Imagine being ready to start the journey of buying a house in Ontario but facing sky-high prices and limited options. Homeownership rates for younger Canadians have plummeted, with home ownership in Canada becoming increasingly unattainable. But what if there was a way to own a piece of that dream home without the crushing burden of the full purchase price? Enter co-ownership, a game-changer gaining traction as a solution to the housing affordability crisis and making home ownership more attainable.

What's the Big Deal?

Ontario is facing a staggering housing shortage. We currently have 1.2 million fewer homes than other G7 countries when adjusted for population, and we'll need to build 1.5 million new homes over the next decade just to catch up. This dire shortage fuels an affordability crisis – the average price of a home in Ontario reached $923,000 at the end of 2021! Thinking about how to buy a house in Ontario can feel daunting. It's time to explore innovative ownership models like co-ownership.

Co-ownership Makes Sense

• Market Entry: Co-ownership lowers the barrier to entry, making home ownership in Canada possible. In cities like Toronto, it's estimated that 70% of zoned land is restricted to single-detached homes, making the cost unattainable for many. Thinking about buying a property in Ontario with friends? Co-ownership makes it possible to buy into these neighborhoods without the need to save for a massive down payment or carry the entire mortgage yourself.
• Wealth Building: You'll start building equity right away. As property values appreciate – as they tend to do over time – your share grows along with it. Historically, housing in Ontario has outpaced inflation, making it a smart investment.
• Expense Management: No more battling the housing market alone! You'll share the costs of homeownership- think monthly expenses, maintenance, and repairs. Sharing with a friend or family member means greater affordability.
• Building Community: Co-ownership encourages a sense of community and shared responsibility. Think multi-generational living or co-owning a house with friends – it's a unique way to build your own housing community!

Introducing Husmates

That's where Husmates comes in. We're a digital platform bringing co-ownership to Ontario. Think of us as the matchmaker for homebuyers, simplifying the process of buying a property in Ontario as co-owners. Our technology streamlines the process, making it easier to:

• Find Co-Buyers: Our matching algorithm connects you with like-minded people seeking a similar type of home and location.
• Browse Listings: We feature properties specifically suited for co-ownership.
• Manage the Process: Our tools help navigate the legal and financial aspects of co-ownership with clarity and confidence, including addressing important concepts like joint tenants and tenants in common agreements.

The Urgent Need for Affordable Housing

Ontario's affordable housing crisis is just as severe, with a growing number of lower-priced rental units disappearing with each passing year. This disproportionately impacts Black, Indigenous, and marginalized communities. This situation is unacceptable and requires urgent action on all fronts to address housing affordability.

Ontario's Housing Affordability Task Force Recommendations

The Ontario Housing Affordability Task Force has released a comprehensive report addressing this crisis. Key recommendations aimed squarely at making housing more attainable include:

• Say 'Yes' to More Housing: End exclusionary zoning rules that limit density and housing choice in neighborhoods.
• Build Near Transit: Focus higher density housing close to transit to make getting around easier and reduce reliance on cars.
• Cut Red Tape: Streamline approvals, reduce unnecessary delays, and slash excessive fees to make building homes more efficient.
• Incentivize Co-ownership: Support co-ownership models through education, funding, and partnerships with non-profits.
• Tax Reform: Make the tax system fairer by eliminating the provincial land transfer tax and implementing a property surtax targeting speculation.
• Support for Non-Profits: Provide grants and loan guarantees for affordable housing projects.

The Takeaway

Ontario's housing crisis won't solve itself – we need bold action! Co-ownership could be a significant part of the solution, offering the opportunity of home ownership to countless Ontarians. By working together, we can make homeownership less elusive, build stronger communities, and address the urgent need for affordable housing.