Buying a Home With Friends or Family in Ottawa? Here’s What to Know First
With housing prices climbing and affordability feeling more out of reach than ever, a growing number of buyers in Ottawa are teaming up to make homeownership happen. Whether it’s friends co-buying a duplex, siblings investing in their first home together, or adult children helping parents age in place, shared ownership is on the rise.
But while the idea of buying a home with someone you trust can be exciting, it also comes with serious conversations, legal logistics, and financial responsibilities you’ll want to get clear on early.
Here’s what to know before you co-buy a home in Ottawa.
Why More Buyers Are Teaming Up
The average price of a home in Ottawa sits well above what many single-income earners can comfortably afford. Teaming up with a sibling, friend, or parent is one way to share the costs of a down payment, monthly mortgage, utilities, and maintenance.
Other reasons people are co-buying in Ottawa:
Rising rent prices and low vacancy rates
Wanting to build equity rather than continue renting
Supporting older parents who want to stay close
Creating space for multi-generational living
Investing in real estate with a long-time friend
In the right situation, shared homeownership can be a smart way to break into the market faster, save money, and build wealth as a team.
Ownership Structures: How You Hold Title Matters
If you’re buying a home with someone else, you’ll need to decide how to structure your ownership. In Ontario, the two most common options are:
1. Joint Tenancy
Each person owns an equal share of the property, and if one person passes away, the other automatically inherits their share. This is common with married couples, but not always the best option for friends or siblings.
2. Tenants-in-Common
Each buyer owns a specific percentage of the property, which can be unequal if needed. This structure gives you more flexibility and allows each person’s share to be passed down according to their will or estate.
It’s important to speak with a real estate lawyer early to make sure your agreement reflects your goals and protects everyone involved.
Ask These Questions Before You Buy Together
Even if you trust your co-buyer completely, it’s still smart to lay everything out on the table before signing anything. Here are a few questions to talk through first:
What happens if one person wants to sell their share or move out?
How will we split the down payment and monthly costs?
What if one person loses their job or can’t make payments?
Who handles repairs or decisions about upgrades?
Are pets allowed? What about partners moving in?
What’s the plan for long-term ownership — is this an investment or a forever home?
Many co-buyers choose to create a co-ownership agreement, which clearly outlines responsibilities, cost-sharing, dispute resolution, and exit plans. It’s not required by law, but it’s highly recommended — and will save you major headaches down the road.
Tips to Make It Work Long-Term
Get pre-approved together so you’re all clear on the budget.
Be honest about your lifestyle needs, cleanliness habits, and financial stability.
Consider a property with more than one bathroom, entrance, or even a basement suite to give everyone space.
Plan ahead for life changes, such as new jobs, relationships, and babies, and consider how they might impact the shared home.
Buying with someone else isn’t just a financial partnership. It’s a living arrangement, an investment strategy, and often, a friendship or family dynamic that will evolve over time. The more prepared you are, the more successful the partnership will be.
How We Can Help
At New Purveyors, we work with all kinds of buyers, including families, friends, and investors buying together. We’ll help you find a property that makes sense for your shared goals, and connect you with the right legal and financial professionals to make sure it’s done right.
We’ve helped clients find:
Side-by-side duplexes
Bungalows with basement in-law suites
Townhomes with private entrances
Detached homes with room to grow
If you’re thinking about co-buying in Ottawa, we’re happy to walk you through the process, answer your questions, and help you decide if it’s the right move for you.
Reach out anytime. This is what we do.
