For many of us, our life plan has always included owning our own home. Not only was it a sound financial investment, but it was a place to lay our roots. A space to call our own and connect us to our community.
Even though this dream has not changed, the reality for many of us has.
We’ve all seen it – especially in the Greater Toronto Area. Home prices continue to rise faster than Canadians can save. Even with the income to support a mortgage, many first-time homebuyers feel like they are watching their homeownership goals slip further and further away. And, while some buyers have families that can help close the down payment gap, many don’t have this option.
Breaking into the housing market, and fulfilling the dream of homeownership, has always been a challenge. Now, especially in a hot market like Toronto, it feels nearly impossible.
That’s why we created Ourboro, to bring the goal of homeownership back into reach.
Who is Ourboro?
The Ourboro team personally and intimately understands the struggles homebuyers face. We have all experienced it ourselves or are currently experiencing it in today’s market. We are committed to offering a way to remove the down payment hurdle without increasing homebuyer debt.
Now, we are introducing a co-ownership model that will fundamentally change the way people buy and own their homes, by turning homebuyers and real estate investors from competitors to partners.
In October 2020, we launched our Limited Release Pilot Program to a waitlist of over 500 homebuyers. We used our pilot launch to learn, build, break, and ultimately strengthen many aspects of our product. After closing on our first homes with some of these early co-buyers, we are excited to share our offering with the broader public and move into the next stage of our corporate journey.
The market needs more creative approaches to homeownership. We’re rising to the challenge.
How does Ourboro help?
Put simply, we invest in your home with you by contributing toward the down payment. It’s not a loan so there is no interest or additional debt. Instead, we buy a share in the future value of your home.
Like any good partner, once you move in we’ll work with you to help preserve and increase the home’s value. When you decide to sell, we each receive our fair share of the gains or losses.
We are now accepting applications for anyone looking to purchase a home in the GTA. If you have the income to support a mortgage, and at least 5% saved for your down payment, get an estimate to find out how much home you can afford with Ourboro.