A recent survey by Royal LePage shows that the majority of Canadians who choose to own a home with family or friends do so for reasons of affordability.

The online survey conducted by Léger between August 10th and 21st shows that 6% of respondents own a house with someone other than their spouse.

In this group, 89% of respondents bought the home with a family member, 7% with friends, and 8% with someone who is not a friend or family member. Respondents were able to select all applicable answers, which explains why the results are more than 100% overall.

According to Royal LePage, multigenerational households are now the fastest growing household type in Canada, and the choice to do so is increasingly driven by financial considerations.

According to the survey, 76% of co-owners said affordability was a key factor.

“While the reasons two households buy together today are varied, the most important decision-making factor is financial, especially since the Bank of Canada began raising interest rates in March 2022,” notes Stéfanie Cadou, residential real estate agent for Royal LePage Village in Montreal.

In her opinion, rising house prices and interest rates, as well as higher mortgage thresholds, are encouraging Canadians to pool their resources to buy homes.

But the decision to share a home with friends and family shouldn’t be taken lightly, says Ms. Cadou.

“Preparing a cohabitation agreement (ideally notarized) can help to ensure that the agreement is honored by all parties,” she said.

“It will also be important to ensure the development of private and shared living spaces so that all co-owners can continue with their respective daily lives without interfering with the daily lives of others.”

The Léger survey was conducted online with 501 respondents who co-own with someone other than their spouse. Because this is a web-based survey, no margin of error can be attributed to the results.