‘More Homes, More Choice is about unlocking the development of all kinds of housing. From ownership to rental housing, whether built by private developers or non-profits, our action plan will help give people more choice and help bring costs down.’
More Homes, More Choice comes with an additional report (which can be found here: https://files.ontario.ca/books/mmah-co-ownership-guide-en-2019-12-11.pdf) that specifically highlights the benefits and processes of co-owning a home together. As the report states:
‘Co-ownership housing expands the options available to individuals and families and provides a range of benefits, including:
affordability: people can pool resources to buy a house, making home ownership more affordable. It also provides a way to build equity and the security that comes with owning your home
more efficient use of housing stock: smaller households can maximize the space available in larger houses and heritage properties by co-owning them with others
community: enables groups of people to voluntarily create a community environment with facilities, indoor and outdoor common spaces and services that meet their needs’
These are all elements that Mortgage Mates highlights as part of its’ Australian model by turning ‘Strangers into Mates’ and enabling co-ownership. For the Australian market we are normally looking at the option of Tenants in Common for both buyers, whilst Canada also has some additional options to co-own.
The Canadian report highlights the way in which co-ownership can work for different users.