Even with today’s very affordable mortgage rates, the Collingwood Real Estate market can still present a challenge to many potential Buyers in the Georgian Triangle. First Time Buyers in particular are finding they have to make adjustments as they plan for their dream of home ownership in Collingwood such as:

  1. Home Buyers are scaling down their expectations
  2. Choosing homes with a rental unit to help with mortgage payments
  3. Staying at home longer in order to save for a down payment

Alternatives Available to Help First Time Buyers in Collingwood

One option that may be of interest to family groups or close friends is the joint purchase of a multiple-unit dwelling, such as a duplex. Such a property might be jointly purchased by two groups of buyers, with each family occupying one of the property’s units.

The duplex approach can work well in situations where young people plan to marry, leaving their parents as “empty nesters”. In this scenario, the family home is sold, with the parents buying one unit of a new duplex outright, and then banking their surplus funds, perhaps for retirement. The younger First Time Buyers then assumes the more manageable mortgage payments on the remaining half of the property. This way, they can start to build equity immediately, without having to come up with a large down payment, or taking on a big mortgage.


In less formal arrangements, two couples may elect to jointly buy one single-family residence and share all the living space. This can sometimes be a stressful situation, and the best chance for success is usually when there is a family relationship between the two couples, such two siblings with their spouses, where there is already some history of living together in a shared space.

Variables to Consider for First Time Buyers:

Whatever method you choose to ease the cost of homeownership in Collingwood, the most important thing to remember is to get the all the details worked out before you buy. For example, the ongoing care of the property should be considered. Who will be in charge of the ongoing maintenance of the property? What services (ie: snow removal and landscaping) will be contracted out to service providers, and how will this cost be shared? How will the cost of major repairs be handled?

Everyone involved in the purchase should agree on all sub-lease and re-sale provisions “up front”, and in writing. For example, can one party move out and sublet their living space to someone else? Also, what happens when someone wants to sell? Does one party have the right to buy out the others interest? If so, how will a fair price be determined? And how long will the other party have to come up with the funds? Or, is the property simply put on the market with all parties sharing the proceeds?

It is best to hire a Lawyer and draw up an agreement that clearly sets out the rights and obligations of all co-owners. There are a lot of variables to consider before purchasing your first property, and don’t assume that they’ll be sorted out easily when the time comes.

Remember This Buyers:

When you’re thinking of creative ways to ease the cost of owning a home in Collingwood, talk it over first with the expert. Tell Christine Smith all about your plans, so she can ensure that you are shown homes that conform to the appropriate zoning and municipal by-laws.