98, 99, 100!
Earlier this year, Ourboro officially closed on our 100th co-bought home. And we’re already able to see the impact co-ownership has made on these homeowners, here are some of the early results:
Keeping Canadians in their communities
When Ourboro was created, a large part of our mission was rooted in helping those that were being priced out of the areas they called home.
Over time, the data became clear. In 2022, only 22% of potential homebuyers anticipated being able to afford a home in the city where they currently live. The remaining 78% were left feeling like they may never be able to afford a home, or will be priced out of their current city. So, Ourboro had a thesis to prove. Could we help people stay in the places they currently work, live and play?
The verdict is in. Over 54% of Ourboro homeowners bought a home in the same region where they previously lived. Buying a home without having to drastically alter your commute, your children’s routines, or other lifestyle pillars is a dream come true for many homebuyers.
Opening the door for those left out
We know that certain demographics are consistently marginalized from homeownership. Data shows that a number of visible minority populations consistently own fewer homes than their non-minority counterparts.
Balancing the playing field to help these communities access homeownership is one of Ourboro’s key impact objectives. While surveying our co-owners we found that 56% of our surveyed homeowners identify as visible minorities and 47% were born outside of Canada.
Many of these co-owners simply didn’t have decades worth of savings or the Bank of Mom and Dad to help with a down payment. Over the coming months and years, Ourboro looks forward to continuing to improve in reaching those who need us most.
Unlocking generational wealth
To understand the impact that homeownership is having on our co-owners, we compared the average appreciation rate of our co-owners’ homes against the average equity they hold in these properties.
We found that, over the next 10 years, based on historical data and current appreciation rate projections, it is anticipated that our homeowners will see their net worth increase by an average of over $270,000 per household.
This is pure profit for our homeowners, in addition to their original down payment amount and return of mortgage principal. This is wealth that can be reinvested or passed down to future generations.
On the road to the next 100
To further our commitment to impacting the lives of our co-owners, Ourboro is proud to be partnered with researchers from Conestoga College & the University of Waterloo. Together we have embarked on a 10-year study, comparing the impact of co-ownership, owning on their own, and renting.
Reaching this first 100 homes milestone is a testament to Canadians’ appetite for innovation – and for embracing new ways to address old problems. Ourboro is especially grateful to our first 100+ co-owners and we’re already looking forward to scaling our impact to the next 100.
