Real estate trends show new homeowners choosing non-traditional routes to buying
Despite affordability challenges, the interest in home ownership remains high.
"Canadians still want to buy real estate," said Christopher Alexander, president of RE/MAX Canada.
But, he added, they are turning to non-traditional ways to make those purchases.
"Buying with a family member, who’s not a spouse, renting out part of your home or even doing rent-to-own," he said.
"To me, that’s really encouraging because it speaks to the confidence the average Canadian consumer has in the real estate market."
The high cost of living combined with high interest rates and the price of housing have meant homeownership seems out of reach for many.
- Download the CTV News app now
- Get local breaking news alerts
- Daily newsletter with the top local stories emailed to your inbox
However, alternative home ownership opens the door for new buyers.
National trends are also showing up in northern Ontario, especially co-ownership with another family member and young people remaining with parents until they’ve saved their down payment.
"This is not something that we’ve seen in the past," said Amanda Denis, chair of the Sudbury Real Estate Board.
"Normally, you set out, you’re all excited as a first-time home buyer, you’ve got your little nest egg, you go choose your house and you’re good to go. But now these houses are not under $200,000 anymore. They’re $300-400, $500,000 for first-time homes and they still need work."
Another growing option is rent-to-own.
Requity Homes started in northern Ontario in 2021 and has expanded into three other provinces.
It purchases the house and the client pays rent for several years, with the option to buy the home at a guaranteed price.
"We have helped dozens of families in northern Ontario already," said CEO and founder Amy Ding.
"We are happy to share that 80 per cent of clients have bought back the home in 18 months on average -- that is a record average. We continue to see more clients transitioning to renting to owning."
According to the real estate agents CTV News spoke to, these trends are likely to continue since it’s much harder to become a homeowner the traditional way.
And if home ownership is a goal, they suggest speaking with a financial planner or a mortgage advisor to get started on a down payment.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6977053.1721909931!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
'Sick to my stomach': People grieve Jasper National Park by sharing favourite photos
As an out-of-control wildfire roared through Alberta’s famed Jasper National Park and its townsite late Wednesday, many are fearing the worst as officials warned of 'significant loss' within the area.
LIVE UPDATES 'Hopefully it's better than what we're thinking': Jasper wildfire damage details anxiously awaited
Officials are waiting to learn Thursday morning the extent of wildfire damage in the Jasper townsite of Jasper National Park, which flames began to eat away at the night before.
Canadian women's soccer team staffer given suspended prison sentence over drone incident, prosecutor says
A Canada women's soccer team staffer has been given an eight-month suspended prison sentence after flying a drone to film the closed-door training session of the New Zealand team on Monday, the prosecutor's office said in a statement.
Sale of envoy's NYC condo 'expected to exceed' $9M: government
The current official residence for Canada's representative in New York City is 'being readied for sale,' according to a spokesperson from Global Affairs Canada.
Jasper wildfire burns buildings, while poor air quality forces some fire crews out
Prime Minister Justin Trudeau announced on social media that Ottawa has approved Alberta's request for federal assistance after a fast-moving wildfire hit Jasper National Park and its townsite late Wednesday.
'I'm so broke': Two Toronto women speak out after losing $76,000 in romance scam
Two women from the Toronto area are speaking out after losing thousands of dollars to a romance scam, including a single mother who lost $62,000.
Barrie-Innisfil MPP 'blacked-out' and crashed car into window of child care centre
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
Loblaw to settle class action over bread price-fixing for $500 million
Loblaw Cos. Ltd. and its parent company George Weston Ltd. say they have agreed to pay $500 million to settle a pair of class-action lawsuits regarding their involvement in an alleged bread price-fixing scheme.
EXCLUSIVE One address, 76 foreign currency dealers: Inside Canada's money service business 'clusters'
An IJF and CTV News investigation has found dozens of cases across Canada where multiple money services businesses (MSBs) are incorporated at the same address, sometimes without the knowledge or consent of the location's actual occupant. One money laundering expert calls it an 'abuse of the system.'