Government Supported Home Co Ownership Option for Buyers

Joint Ownership or Home Co Ownership is a Rising Trend

Home buying affordability remains a concern for many Canadians. The government is introducing measures to make buying your first home easier or within your reach. The Ontario government is taking steps to help people find homes that meet their needs and their budget by providing resources to support different ways of owning a home. Joint ownership is one way to do it, allowing the owners to share in the up-front and ongoing costs of owning a home.

What is Co Ownership?

Co-ownership housing is a shared living arrangement where two or more people own and live in a home together. Co-owners may share living spaces like kitchens and living rooms, or the home may be divided into separate units. Responsibilities for care and upkeep of the home are usually shared, as well as some amenities and services. There are different ways to co-own a home. A groups of individuals can co-own the house outright or co-owners can use a corporation model.

Co-ownership Guide

Co-ownership makes housing more affordable and gives people more choices, like purchasing a larger home. For people who want to buy and share a home, the guide contains information on the types of co-ownership, financing and insurance considerations, potential legal and regulatory requirements, plus things to consider like upkeep and shared responsibilities.

Co-ownership Guide

Co ownership Guide

Co ownership Guide 

Co-owning a home is the fourth in a series of innovative consumer guides that have been released as part of More Homes, More Choice, Ontario’s Housing Supply Action Plan.

For people who want to take advantage of home co ownership, this guide provides practical information to help you:

* explore co-ownership options
* learn the steps you need to know to protect yourself in co-ownership arrangements

Co-ownership housing expands the options available to individuals and families and provides a range of benefits, including:

affordability: people can pool resources to buy a house, making home ownership more affordable. It also provides a way to build equity and the security that comes with owning your home

access to more neighbourhoods: people have more housing location options within their budget (for example, residential communities with predominantly single detached homes)

more efficient use of housing stock: smaller households can maximize the space available in larger houses and heritage properties by co-owning them with others

community: enables groups of people to voluntarily create a community environment with facilities, indoor and outdoor common spaces and services that meet their needs

Note: This guide is for information only and offers a summary of legislation and policies that are subject to change. It is not a legal interpretation of the legislation and policies. 

Buying or Selling a Home as a Co Owner

When buying or selling a house, co-owners or joint ownership follow the same steps that other home purchasers and sellers follow. If you are considering Home co ownership, you need to consider the type of house they want to buy and how much they can afford to pay for it. Costs to be considered include:

  • down payment
  • mortgage payments
  • renovation costs
  • ongoing operation and upkeep expenses such as maintenance, property insurance, utilities and property taxes
  • costs of real estate transactions such as legal and realtor fees, land transfer tax

Create an agreement: Buying a home with co-owners can be tricky if there isn’t legal recourse in place, should there be a disagreement down the line. Purchasing a home should be treated as a business deal, even when it’s done with friends or family, so visit a lawyer and formalize an agreement that outlines ownership percentage, responsibilities and other “what ifs.” Your lawyer can advise you on the legalities of how to buy a house as a co-owner.

Determine a budget: This tip applies to literally anyone who is thinking about buying a home, but joint ownership has an added complexity that makes financial transparency crucial. Meet with a financial advisor to determine what funds are available to cover the up-front and ongoing costs, such as the down payment, mortgage payments, property taxes, utilities, etc. Don’t forget to factor outstanding debts into the equation.

Take your time: Buying a home is arguably the biggest purchase you’ll make in your lifetime. If you’re considering doing so with friends or family, it’s even more important to take your time and really consider every aspect of the purchase. Remember, every decision you make will impact others. Make time for those sometimes-difficult conversations and really consult with each other on what each of you want out of the purchase.

Entering into co-ownership can be a great way to enter the housing market and start building equity. So long as you and your partner have a sense of mutual respect and are transparent when it comes to finances and responsibilities, purchasing your first home is within the realm of possibility!

Learn More

The Ontario government is taking steps to address the Housing Crisis & help people find homes within their budget by providing resources to support different ways of owning a home. Co-owning a home is 4th in a series of innovative consumer guides that have been released as part of More Homes, More Choice, Ontario’s Housing Supply Action Plan.

Learn More

Ontario Housing Crisis Situation & Ontario’s 5-Point Action Plan

Ontario Housing Crisis leads to Co onwership model

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Also learn about: Type of Ownership – Joint Tenants and Tenants in Common

Contact Team Kalia to Buy Your First Home or Condo as a Co owner

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