Vancouver residents turn to co-ownership as housing prices rise

 

 

Vancouver's rising housing prices are driving home buyers desperate. In the face of this, homebuyers in the city are increasingly considering co-ownership. More and more people are looking to buy homes in co-ownership with friends, family, or strangers. This includes sharing the upper and lower units of a Vancouver special, or the main unit, a laneway house. Some also share common areas like a backyard.

In co-ownership homes, residents work together to take care of children and pets, and share responsibilities such as mowing the lawn and maintaining the property. The Greater Vancouver Realtors Association says the number of unsold properties is at a 10-year high amid falling demand. So now may be the right time to buy a home in co-ownership, the association says.