Is Co-Housing for you? What is that, you say? Good question! In today’s real estate market, the price of detached homes is going through the roof. Our population is getting older, and our young 20-somethings are struggling to find their first home. Traditionally I’ve seen a lot of young adults move back in with their parents, or retired Moms and Dads moving in with their kids. Bungalows and 2 Storey homes are being retrofitted and renovated to take advantage of our new Second Suite rules so that the basement can be rented out.
But what about Co-Housing? I had never heard of this term before this week. I received a copy of the February edition of Toronto Life last week, and starting on page 50 is an article about couples, families, singles entering into co-ownership of homes in the GTA. Wow, I thought, what a great idea. Then I saw an article in one of my on-line Realtor magazines about co-housing and how it is gaining appeal in Ontario.
The on-line article talked about how perfect it is for seniors who don’t want to, or can’t afford to, move into a traditional retirement home or senior’s community. They want to retain their independence but would benefit from companionship and sharing the cost of food, utilities, house cleaning, etc. They are also living in an investment instead of simply paying rent every month.
Shelley Raymond, a Broker of Record in the Port Carling, ON, is on the forefront of this new idea with her business, Solterra Co-Housing. She has been through the struggles of dealing with zoning and building code regulations, but has overcome them all. It is turning out to be an incredibly practical and smart idea, and if you want more information I would recommend going to her website at www.solterraco-housing.com.
The article in Toronto Life, called Full House, focused on families of various sizes buying homes together. Some had a 50-50 ownership split, others were slightly different. Sometimes it’s an arrangement between friends, sometimes it’s between family members, and there are endless possibilities. We’re even seeing this more and more in the Simcoe County real estate market. This arrangement allows people to pool their resources for a common goal, which is home ownership.
John Weber and I have helped families achieve success with this type of arrangement, and we are familiar with zoning and second suite regulations. If you’re wondering how it could work for you, just give us a call. You can reach John Weber at John@JohnWeberTeam.com or by cell at 705-727-6111. You can reach Christie Bond at Christie@JohnWeberTeam.com or by cell at 705-220-1152.