Investors own a fraction — large or small — of the property
Pedro Arrais, Times Colonist
Consumers looking for a cost-effective alternative to hotels and vacation homes are discovering the benefits of owning a fraction only of a second home.
While Canadians have long-embraced the idea of owing a vacation getaway, rising costs of a cottage by the lake or waterfront property makes it cost-prohibitive to all but the well-heeled.
Fractional ownership of a home, usually a vacation or second home, means the cost of a property can be shared by up to 20 different buyers. Fractional ownership differs from timeshares, where people purchase blocks of time in a resort. Instead, fractional owners purchase their property with a fee-simple title. This means they can mortgage, buy, sell or pass deeded property to others.
“It was an opportunity to own a piece of paradise,” says Adrienne Ash of Vancouver, who purchased a unit in the Mayne Island Resort and Beach Homes.
Image courtesy of Murray Rosengren Mayne Island Resort
“It was an opportunity to own a piece of paradise,” says Adrienne Ash of Vancouver, who purchased a unit in the Mayne Island Resort and Beach Homes.
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