Owning real estate in Toronto can price many out of the market so it’s no surprise some would consider buying a home with a virtual stranger.

That’s the thinking behind co-ownership, a buying concept that is on the rise among non-intimate partners because it helps people get a foothold in the city’s prohibitively pricey market. Of course, your buying partner need not be someone you hardly know. Siblings, cousins, buddies and even co-workers might want to consider this communal approach to housing.

Buying with likeminded family members, friends or acquaintances is made much more feasible given the skyrocketing cost of real estate. But co-ownership also serves another need that’s not often talked about and that is the need to connect with others. Ideally, co-ownership set-ups fill social and practical needs that serve both sides. For example, an elderly single woman provides child care for a young couple, while the young couple oversees outside maintenance such as snow shovelling and lawn care. Or perhaps one owner walks the other’s dog, while the other oversees minor home maintenance issues that inevitably arise.

Naturally, it’s important to have meaningful conversations with your co-owner before jumping in. You will need to know about each other’s personal finances, future plans and make provisions should one decide to opt out of the arrangement at some point down the road.

Among banking institutions and the legal community, co-ownership is a concept that is in the process of being normalized. A few years ago, Meridian Credit Union, for example, launched its friends and family mortgage, which allows up to four people to be placed on title at no extra cost. And DUCA Financial Services Credit Union launched its More Together mortgage, which allows up to six individuals on title.

Communal or co-op living arrangements have existed in one form or another for years. Alternative living arrangements are what many single, divorced or widowed baby boomers seek as they grow old and reject the notion of large institutional retirement and nursing homes. Many seek companionship and a sense of community and find shared accommodations to be the ideal setting as they age.