Buying house with parents

Hey all!

My parents and I will be buying a house this summer in Canada. (I’ll put 200k; 100K cash and ~100K from my house market value per my banker (I’m the sole owner). My parents will put ~200K together for down payment). We will likely have ~150k mortgage loan for the *new* house.

We need a single level house to accommodate for my parents; they live with me now in my house but the stairs are getting harder for my mom and she fell down twice. Thankfully both times with minimal injuries. My step-father and I work FT with good income and mom is mostly home d/t health issues.

I’m now (to mom) and will be their caregiver when the time comes to it so I’m happy to live with them. I plan to rent out my current house as a rental unit as per my discussion with my mortgage advisor and move in with them.

My concern is; I have siblings so I’m a bit nervous of the financial ramifications in the future if my parents sell/ or when they pass on. I’ve seen how nasty fight over money gets and want to make sure I don’t fall in that hell.

How do I set up things now so that it’ll be fair and clear for me and also my parents and siblings in the future? Is there a way to set up the property deed to reflect that?

How would you go about it if you were in my situation?

If you have any suggestions I should take, please let me me know.

Thanks from an anxious stranger! 🙂