Co-Ownership with Your Parents: Is It Right for You?

Every generation of first time homebuyers faces their own unique challenges. A recent report from Statistics Canada suggests that young people in BC are turning to family co-ownership as a means of overcoming some of those challenges. In fact, in BC, one out of every five residential properties owned by younger Millennials and older Gen Zers – those born in the 1990’s – is co-owned with a parent.

Reasons for co-ownership vary. In some cases, co-ownership is a purely financial decision. The adult child lives in the co-owned property while the parent lives elsewhere. Or, co-ownership can be based on social factors, with multigenerational living situations allowing for shared childcare responsibilities and combating social isolation.

But is co-ownership right for your family? Whether it’s finding the perfect multigenerational home or navigating the complexities of mortgage co-signing, at Stilhavn, we understand the benefits and challenges associated with co-ownership. Here are a few things to consider if you think this options could be for your family.

Benefits of Co-Owning with Family

Increased Buying Power and More Affordability
Combining finances with a family member typically allows buyers to qualify for a larger loan. Further, shared monthly costs can help to improve affordability.

Building Equity
As you pay down the mortgage, both parties build equity in the home. This provides a return on investment and longer term financial security.

Potential Tax Benefits
In some cases, co-ownership may provide tax deductions for mortgage interest, property taxes, or capital gains when the home is sold.

Shared Responsibility
Co-owning can mean sharing homeownership duties like maintenance and repairs. This can ease the burden, especially for aging parents.

Challenges of Co-Owning with Family

While co-ownership has benefits, it also comes with some things to consider:

Agreeing on Shared Decisions
As co-owners, you’ll need to agree on any major decisions regarding the property, including renovations, rental and the eventual sale of the home. Conflicting opinions can strain relationships.

Unequal Financial Commitment
If one party provides more for the down payment, they may want a larger share of proceeds when the home sells. This should be discussed upfront.

Complicated Exit Strategy
Selling a co-owned home requires navigating each person’s share of equity. Exiting the arrangement may be difficult if you have a falling out.

Questions to Ask Before Co-Owning

Before taking the leap into co-ownership, have an honest conversation about the following:

How much will each person contribute to the down payment and monthly costs?
How long do you plan to co-own the home? Under what conditions would you sell it?
What renovations or changes can each person make without approval?
What happens if one person faces financial hardship and can’t make payments?
What if one owner wants to move in with a significant other or new spouse?
How will household chores, repairs and maintenance be divided?
How will you resolve conflicts if they arise?
How will proceeds be divided when the home is sold?


Putting it in Writing

To prevent misunderstandings, put the co-ownership details in a written agreement. Having things in writing provides legal protection if disagreements come up and helps to avoid any strain on the relationship as a result. The agreement should address important topics such as ownership percentage, cost division, occupancy rules and repairs.

If this option is available to you as a FIRST TIME HOME BUYER, let’s chat: 604-805-6820,

Article courtesy of Stilhavn Real Estate Services


Metro Vancouver May 2024 Real Estate  Update

May was certainly cooler this year, not just in terms of temperatures, but also in the real estate market. In May, the number of transactions on the MLS® in Metro Vancouver1 saw a noticeable decline compared to the typical volume for this time of year. This decrease in buying activity has contributed to an accumulation of homes available for sale, resulting in over 13,000 properties now actively listed on the MLS® in the region.

The reduction in transactions suggests a potential cooling in the market, where buyers might be exercising more caution or waiting for more favourable conditions. Meanwhile, sellers continue to list their properties, leading to an increased supply of homes. This growing inventory could result in more competitive pricing and greater opportunities for buyers, potentially shifting market dynamics and influencing future trends in the real estate sector. As the market adjusts, both buyers and sellers may need to adapt their strategies to navigate the evolving landscape.

Residential Home Sales

The Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data.” – Andrew Lis, REBGV director of economics and data analytics.


There were 6,374 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in May 2024. This represents a 12.6 per cent increase compared to the 5,661 properties listed in May 2023 and a seven per cent increase compared to the 10-year seasonal average (5,958).


Home Price Data Analysis

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,600, a 46.3 per cent increase compared to May 2023 (9,293). This total is also up 19.9 per cent above the 10-year seasonal average (11,344).


Metro Vancouver Home Sales by Property Type

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2024 is 20.8 per cent. By property type, the ratio is 16.8 per cent for detached homes, 25.1 per cent for attached, and 22.5 per cent for apartment properties.

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


Sales of detached homes in May 2024 reached 846, an 18.9 per cent decrease from the 1,043 detached sales recorded in May 2023. The benchmark price for a detached home is $2,062,600. This represents a 5.9 per cent increase from May 2023 and a 1.3 per cent increase compared to April 2024.



Sales of apartment homes reached 1,338 in May 2024, a 22.7 per cent decrease compared to the 1,730 sales in May 2023. The benchmark price of an apartment home is $776,200. This represents a 2.2 per cent increase from May 2023 and a 0.3 per cent decrease compared to April 2024.


Attached Homes

Attached home sales in May 2024 totalled 523, a 14 per cent decrease compared to the 608 sales in May 2023. The benchmark price of a townhouse is $1,145,500. This represents a 5.2 per cent increase from May 2023 and a 0.9 per cent increase compared to April 2024.

REPORT courtesy of Stilhavn Real Estate Services

*For more specific neighbourhood statistics, get in touch. I would love to hear from you!


Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.