TORONTO – January 28, 2025: Ourboro, a leader in the home co-ownership sector, has teamed up with Scotiabank, to offer first-time Canadian homebuyers a co-ownership model. This partnership aims to make home ownership more accessible by helping first-time buyers with the 20 percent down payment.
Scotiabank joins other major investors including LiUNA (Laborers’ International Union of North America), Canada Mortgage and Housing Corporation, and Peerage Capital. Together, these investors are helping to address housing accessibility in Canada by enabling individuals and families to overcome the single largest barrier to entering the market for first-time homebuyers: obtaining the down payment.
Ourboro has partnered with nearly 200 co-ownership buyers in the Greater Toronto Area (GTA) and aims to reach 600 co-owned homes by the end of 2026. To achieve this goal, it has expanded its Referral Partner Network to include 2,000 realtors and mortgage brokers.
“The support of strategic long-term partners like Scotiabank is crucial in making home ownership more accessible in Canada,” said Miles Nadal, Founder and Executive Chairman of Peerage Capital. “The appeal of Ourboro lies in its ability to bring together institutional, public, and private sector investors with a common purpose. We are excited about the momentum we are all building together. Our goal is to create $10 billion of equity value for Canadians through the appreciation in the value of their first home.”
“At Scotiabank, we are committed to enhancing the financial well-being of Canadians and we are pleased to support this innovative solution to help them enter the housing market,” said Jacqui Allard, Group Head of Global Wealth Management. “Partnering with Ourboro to advance co-ownership of a home is another way we support Canadians’ long-term financial security.”
Nick Pope, Ourboro Co-Founder added, “It takes over 30 years for the average person to save for a down payment to purchase a home in the GTA. At Ourboro, we’re enabling homebuyers to share in the benefits of home ownership immediately.”
According to the Ontario Housing Affordability Task Force, real estate ownership represents a superior opportunity for asset growth for the average family. From 2011 to 2021, incomes increased by 38 percent, while home prices gained 180 percent in value.
A recent study reinforces the broader social, economic, and health benefits of home ownership: Research from Conestoga College’s Social Innovation Lab shows that Ourboro co-owners contribute to social stability with a strong feeling of belonging to their community, greater overall happiness, and greater satisfaction with their homes. They also have a more optimistic economic outlook: 80.6 percent anticipate a stronger personal financial situation in the next 12 months, compared with just 44.6 percent of active homebuyers.
Ourboro homeowners also tend to improve their location compared with previous rental housing. According to the research results, they typically have lower commute times, spend 11 percent less on housing, and live in homes better suited to their families’ needs.
Co-ownership solutions also reinforce social inclusion by addressing a divergence in home ownership. A survey of Ourboro co-owners found that 56 percent identify as visible minorities, and 47 percent were born outside of Canada.
Media Contact:
Ourboro:
Alex Kjorven, Chief Product Officer, Ourboro
About Ourboro
Ourboro is a private, Toronto-based company dedicated to providing access to homeownership through co-ownership. Ourboro’s principal financial sponsor is Peerage Capital.
Ourboro co-invests up to $250,000 towards a buyer’s down payment, purchasing a share in the future value of the home for as long as 30 years. 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 the home’s value. Currently, Ourboro’s co-ownership program is available in the GTA, Hamilton, Guelph, Kitchener-Waterloo, London and Simcoe County. www.ourboro.com
About Peerage Capital
Peerage Capital is a leading North American business services and private investment firm that forges long-term partnerships with entrepreneurial management teams. These cover several sectors including real estate services, real estate development and management, land assembly, self-storage, asset management, and wealth advisory services.
It has a growing network of partner companies with approximately US$9 billion (C$13 billion) in total assets under management (AUM) and administration.
Peerage Realty Partners, wholly owned by Peerage Capital, is one of the largest North American residential real estate service operations, selling over US$40 billion (C$60 billion) in re-sale and new construction residential real estate annually. It has 275 offices and 7,500 sales representatives and employees across North America. A key component of Peerage Realty’s operations include mortgage, title, insurance, escrow, property management, home renovation, and other real estate services.
Peerage Capital is one of Canada‘s largest operators of self-storage facilities with 30 facilities and approximately 3,000,000 ft.² under ownership, management, and development.
Peerage is also a substantial investor in land assembly and condo development with over 5.5 million square feet under management, ownership, and development within its portfolio.
Peerage’s unique selling proposition is its focus on professional partnerships with its portfolio. www.peeragecapital.com
About Scotiabank
Scotiabank’s vision is to be our clients’ most trusted financial partner and deliver sustainable, profitable growth. Guided by our purpose: “for every future,” we help our clients, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With assets of approximately $1.4 trillion (as at October 31, 2024), Scotiabank is one of the largest banks in North America by assets, and trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit www.scotiabank.com and follow us on X @Scotiabank.
