Ourboro surpasses 150 co-owned homes, 2,000 referral partners, and announces early results from a groundbreaking study on the benefits of shared equity
Demand for affordable homeownership fuels Toronto-based company’s growth with preliminary results demonstrating improvement in co-owner’s lives.
Toronto, Ontario | September 12, 2024: Ourboro, a Toronto-based company dedicated to providing access to homeownership through shared equity, has co-invested in 160 homes valued at over $130 million, just 6 months after reaching its first milestone of 100 homes, which the company announced in February this year.
Since its market launch in 2022, Ourboro has popularized its co-ownership model, which provides up to $250,000 toward a downpayment for aspiring homebuyers. The company now has over 2,000 realtors and mortgage brokers as part of its growing referral partner network.
“The remarkable momentum of Ourboro is enabling renters to become first time homeowners and make important improvements to their quality of life.” says Miles Nadal, Global Chairman & Founder of Peerage Capital, anchor investor, and strategic partner to Ourboro. “This makes me more confident than ever that we can achieve our dream of creating $10 billion of equity value for Ourboro homeowners.”
To fully leverage the momentum that is driving Ourboro’s growing success, the company has partnered with researchers from Conestoga College Institute of Technology & Advanced Learning to conduct a comprehensive 10-year study analyzing the broader socio-economic benefits of its co-ownership model.
As part of the study, 9,412 individuals were surveyed by Angus Reid and Dynata. Preliminary results show that Ourboro homeowners outperform the control group in almost all categories. Among the specific factors they identified are:
- Higher Scores in Neighbourhood Belonging, Happiness, and Home Satisfaction: Ourboro homeowners reported stronger feelings of belonging in their communities, greater overall happiness, and higher satisfaction with their homes.
- Lower Levels of Neighbourhood Disorder: Compared to other groups, Ourboro homeowners were less likely to feel that their neighbourhoods had unsafe characteristics.
- Positive Economic Outlook: 80.6% of Ourboro homeowners were optimistic that their economic situation would improve in the coming year, compared to only 44.6% of active buyers feeling the same way.
The results also show that Ourboro homeowners tend to move into neighbourhoods that offer significant advantages over their previous rentals. Specifically, they moved into areas where residents have lower commute times, spend 11% less on housing, and live in homes that are better suited to their needs.
“The early results from our study with Conestoga show that shared equity through Ourboro is not just about owning a home—it’s about enhancing overall well-being.” says Alex Kjorven, Ourboro’s Chief Product Officer. “Our homeowners are happier, more connected to their communities, and more optimistic about their financial futures. We’re excited to see how these benefits grow over the next nine years of research.”
“These preliminary findings show some tangible benefits of co-ownership earlier than I would have anticipated,” said Dr. Anthony Piscitelli, Director of the Conestoga Social Innovation Lab and lead researcher on this study. “The potential of co-investment models like Ourboro’s to improve the health, social, and economic benefits of homeownership, for those locked out of the market are promising.”
About Ourboro
Ourboro is a private, Toronto-based company that co-invests up to $250K towards a buyer’s down payment, purchasing a share in the future value of the home. Once they are in their home, additional programs, such as maintenance check-ups and renovation credits, are available to co-owners to help preserve and increase property values.
This is achieved through the management of several private real estate funds. Ourboro investors gain residential real estate exposure by co-owning homes alongside vested homeowners. Ourboro has a mix of public, private and institutional investors that include the Government of Canada, the LiUNA Pension Fund of Central and Eastern Canada, Peerage Capital Corp. and various others.
Ourboro is a partner and portfolio company within the Peerage Capital ecosystem, which is a leading North American business services and private investment firm with approximately US$8 billion (C$10 billion) in total assets under management (AUM) and administration.
For more information about Ourboro or to learn more about the study findings, please visit https://ourboro.com/baseline-impact-study-how-ourboro-is-shaping-the-future-of-homeownership/.
About Peerage Capital
Peerage Capital is focused on partnering with exceptional, entrepreneurial management teams to form long-term investments across several strategic business services platforms including real estate services, real estate development and management, land assembly, self-storage, asset management and wealth advisory services.
Through Peerage Realty Partners there is a network of partner companies with approximately 7,500 sales representatives and employees across Canada and the USA selling over $60 billion worth of resale and new construction residential real estate.
Peerage Capital focuses on service sectors where there are opportunities to achieve scale through both organic growth as well as through acquisition, operating synergies, and brand differentiation. It supports the partner firms in which it invests by providing capital as well as a team of experienced professionals who add value in such areas as strategy, finance, technology, marketing, mergers and acquisitions, and communications.
Peerage Capital believes that superior talent is the ultimate driver of long-term growth and success. It operates with a strong culture of partnership, collaboration, and alignment of interests, both economic and cultural. Peerage Capital’s unique “Professional Partnership” model has been refined over 44 years to accelerate growth through value-added services that enhance the sustainable, profitable growth rate of the organization, maximizing value for all stakeholders.
About the Conestoga Social Innovation Lab
The Conestoga Social Innovation Lab is a research centre operating at Conestoga College, located in Waterloo Region. The Lab fosters partnerships between Conestoga applied researchers and cooperatives, non-profits, social enterprises, and change-makers to solve tangible real-world problems.
The lab’s partnerships focus on supporting social change with a long-term positive societal impact, using a collaborative research approach undertaken on behalf of and in support of organizations and change-makers. The lab’s research addresses real-world problems supporting the implementation of practical solutions. The work of the lab also provides Conestoga students with opportunities to gain hands-on experience in applied social innovation research. Research results are shared widely to allow others to learn from the findings.
Media Contact:
Ourboro:
Alex Kjorven, Chief Product Officer, Ourboro
Conestoga College:
Brenda Bereczki, Executive Director, Corporate Communications
View more Ourboro Press: https://ourboro.com/press/