As homeownership becomes an out-of-reach dream for many, some Canadians say they’d team up with friends or family to buy a home.
Compare the Market — an Australian-based price comparison website — surveyed 3,000 adults across Australia, the US, and Canada to ask if they would consider buying a home with a friend, sibling, or another family member to offset costs.
The survey found that Canadian respondents (61%) were the most likely to join with friends and family to purchase a home, followed by 56.4% of Australians and 55.2% of Americans.
Compare the Market
One-fourth of Canadian respondents also said they would specifically choose to team up with a sibling to buy property.
“Unsurprisingly – given that home ownership is getting further and further out of reach – young people were more likely to consider buying with friends and family than older generations who have had more time to work and save for a house, and were around for more affordable house prices,” notes the survey.
As for Canadians who have already bought a home, 42.5% said they had done so with their romantic partner, whereas 8.4% had teamed up with their parents, and 5.4% had bought a house with their friends or siblings.
Compare the Market
Respondents’ main reason for not wanting to buy a home with family or friends was that they were concerned it could impact their relationships.
Over half (55.2%) of Canadian respondents shared this concern.
The survey also asked respondents if they had a good experience if they purchased property with family or friends, and two-thirds of Canadians said they had never encountered any issues.
Compare the Market
If you’re thinking about making a property investment with friends or family, Compare the Market’s general manager, Stephen Zeller, said it can be a bit more complicated than getting a mortgage alone or with a partner.
“With a single buyer or a couple, the borrowers own the whole thing, and if a divorce occurs the spouses then work out ownership themselves. But with friends or siblings buying together, they need to work that out at the start,” he noted.
“Even if you trust your friends and family deeply, you’ll still likely need a lawyer to hash out and sign the agreement when going to a lender for a home loan.”
Compare the Market’s results were based on a February 2024 survey of 1,005 Australian, 1,003 American, and 1002 Canadian adults.
Would you consider buying a home with your loved ones? Let us know in the comments.