an increasing number of Canadians are opting to purchase property with family or friends, according to a recent survey from Royal LePage.
The survey, conducted by Leger, found that six per cent of all Canadian homeowners co-own their property with another party other than their spouse or partner, and of that group, 76 per cent say that affordability was a major motivating factor in their decision to co-own.
That number rises to 83 per cent for co-owners between the ages of 25 and 34, according to the survey, which also found that nearly one-third of respondents who decided to co-purchase for affordability reasons did so after the Bank of Canada began raising interest rates in March of 2022.
Of the six per cent of Canadian homeowners who co-own a property, the vast majority – 89 per cent – co-own with family members, while seven per cent co-own with friends, according to the survey.
“Different generations of families living under one roof is not a new phenomenon, but has been growing in popularity in recent years. Census data shows that multigenerational households are now the fastest growing household type in Canada,” said Karen Yolevski, COO of Royal LePage, in a press release. |Read more https://www.cp24.com/news/growing-in-popularity-more-canadians-buying-homes-with-family-friends-amid-affordability-crisis-survey-says-1.6543210|
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