In 2023, 6% of Canadians said they co-own their home with someone other than a spouse or significant other, with two thirds (76%) of those saying their decision was motivated by affordability challenges, according to a recent survey by Royal LePage.

For those between the ages of 25 and 34, a full 83% said their decision was driven by a lack of affordability. Of those who currently co-own, 89% are co-owning with a family member, 7% co-own with friends and 8% are co-owning with someone who isn’t a friend or family member.

Nearly half of the respondents say they and their fellow co-owners live in the home together. Another 28% don’t cohabitate while 6% say the property is not used as a primary residence.

There has also been a rise of companies dedicated to offering co-ownership options for those wanting to get into the housing market, but who don’t have the means to do so on their own.

One such company is Toronto-based Ourboro, which co-invests up to $250,000 towards a buyer’s down payment, which in turn earns the company a share of the future value of the home. Ourboro requires buyers to have at least a 5% down payment and then they will contribute the remaining amount to get them up to a 20% down payment.