d in the Toronto market in recent years due to how unattainable housing here is otherwise, and it is now just one of a number of types of non-traditional home ownership that are growing in popularity nationwide.
Even more, a whopping 48 per cent — nearly half — of respondents said they would consider these non-traditional ways of owning in the future. Brokers in parts of the GTA estimate that multigenerational or group ownership has spiked in some cities — such as Hamilton, Burlington and Oakville — by around 300 per cent in the last five years, and will only continue to surge across the region.
"This is especially prevalent among families, with co-ownership or shared equity among parents or even grandparents. Likewise, these regions are seeing an uptick in reverse mortgages, especially among older residents to either get the property they want or use the funds in anotherWhile these older demographics may be more involved in the purchases of younger family members in this way, it is the younger people who more often have to turn to these alternative models out of necessity.
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Source: CP24 - 🏆 30. / 67 Read more »