Co-Ownership Mortgages in BC: A New Path to Homeownership
Introduction: The Rising Cost of Homeownership in BC British Columbia’s real estate market has long been one of the most competitive in Canada. With home prices in cities like Vancouver, Surrey, and Abbotsford reaching record highs, many prospective buyers are struggling to afford a home on their own. Rising interest rates and stricter mortgage qualification rules have made homeownership even more challenging, particularly for first-time buyers , self-employed individuals , and those with lower credit scores . One emerging solution? Co-ownership mortgages. Instead of buying a home solo, more people are teaming up with family, friends, or even business partners to co-purchase a property . This strategy helps reduce financial burdens, increase mortgage eligibility, and provide access to better housing options . But how does it work, and is it the right choice for you? What is a Co-Ownership Mortgage? A co-ownership mortgage is a financing option where two or more people purchase a pro...