Creative solutions to unattainable house prices, such as $60K in down payment support
By Chris Glover, CBC News
Mar 22, 2017
Best friends Rebecca Rosenberg and Kim Wolfe know it comes with risks, but plan to tackle high home prices by purchasing together.
Rebecca Rosenberg and her best friend Kim Wolfe, whip up a salad in moments in Rosenberg’s tight kitchen. The former roommates, who even share the same arm tattoo, are used to doing pretty much everything together.
But now they are planning to embark on something that will tie their financial futures forever, potentially.
“I feel like it came at the same time, like any time we kind of talked about housing or buying it was like, ‘If we did it together, maybe it would be doable,'” Rosenberg said.
By combining their resources, Rosenberg and Wolfe say they will go from the fringes of home ownership to being able to afford a $1-million property. The pair would also be buying with their partners and know the co-purchase comes with the dramatic risk of a relationship breakdown.
“We would definitely need to take the steps to set up legal steps and protocols based on this situation,” said Rosenberg. “Kind of like a [prenuptial agreement] even though you never think you’re going to get divorced, but just in case.”
As part of the series No Fixed Address, CBC Toronto has been exploring