Co-owning real estate being proposed as the solution to the housing crisis
The Ontario government has recently come out with what they are calling a creative solution to housing crisis affecting Toronto and its surrounding neighbourhoods... real estate co-ownership.
As the prices for real estate in areas like Aurora, Newmarket and Richmond Hill continue to stay on the rise, the provincial government has published a new guide offering ideas for prospective homeowners to navigate the current real estate market. Calling it Ontario’s Co-owning a home guide.
According to the problem-solving geniuses at the provincial government, living with multiple adults and/or families under one roof has a wide range of benefits. These would include helping to foster a sense of community, giving buyers the ability to live in neighbourhoods they couldn't otherwise afford and, of course, simply being able to afford a home at all.
Many people first took this as a joke, which it can very well seem to be at first, but I assure you.. this is 100% completely real. This new “Golden Girls” approach to home ownership is seen by the provincial government as a serious take on what to do about the housing problem.
Although there is certainly nothing wrong with real estate co-ownership, it’s doubtful that this will have any impact at all on the actual market situation or be taken seriously but anyone actually considering buying real estate. Nowhere does the plan seem to mention all the other issues co-ownership would create, particularly the legal issues such as what happens if one person can no longer afford to pay their share of the mortgage?
Many experts agree that this is a brutal excuse for a serious answer to the problem and that the manual, though it does provide some helpful information about how to go about co-owning a home, is nothing remotely close to real life, actionable plan to help address the housing situation in Toronto.
This looks to be yet another example of make work being done by the Ontario government and another complete waste of tax payers dollars. Putting out recommendations that will have zero impact on the situation seems like a repetitive behaviour the Ford Government likes to follow.
Remember, If you are looking for help buying real estate in the GTA, selling or investing in real estate... myself and my real estate team are here to help. We specialize in real estate in Aurora, real estate in Newmarket, real estate in Richmond Hill and real estate in Vaughan, but we do cover the entire GTA. We also help with investing in real estate in pre-construction condominiums or new home subdivisions.