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Originally Posted by Ozy_Flame
One initiative that is coming to light is the co-ownership / collective sharing model from Denver-based company Co-Own Co.
Effectively what it is for entry-level home ownership in a residential building that shares commons areas, including living rooms, dining areas, and balconies/outdoor amenities. Instead of paying say $600k for a townhouse or condo, you pay a fraction of that, and have a co-living arrangement with others. This type of model is already in effect for co-living rental spaces. However, this helps address issues with cost, sustainability, and community that is often absence traditional residences.
It's definitely not for everybody - it would be an adjustment of expectations. But the way the world is going, I don't see how co-habitating doesn't become a bigger thing as costs spiral out of control, cities densify, and eco-footprints are more central to lifestyle.
Here's an article on Co-Own and their model:
Co-Own Company reimagines homeownership for young adults in Denver
The Co-Own video on their website is also helpful in explaining a summary of the concept (it's not on YouTube, but is hosted on the website server. Just go to the homepage):
https://co-ownco.com/
Interesting model for sure. |
That model makes a lot of sense in places were rent and condo prices are through the roof. It's basically buying shares into a commercial rental building. There are a lot more restrictions than typical condo ownership, but it's much cheaper. It's a huge thing in NYC and kind of a thing in Vancouver.
I don't really see it catching on in Calgary though. You can buy a decent sized strata property for sub $300k. If you think a condo board is bad, you should see how controlling these co-op boards are.