Speed dating is tough.
You only have a limited amount of time to make a great first impression, and hopefully at the end of it, that impression will lead to a phone number and maybe even a second date.
Torontonians are speed dating. But they’re not looking for romance.
They’re looking for people that they can co-own property with.
Toronto real estate agent Lesli Gaynor, who specializes on the Toronto Market and in Co-operative Purchasing, came up with the idea - speed dating for a property co-owner - when she thought the different types of apps that people engage with on a daily basis. In particular, she was fascinated with how people, like her son, used dating apps to meet new people.
Toronto’s housing market is crazy.
As the image below shows, the year-over-year housing price changes in Toronto is the highest in Canada at almost 25% - a lot higher than other Canadian markets like Hamilton, Victoria, Vancouver, and Ottawa-Gatineau.
High prices and instability makes it incredibly difficult for anyone - potential homebuyers and sellers alike - to make decisions.
With such instability, those who want to purchase homes find themselves being priced out or putting off purchasing homes until they have enough money saved for a down payment.
For Gaynor, the idea of people meeting other people to discuss co-operative purchasing was the solution to assist people in buying homes.
Two people combining their revenue and income can help to increase their purchasing power, making it much more appealing for the seller to accept their offer rather than going at it alone with a single income.
Gaynor’s idea turned into GoCo Solutions, which is a resource to educate potential property owners on the idea of co-ownership.
It’s not a quick fix, and one speed date isn’t going to lead to a handshake and signatures on a dotted line. But it may lead to another discussion about co-ownership in the future with a potential co-owner.
Intrigued by this and the Toronto market? Check out more Toronto listings here!
Rachel Wong is the Digital Content Co-op student at RESAAS. She loves coffee and beer, writing and talking, and has been the same height for pretty much ever. Check out her RESAAS profile ›