The 2023 Canadian Co-owners Survey analyzed key trends among Canadian co-owners, and their decision to co-own a home with family and friends as a means to combat affordability woes. In the survey, co-owners are defined as an individual person or a couple who own a property with another person or persons.

Key highlights from the release include:

• Almost one third (32%) of co-owners who were motivated by low affordability purchased their home after the Bank of Canada began raising interest rates in March of 2022
• Nearly two-thirds (65%) of Canadian co-owners say they own a single-family detached property
• 56% of co-owners co-own a home with their parent(s) or parent(s)-in-law; 18% co-own with their adult child(ren)
• Nationally, 6% of homeowners co-own a property with someone other than their spouse
• According to an internal survey of real estate professionals within the Royal LePage network, 23% say that they have seen somewhat of an increase in the number of homebuyers purchasing a property with another person(s), other than their spouse or significant other, compared to pre-pandemic times, while 25% have seen somewhat of an increase since the Bank of Canada increased rates in March of 2022.