Canada’s luxury vacation home co-ownership startup Wecasa has officially launched with their first two properties in British Columbia.
Starting today, Canadians can co-own homes in Whistler (pictured above) and the Okanagan (pictured below).
Launched in partnership with Conconi Growth Partners and covered by Techcouver earlier this year, WeCasa enables Canadians to co-own a luxury vacation home with a minimum of two and up to eight other people.
In contrast to traditional timeshares and many other forms of fractional ownership, Wecasa owners share ownership of a distinct luxury home. When they’re finished enjoying their vacation home, they can sell their ownership and receive the benefit of any appreciation in the value of the property.
Co-ownership of fully managed second homes is a fast-growing category in the US with Pacaso, reAlpha, Divvy Homes, and Doma currently offering co-ownership options.
Wecasa is the first company to solve the unique regulatory and financing challenges in Canada to bring the proven second home co-ownership model to local buyers and properties.
Unlike owning a second home all to yourself, Wecasa provides a full-service, tech enabled solution that manages the property and removes the burden of maintenance and budgeting.
Currently, most luxury second homes sit empty for the majority of the time, meanwhile demand for second homes has never been higher. Wecasa aims to solve this long-term supply and demand imbalance by allowing existing owners to right-size their ownership in their second home to the amount of time they use.
“At wecasa, we see an opportunity to fundamentally change the way Canadian vacation property is owned by offering a superior ownership experience for a fraction of the price through fully managed co-ownership,” said Mark Proudfoot, Co-founder and CEO of Wecasa.
“We believe that systemic shifts like flexible work and baby boomers retiring at unprecedented rates will continue to create growing demand for a finite amount of second home inventory. By introducing co-ownership to the Canadian market, we will increase the utilization of high-cost luxury homes, which in turn will reduce the number of buyers competing for single-family vacation dwellings at more affordable price points.”
Wecasa is partnering with leading real estate agents to acquire elevated second homes in the most desired locations and is rolling out an agent partnership program to incentivize agents to introduce their clients to Wecasa.
To learn more about Wecasa’s brand new listings, including how to become a co-owner, visit we.casa.