As we said at the beginning of this step, the real estate market is a seller’s market most of the time. In the GTA, that isn’t looking to change any time soon. While there are a lot of different types of properties that your group can look at, you should always keep in mind that supply is limited.
Types of Properties
Some properties typically viewed by co-ownership real estate purchasers.
| Property Type | Why they work | Potential concerns or issues |
|---|---|---|
| Duplexes, Triplexes and Fourplexes | Similar to individual sale or not co-purchasing; each partner can have a separate unit and sometimes rental income to share | No benefits of co-living. Very low inventory |
| Single homes | More availability of these types of properties | May require renovation to make it work for groups. Some neighbourhoods zoned for single homes and a group residence may require negotiation with municipal authorities |
| Single homes with separate unit (top floor or basement) | Great solutions for easy division of property. Accommodates more than one style of living | Must ensure separate entrance is legal and to code. If not, renovation will be required. |
| Large property suburban or rural homes | For some groups, these homes provide the space and affordability desired | For some groups, these locations lack the social supports and urban connections desired |
Some Tips For Looking At Properties
There are many different methods and ways to look for properties. You can go online to view different sites that are known as Multiple Listing Services (MLS) which will contain a large number of official listings. Alternatively, many real estate websites will have exclusive listings. Some local real estate brokerages will display listings on their windows. Your realtor will be able to locate many different properties that may not be available for you to find on your own. With a completed home brief, your real estate agent can tailor your search and provide you with potential properties to browse.
Renovations
Renovations are something your group might need to keep in mind in order to meet your needs, but not every property or group requires renovations. You may not find the perfect property but sometimes there’s potential for renovation which can help create your perfect co-ownership home.
You will need to be aware of provincial and municipal by-laws and zoning regulations before you plan to renovate a property. There’s plenty of resources and information available easily. Check some of them out below.
Zoning and By-Laws
If your group requires a property that requires separate units and you are prepared to put the cost of your renovation in your budget, you should inform yourself of a few things in advance:
Zoning laws
Are multiple entrances allowed in homes in the area? Is re-zoning required?
Is an application for a zoning exception required?
Licensing requirements for any new structures
Required building permits
Understanding Building Code
Here are some helpful resources regarding zoning and by-laws in Toronto and Ontario.
Housing Innovation by the Ontario Provincial Government
You may have purchased a home that needs a renovation so it will work optimally for your group. We’ve partnered with Joanne Lam of Picnic Design to get advice and ideas for how homes could be renovated to be great cooperative living spaces.
Just as there is a path to purchase a cooperative home, there is a recommended process to renovate one. Here’s a summary roadmap of what needs to happen.
| Project Stage | Required Approvals and Applications | Steps in Process |
|---|---|---|
| Pre-Design and Concept | Determine your needs Clarify budget and timeline Collect site data Generate big picture concept |
|
| Schematic Design | PLANNING APPROVAL | Prepare SD Drawing Set Develop 3D model – exterior Coordinate with consultants on project Interview contractors |
| Design Development | PERMIT APPLICATION | Prepare DD drawing Develop 3D model – interior Source and specify materials Review contractor quote and budget |
| Construction Drawings | Produce final drawing set Develop custom millwork details Coordinate with consultant team Plan construction with contractor |
|
| Construction Administration | Review and finalize on-going construction work |
Before reaching out to any designer, your group should agree on the scope of the renovation e.g. an extra bathroom, bigger kitchen, new entrance etc. You’ll save so much time and money if this decision is made, instead of shopping for ideas
Check out some ideas for plans that work in cooperative spaces:
In the final section of this step, we look at the final pieces of the process to get you and your group ready to finally buy your co-ownership home!
How Do You Find Your Property?
Click on the sections below to learn more.
Let’s Talk About Homes and Renovations
What are all the Steps to Becoming a Co-owner?
Click on the links below for all the blog articles related to each step.
“Kitchens and bathrooms are the potential areas of conflict in a group living situation. Consider a renovation budget that allows for separate appliances in the kitchen. ”
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