You may have seen this new billboard if you were cruising around Spadina Ave and Queen St W after May 17th. As sarcastic as it is, having your parents help you with entering the real estate market is the new norm, particularly here in Toronto. Wealth is beginning to shift generationally as parents help their children with down payments and, in some cases, even paying the mortgage.
Home buyers in Toronto better be prepared as prices continue to surge. The Toronto Real Estate Board expects home prices to rise by 10% this year, leading to the average home price to surpass $1 million by the end of 2021. As with a higher price, the down payment required to purchase a home will climb even higher, leaving many unable to enter the market. Affordability issues aren't anything new to Toronto but it’s important to look at the gravity of the situation.
The co-ownership movement is small but, as we’ve covered, it is gaining momentum. GoCo has worked with numerous groups and clients who have embraced a new means of house ownership and helped facilitate their own intentional communities. But GoCo didn’t invent co-ownership in housing. Before Lesli and her team were tirelessly working with groups around the GTA, co-ownership and cohousing arrangements were already being done. Today we wanted to talk about a lovely woman we interviewed who embraced a new model of housing ownership. Julia* told us her story of how she embraced a new way of home ownership in Toronto.
It’s January of the new year. While there are many things to be optimistic and hopeful about, from a real estate perspective, January is a tough month. Things are slow, supply is even more scarce and things can seem helpless. But that’s just January. Coupled with the state of the market in Toronto, things can seem bad but don’t fret too much. Plenty of good things are on the way.
This week in celebration of the holidays, we decided to have a look at how co-living could benefit you during this season. This year has been particularly difficult as we head into our second lockdown in Ontario, making seeing and visiting family difficult and in many cases, impossible. However, in a co-ownership and coliving situation, the holidays need not be a damper on the festivities. Here are 4 reasons why coliving can make the holiday season even more festive.
We’ve talked before about the crux and social stigma that surrounds our households before in our previous articles about the nuclear family and isolation. Today we wanted to dive deeper into the social stigma that surrounds multigenerational living, particularly the attitudes towards living with your parents when you are single and why living in a multigenerational household needs to make a big comeback as our cultural landscape changes.
We are experiencing a transitional time not just in real estate and the workplace but in a broader cultural paradigm. A metamorphosis of sorts. It’s hard to predict what our landscape will look like at the end of all this as it is unlikely to go back to what we perceived as normal. As we look to the future, we can only speculate what the new normal will be.
We’re back again with another property feature on our blog! 2374 Gerrard St E is a multi-unit property that is currently being built. Situated on the east side of Toronto, the property has a close proximity to the Danforth with some of the east side’s best dining and shopping. 2374 Gerrard St E is expected to be completed by the end of 2020.
Social isolation is becoming one of the most prominent issues facing today’s Canadian seniors. Canada’s population over 65 years of age has exceeded 6 million and is projected to exceed 9.5 million by 2030. In 2016, the number of people over 65 exceeded the number under 15 years of age. As one of the fastest-growing demographics in Canada, seniors face a number of issues that need to be addressed both now and in the future in order to succeed in attaining a satisfactory quality of life. The question is, how can we prevent social isolation from impacting seniors’ quality of life?
Partnering with Picnic Design, we have a look at some architectural designs for co-ownership homes. One of the great things about co-ownership and cooperative real estate is that there is no single cookie-cutter house. Co-ownership allows you to tailor your home and dwellings to your own desires. Whether you want a single-family home, a multi-residential building or prefer a building where you can make drastic renovations, you can make it work for co-ownership.
Co-ownership and cooperative real estate purchases are a great way for people to enter the real estate market. While Toronto’s market is competitive, millennials have found a way by buying together. Take the following case study of two millennial couples who were able to pool their resources together and purchase their first home in the Annex.
We have reached Step 4 in our series on the Steps to Co-Ownership. Previously, we have discussed how to find your partners and creating your group in Step 1, how to create a financial model in Step 2, and how to create house rules in Step 3. In Step 4, we will discuss everything surrounding a co-ownership legal agreement.
Co-ownership is a great way to create and foster your own community through co-operative real estate. We at GOCO are constantly advocating the versatility and benefits of co-ownership and how you can use it to define and choose your lifestyle in your home. Here are five great ways to live sustainably and have a more green and eco-conscious lifestyle through co-ownership
