Are Co-Sign Mortgages a 50/50 Ownership?

There are two ways you can purchase property in Canada

• Joint Tenancy – When you purchase a home as joint tenants, you both own the property equally as one.
• Tenants in Common - When you purchase a home as tenants in common, you can legally divide ownership shares of the asset between the owners how you like.
• The big difference between purchasing property as joint tenants over tenants in common is that a joint tenancy creates a “right of survivorship”, meaning the shares of the property pass onto the other owner(s) and not to their beneficiaries.

Your option to register your mortgage as a Joint Tenancy or Tenants in Common will greatly depend on the lender. This is why it’s important to have this conversation with one of our trusted mortgage advisors as each lender will have different requirements as to how they want to register your new mortgage.