Marianne and Camille Blouin had wanted to own the property for several years. As buying alone was unthinkable, the sisters aged 24 and 28 chose to pool their salaries to achieve this. If purchasing between people from the same family is still marginal in Quebec, the trend has accelerated during periods of real estate overheating.
Marianne and Camille are well settled on the ground floor of their newly acquired duplex, Saint-Sauveur district, in Lower Town of Quebec.
Our parents aren’t too out of place when they come to visit us, most of our furniture was theirs!, says Camille, the eldest, laughing.
Two months ago, after more than nine months of intensive research and dozens of visits, the sisters acquired the 1935 income property at a cost of $365,000.
Camille was shopping for a house with her ex and I was looking for a condo. When she separated, she was the one who suggested that we buy things together, says Marianne, who works in communications at a record company.
Open in full screen mode
Camille, 28, is a government professional while Marianne, 24, works in communications at a record company.
Photo : Radio-Canada / Anne-Sophie Roy
The first idea that came to mind was to literally join forces, adds Camille, who works as a professional in the government. By our strengths, I am talking about our salaries.
The siblings chose to live on the ground floor of the building while a tenant occupies a 3 ½ upstairs. This income will allow them to cover the significant expenses linked to their purchase during the first years, they explain.
For payments, we relied on our income. As Camille earns more than me, we split the mortgage payment with a ratio of 60/40, specifies Marianne.
The young women tip their hats to the array of professionals who have accompanied them at one point or another in the purchasing process.
We were able to obtain a mortgage pre-approval that represented our real financial capabilities by consulting a second mortgage broker, Camille gives as an example. He found us a fixed rate of 5.5% for three years.
2:29
Camille and Marianne Blouin
Photo : Radio-Canada / Anne-Sophie Roy
A growing marginal trend
In Quebec, 6% of owners jointly own a property with a person other than their spouse, notes a Royal LePage survey carried out by the Léger firm in May 2023.
Young people who buy a property together do so much more between members of the same family than with friends, underlines Stéfanie Cadou, real estate broker at Royal LePage.
A quarter of the company’s real estate professionals have observed, since the start of the increase in interest rates in 2022, a certain increase in the number of buyers acquiring a property with one or more other people, other than their spouse. During this same period, 8% of them say they have seen a notable increase.
Stéfanie Cadou notices an open-mindedness regarding the different means of accessing property.
The primary motivation for these buyers remains the difficult financial context, but the other factor to consider is mutual assistance, adds the real estate broker. The “village” trend is as important as the monetary aspect.
Calculated risk
The joint purchase of Marianne and Camille created a surprise in their circle. They were like, ‘Oh my god, why didn’t I think of that before?’, summarizes Marianne.
Young women see their siblings as a strength compared to purchases between spouses or friends.
We were raised together by the same people, we live the same way, we are on the same wavelength. We know it’s going to go well, she adds.
Faced with the difficulty encountered by many young adults in accessing property, many resign themselves to renting long term. In this context, the Blouin sisters are of the opinion that more and more young people will be inclined to take other paths to buy together.
I feel like it’s become so difficult to buy at my age that we no longer think about it, actually. We no longer think about ways to buy more easily, it seems, forget Marianne.
2024-01-26 20:20:12
#Buy #sisters #access #property
