Hi all! The real estate agency Re/Max, where I work, published an interesting report, which was commissioned by the famous research company Leger.
Non-traditional acquisition models are becoming increasingly common in major Canadian cities. It found that in 22 cities, almost half, 48% - and this is a very large number of people - are willing to consider what can be called an alternative purchase.
What is meant? Anything that differs from the usual scheme of purchasing a home on your own or with a spouse (partner).
A variety of options arise here: joint ownership with other family members, buying a house and renting out part of it, and so on.
All this differs somewhat from city to city, but overall the trend is clear. In an environment of high prices and rates, you have to be creative. Moreover, about 13% of homeowners bought housing using one of the mentioned methods.
High interest rates have reached a ceiling and plateau, everyone expects - at least for now there is no reason not to happen - a rate cut in 2024. This is exactly what I talk about in all my latest posts (you can scroll through the feed here) and I see “in the field” - many of those who waited are entering the market now.
Clearly, ingenuity is good, but it is a workaround, not a real solution to the housing affordability crisis. We and our customers are doing what is possible in the current conditions and solving the assigned tasks. It's government's turn)
