Toronto startup is making it easier for people to find strangers to co-own a home
For those looking for life partner, there's Tinder, for those looking for a home ownership partner... there's Husmates?
Husmates is a new startup located in Toronto that uses Tinder-like profiles to match up potential homebuyers with others who are interested in co-ownership.
Any why not? Houses in Toronto are expensive. For many, the only option to buy might be through tag-teaming the purchase with a total stranger.
Husmates estimates that co-ownership provides an opportunity for an estimated 1 million non-owners in the GTA to purchase a home. By essentially cutting costs in half (or lower if more than two people are involved) the cost of home ownership becomes palatable.
Since launching in 2021, Husmates has averaged two to three transactions per month, selling an estimated $32 million worth of real estate under the co-ownership model.
"We believe Husmates has the potential to truly put control of secure housing back into the hands of end users," co-founder, Parimal Gosai told blogTO.
"Fractionalizing real estate specifically for end users will help establish a new norm and create a major housing paradigm shift."
The concern of course is that co-owners are more likely to put a house up for rent rather than live in it themselves.
With the vacant home tax starting to collect payments in 2023 the hope is that property buyers are less likely to risk such a purchase, especially since Toronto is already littered with empty homes.
While home ownership seems like a distant goal to many, this new option might be exactly what Toronto needs.
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