With rising prices in the real estate market, more and more Canadians are turning to unconventional methods to become homeowners.
The high cost of living, high interest rates and high real estate prices are causing aspiring homeowners to look for alternative ways to purchase a home. According to a Léger survey conducted on behalf of Re/Max Canada, almost a third of Canadians would consider non-traditional home purchasing methods such as co-ownership or rent-to-own.
The three most common alternative ways Canadians would enter the real estate market are rent-to-own (22%), co-ownership with a family member who is not a spouse or partner (21%), and owner-occupied tenant renting part of the home ( 17%).
“Despite the current affordability and supply crisis, Canadians still dream of homeownership, and until governments come together to develop a coherent national housing strategy, they are demonstrating innovation and ingenuity to make that dream a reality,” said Christopher Alexander, President by Re/Max Canada
According to the survey, 32% of current buyers are considering using one of these methods, while only 13% of current owners have resorted to these unconventional methods.
This online survey was conducted between January 19 and 22 among 1,552 potential buyers in 22 major Canadian cities, including Montreal, where Re/Max experts expect an estimated 10 to 15% increase in buyer experimentation due to difficult financial accessibility alternatives Opportunities to access the property.