Co-ownership housing is when a home is owned jointly by two or more parties. All owners are listed on title of the property, and all parties hold a portion of ownership in the property. The property may be one single residence with shared living spaces like kitchens and living rooms or the property may be divided into separate units. 

Co-ownership isn’t a “one size fits all” solution. Co-ownership can be for friends, multi-generational families, seniors seeking companionship as they age, or an alternative to roommates who rent. For those willing to invest themselves in the process, it can be very rewarding! You have an opportunity to create a more connected way of living while owning a home.

There are several benefits to co-ownership. As a co-owner, you will be able to enter the housing market and build equity over time. You will be sharing the financial burden that comes with home ownership, which could mean more money in your pocket each month. Lastly, you’ll have the opportunity to create a strong community with like-minded individuals who share your values and lifestyle choices!

We recommend that anyone who purchases a property and wants to make renovations, such as adding a second unit or making major structural changes, ensure they meet all Building Code guidelines set out by the municipality, including zoning by-laws, building permits, and any other documentation needed. The responsibility for these falls solely on the co-owners.

Yes, at least one owner has to live at the property.

You will have to have a minimum of 20% down payment.

All co-owners are equally and 100% liable for the mortgage payments even if they hold different shares in the property.

All co-owners are equally and 100% liable for the mortgage. Options include selling the property, or one party buys the other out. It is strongly recommended to have a legal agreement set up at the time of purchase.

Best practice is to have a legal agreement drawn up at the time of your purchase and it will be beneficial to have this upon the death of one of the owners. It will provide details of how the ownership is set for example, tenants in common versus joint title.

Yes, if you choose our regular mortgage, you can pay off up to 20% of the outstanding balance in the form of a principal only payment and increase your payment by 20% once each year.

Yes, the HomeShare Mortgage is available for all 1 to 5-year terms.

A mortgage-secured LOC is available with the HomeShare Mortgage and similar to the mortgage, each party would have to co-sign for the other.

A maximum of four applicants are permitted. Additional applicants could be considered, and fees may apply.