Saskatoon Mortgage Broker shares article on considering alternative options when buying a home

Consider alternative ownership options when buying a home

Romana King, July 27 2015

As housing affordability recedes in the rear-view mirror of Canada’s fast moving real estate market, it’s time to look at different housing ownership options.

Leasehold interest

When purchasing a leasehold interest, you are really purchasing the rights and ownership of a building or structure but not the rights or ownership of the land the property sits on. Homes built on Native Canadian or Crown land fall into this categories. Examples of this type of ownership can be found scattered throughout the Greater Vancouver Area.

While leasehold ownership can make owning your home far more affordable there are a number of factors to consider. For instance, you’ll want to determine whether or not the land-owner will more than likely renew the lease once the term expires?

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