Despite changes last month to B.C. common law relationships that make them naerly identical to marriage, many couples are purchasing a home before they get married - and 35 per cent before their second anniversary. Under B.C' s new family Law Act, common-law couples regarding property division should they split up.
Couples living together for two years have the legal right to a half-split of shared assets, excluding pre-relationship property.
B.C has more than 160.000 common - law couples, according to Statistics Canada, and the rate is growing at three times the number of married couples. While about half of all marriages in Canada end in divorce, the average marriage lasts 24 years. Therefore, based on average annual housing price increases, a couple would be splitting healthy property equity after a quarter-century of ownership.
24 per cent of married homeowners aged 18-34 bought a home before they were amrried, compare to 14 per cent of those aged 45 or older.
17 per cent of all married couples bought a home before their wedding day. 80 per cent said purchasing a home with their spouse did more to strengthen their relationship than any other purchase they made together.