Fractional Interest Booming in Canada
Did you know that one in six Canadians are purchasing or contemplating purchasing recreational property?
Fractional interest, or divided interest, is an ownership interest in real property. This relatively new form of ownership is very popular in recreational areas, such as Whistler, BC and Muskoka, ON.
An owners’ agreement is prepared which specifies who has the right to use the property and when. For example, a quarter share owner would have the right to use the property a quarter of the year and will finance as such.
The nature of fractional ownership makes them a specialty mortgage product and traditional lenders look at financing fractional interest on a case by case basis.
Call me at 416 909 5044 or email at firstname.lastname@example.org to find out how you and your family/friends can own your dream vacation home.