The real estate market in Toronto has reached historic highs for average sale price in recent months. As a result, many people who want to buy are finding themselves priced out of the market. Rather than look further afield and give up the amenities of the city, some people are trying out a new concept in home buying. An unusual type of arrangement, however, may call for the assistance of someone who really understands real estate law.
In a Toronto restaurant, about two-dozen people showed up for a social gathering. Attendees paired off to discuss their mutual interests and to size each other up, everyone hoping to find a match. Although it looked like a "speed dating" event, each person there was actually looking for a mortgage partner, not a life partner.
For some people, the price of a home in Toronto is too much to bear on a single income. As an alternative to buying a small condominium, or moving to the suburbs, some people are taking on home ownership with a non-romantic partner. It's not so different from finding an apartment mate to share rent with, except the stakes are much higher. In order to own a home, some people are prepared to accept cohabitation, but this might not be the solution for everyone.
Entering into an alternative home ownership arrangement may require extra care. A home is a major purchase, and entering into a legal agreement with a stranger can have unexpected consequences. Before finalizing any contracts, it may be best to first consult with a lawyer who regularly handles real estate law situations in Toronto.