Over the past few years, Canada’s real estate market has been marked by high prices and minimal inventory. As such, many buyers have adapted their homebuying strategies to allow them to enter the market. Modern homeownership isn’t what it used to be, and Canadians all across the nation are proving this to be true. From rent-to-own agreements to income helpers, present-day buyers aren’t letting their dreams of homeownership die. Instead, they’ve come up with creative solutions to help make the most of the pricey and unstable conditions. Follow along below as your REALTOR® in West Kelowna goes over some of the most popular non-conventional buying strategies for 2024!

New Buying Tactics for Non-Traditional Homeownership

What it means to be a homeowner in Canada has shifted over the years. While people commonly think of homeownership as an achievement by an individual or couple, the market landscape continues to evolve this definition. In the modern market, Canadians are redefining what it means to be a homeowner. By employing non-traditional tactics, they are proving that buying property is possible even in the steepest market climates. 

One of the ways that modern buyers are working towards homeownership is through rent-to-own programs. These programs involve renters committing to renting a property for a specified period and being given the option to purchase the property before the lease expires. Rent-to-own agreements typically include a standard lease agreement with an option to buy at a later date. In some agreements, tenants will be required to take care of maintenance and repairs. Buyers must be careful that before they sign the agreement, they check to make sure that they are not obligated to purchase the property at the end of the lease. 

Another way that buyers are attaining homeownership is by co-owning with a family member. However, unlike traditional co-ownership situations, the family member is not a spouse or partner. Instead, Canadians are buying property with their parents, siblings, cousins or other relatives. Similar to this, several Canadian families have bought a home with the intention of renting out a portion to a tenant. Income helpers have been a primary strategy that has allowed families to move up the property ladder or make their first purchase. 

Contact Your REALTOR® in West Kelowna Today!

If you are looking to purchase real estate in West Kelowna, spring is a good time to begin your search! For more information about non-traditional buying strategies, contact a REALTOR® in West Kelowna today! I’d be happy to help you sell or buy property in this desirable area of the Okanagan. Be sure to check out my blog next month for more real estate tips and information. I look forward to working with you in the near future!