New homeowners choosing non-traditional routes to buying

Despite affordability challenges, the interest in home ownership remains high.

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.

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.

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.