According to a Stats Can survey in 2021, the growth of renter-ship is actually outpassing new ownership; it’s actually doubling it! But it doesn’t have to be this way. I know that getting a down payment and qualifying for a mortgage can be difficult, but there is something you can do. It’s called co-ownership.
Men have been doing this forever. They have been grabbing a buddy or a cousin, or a brother and they have been buying together, splitting the costs. But why haven’t women? Have we been told that we should wait for a partner to come around just so we can buy? Or are we living in a society that emphasizes individuality more than collectiveness? I say buy with a friend. If you have 60K and your friend has 60K, you have enough for a good down payment on a 1-2 bedroom apartment that you can both live in and stop paying someone else’s mortgage by renting.
Another thing to note is that you don’t have to live in the place that you own. You can rent somewhere else and find a tenant to cover your costs. So my suggestion, call your friend, call your cousin, call your sister, call your brother! Call someone that you can trust. Owning with a partner is still owning and getting your foot into the Toronto real estate game! Give me a call if you are interested in further exploring this option to home ownership!