Newlyweds Kyle and Marina Davis were renting a condo in downtown Toronto when the pandemic hit in early 2020. Stuck at home, and craving more space, they began to casually look at what was on the market.
Then, when they found out they were expecting their first child, the desire for more space quickly became a need and the home search became more serious.
“How is anyone else affording any of this stuff?“
Rising home prices meant they were quickly priced out of Toronto. Kyle described the experience as disheartening and recalls thinking “We both have really good jobs and incomes … how is anyone else affording any of this stuff?”
After putting down offers on multiple homes, and finding themselves outbid each time, they decided it was time to expand their search and see what other options were available.
“It felt like they could actually help us find a house.”
While researching alternative ways to help add to their down payment, the couple found Ourboro.
Although initially skeptical, after talking it over they decided to complete an application and find out more. They had their first call with Preya, Ourboro’s Homebuyer Relationship Manager, to learn about the process, the realities of co-ownership, and how partnering with Ourboro could be a win-win situation.
“They want to make money too, but it felt like they could actually help us find a house instead of just searching for a house, getting depressed, and continuing to rent,” Kyle said.
The couple liked that there was no commitment and the process seemed relatively simple and straightforward. They were reassured that, by beginning this process, they could have Ourboro as an option. But, if they did happen to find a home that they could afford on their own, they could always buy it without help from Ourboro.
“We’re not just buying a tear down fixer upper, we know what’s in the walls. “
Resuming the house hunt, this time with Ourboro behind them, Kyle and Marina were able to revisit some of the wishlist items they had thought were unattainable. “Co-buying with Ourboro gave us the flexibility to look at a wider price point range for our house so we didn’t necessarily need to compromise so much,” Marina said.
While looking at different properties with their real estate agent, Kyle and Marina were comforted knowing Ourboro was there as a sounding board and investment partner. Ourboro’s due diligence on every home and offer meant Kyle and Marina knew they wouldn’t end up overpaying in a fast paced market.
“Especially because they’re a business looking for a return,” Kyle said, “they want to make sure you’re at least getting a product of a certain level of quality that will appreciate.”
“We’re not just buying a tear down fixer upper, we know what’s in the walls,“ Marina added.
The couple bid, and lost, on two more properties before making a successful offer on their new home, a two-storey detached property in Whitby. The family of three moved into their new home in October 2022 and have enjoyed making the space their own, playing in the backyard, and exploring nearby parks.
“Just one team working together.”
Looking back on the experience, Kyle and Marina recognize that their lives would look very different had they not partnered with Ourboro.
“If we hadn’t discovered Ourboro, I think the two options really are to stay as a renter or, for us, really compromise on our list of what we need in a house,” Marina said, “probably not get anywhere close to what we wanted or needed… and get something a lot smaller, possibly a lot further away than where we are now.”
They noted that, though co-owning a home can be viewed as a business agreement, to them, it felt more like a partnership. As Marina put it, the relationship feels symbiotic, “Just one team working together.”