top of page

Beyond Buying: Exploring Alternative to Homeownership

As the population grows, the demand for buying new houses grows. Some people might be reluctant to purchase property as it comes with loads of responsibilities, stresses, and, most importantly, expenses. There are several solutions to help deal with some of the issues, but one way to circumvent some of the costs and responsibilities of owning land is with a ground lease. A ground lease, in essence, is when you buy a structure or building on a piece of land while leasing the land from the owner. Essentially you own the building on the land but not the land itself. Typically, the landlord of a ground lease could be the government (municipal, provincial, or federal), Crown corporation, First Nation, corporation, or other people. While it could make payments more manageable or even less expensive, it comes with its own unique set of rules and challenges that are important to address.