As you can see, the price of an average home in Canada has multiplied nearly five times over the last few decades. If you’re hoping to save your way into homeownership, think again. To succeed, home prices would need to decline, and your income would need to rise significantly every year. However, the opposite is happening—housing costs keep climbing, while salaries remain relatively stagnant.

​Building costs are rising, gas prices are soaring, and both material and land prices continue to increase, making it unlikely that housing prices will ever come down. One might think that more homes will be built to meet demand, leading to a correction in home prices. However, the data shows otherwise. Have a look at the following chat.

Condo Completions

Source: Rock Star Real Estate Brokerage

According to the forecasts above, the peak of of new condo completions is expected between 2025 and 2026, after which there will be a significant drop in housing inventory. By 2027-2028, we will see some of the lowest levels of inventory in the past decade, driving prices even higher.

Looking at the data, it becomes clear that a significant price correction in the housing market is unlikely. There is a brief window of opportunity in the next two years to purchase a condo before prices skyrocket once again due to a lack of inventory and rising demand.

Given the current economic climate, co-ownership is developing as a practical and attractive solution, with a growing number of Canadians already adopting this approach. A recent survey by Royal LePage reveals that about six percent of Canadian homeowners co-own their property with someone other than their spouse or significant other. For more information, click here.
​
​By pooling resources with others, buyers can share the financial burden of purchasing and maintaining a home. This model not only makes homeownership more accessible but also allows for greater flexibility in terms of property choice and location.

Given the current data, traditional homeownership may soon be out of reach for many. However, co-ownership is paving the way for those who still aspire to own a home.

Now is the perfect time to explore this modern approach, as the co-ownership market is expanding rapidly. With demand rising, property prices are only set to climb further—making early action crucial to securing your piece of the market.

When it comes to second homes and vacation properties in desirable markets like Florida, co-ownership could soon become a leading solution for achieving property ownership dreams. By sharing the financial responsibilities, individuals can enjoy their ideal vacation home without the burden of a full financial commitment.