Types of housing

Part-ownership and right-of-occupancy housing are alternatives to the traditional forms of owning and renting property. Residents in right-of-occupancy housing pay a right-of-occupancy fee, which is a share of the purchase price of the dwelling, and then a monthly maintenance charge. A right-of-occupancy house cannot be bought outright. Residents in part-ownership housing buy part of the dwelling immediately. Residents pay rent to begin with and can later become the full owner of the property.