February 27, 2024

Toronto Real Estate Market Cools: Could Co-ownership Be the Key to Buying Your Dream Home?

Thinking of buying a house in Toronto? You're not alone. But if you've been watching the market, you know that prices are still high and competition can be fierce – especially for those dream detached homes. The latest numbers from the Toronto Regional Real Estate Board (TRREB) show a slight cooling trend, but could this be the perfect time to explore a different path toward homeownership in Canada? Let's dive into the stats and see why co-ownership could be your solution.

Decoding the December 2023 TRREB Report

  • Sales Activity Down: Home sales saw a decrease of 11.5% year-over-year. This suggests slightly less buyer demand, which can give co-buyers a little breathing room when exploring the option of buying a property in Ontario with friends or family members.
  • Average Price Still High, But Stable: While the average home price in Toronto increased slightly (3.2%) compared to last year, it's showing signs of leveling off. When the market is less frenzied, you have more space to consider all your options for homeownership – including co-ownership.
  • Days on Market Increase: Homes took an average of 32 days to sell, up 18.5% year-over-year. This gives potential buyers a bit more time to weigh their options, get their finances lined up, and investigate solutions like buying a house with friends.

Why Co-ownership Could be the Answer for Toronto Buyers

The Toronto real estate market continues to pose serious challenges for many hopeful homebuyers. This is where co-ownership shines as a solution:

  • Lower Entry Barrier: Co-ownership makes buying homes in high-demand areas like Toronto more attainable by reducing the down payment and mortgage burdens you need to shoulder alone. This is key when prices are high but you're still determined to achieve home ownership in Canada.
  • Shared Expenses: Owning a home comes with ongoing costs – think monthly expenses, repairs, and property taxes. Co-ownership allows you to share these, creating greater affordability and financial stability.
  • Building Equity: As your property appreciates in value, so does your share of the equity. Co-ownership offers a path to building wealth through real estate, a proven investment strategy in the long term.
  • Sense of Community: Co-owning a house can be an amazing way to build community, whether it's teaming up with friends, family, or like-minded individuals.

Husmates: Your Co-ownership Partner

Husmates is your digital guide to all things co-ownership. Our mission is to simplify and streamline the process of becoming a co-owner. Here's how we help:

  • Finding Your Match: Our matching algorithm connects you with ideal co-buyers based on your preferences and goals for home ownership.
  • Finding the Right Property: We curate listings specifically suited for co-ownership, helping you find the perfect place to call home.
  • Navigating the Details: We provide tools and resources to address the legal aspects of co-ownership agreements, including understanding terms like joint tenants vs. tenants in common.

Final Thoughts

While the Toronto real estate market is still competitive, the recent cooling trend may present an optimal window to consider co-ownership solutions. Co-ownership lowers the barriers to entry, helps you combat rising costs, and offers a chance to build equity in the Toronto real estate market as part of a community.

Ready to start exploring co-ownership?

  • Join Husmates: download it here (Apple) or here (Google)
  • Start Browsing: Even if you're not fully ready to commit, browse property listings, browse other users and get a feel for the market and fuel conversations about what's important to you in your future home.
  • Join the Community: Signup for our Newsletter and explore Husmates' blog posts and resources to learn more about the co-ownership process, gaining insights before making a firm decision.