Buying a home in Vancouver can be a heavy option at first and many first-time homebuyers are being priced out of the market and unable to save the huge down payment or even qualify for a mortgage. So more people are resorting to other ways to living where they want and how they want, including co-buying with friends or family. 
I'm one of those people and I think it was one of the best moves we could make. Living outside of Vancouver and driving everywhere was just not an option for my family and I so we made it work.

Couple of key features to make sure a partnership or joint venture agreement should cover : 
  • Who pays for the purchase and maintenance of the house. 
  • Sales agreement in case one side wants to sell their share.
  • How the property will be divided if the friends/family decide to separate or if one person dies.
  • Enclose a first right of refusal clause into the agreement so whoever wants to stay has the ability to own the entire place first.
  • Regardless of who you’re buying with, whether a friend or sibling or parent, seriously consider consulting a lawyer and drafting legal papers.
  • Pay attention to unbalanced arrangements at the outset. For example, if you’re contributing 100% of the down payment but the two parties will be splitting the expenses, you might want to be clear in your agreement that your down payment should be returned to you upon sale before profits are split.
In the end if there is a will, there is a way. Just cover your bases to avoid a confrontation in the future. I wouldn't have done it any other way.


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