From Ourboro

We Share in Land Transfer Tax with You, Here’s Why

Saving for a home requires more than just the down payment.

Buying a home isn’t just about saving for the down payment. Closing costs can take buyers by surprise and end up representing a large portion of your savings. Ourboro is excited to announce that, in addition to helping meet your down payment goals, we can now help with a significant piece of these closing costs. 

Ourboro is now able to contribute our share of the provincial and municipal land transfer taxes for each of our co-bought properties. 

Why are we making this change?

Finalizing our partnership with Peerage Realty Partners earlier this year allowed our team to revisit our product and see how we could improve it. Since closing costs will always be a significant burden for homebuyers, it has been our intention from the beginning to provide more financial benefit to buyers at this stage. 

We cannot overemphasize the importance of having mission-aligned partners, as contributing toward closing costs in this way directly impacts investor returns. Despite this, our investors remain committed to working with us in building the best model for our homebuyers.

What is land transfer tax?

Land transfer tax is one of the largest components of a home’s closing costs. It is different from other closing costs as it’s only applicable when you acquire property, and specifically when you acquire a beneficial interest in a property. 

To learn more about closing costs and land transfer taxes, check out our Homebuyer’s Guide to Closing Costs.

While Ourboro is not on title with you as owners in the property, our model does provide us a beneficial interest, proportionate to our down payment contribution. 

How does this impact you, the homebuyer?

When we close on a home together, Ourboro will contribute our share of land transfer tax, proportionate to our interest in the property. For example, if we both contribute 50% of the down payment, giving us a 50-50 equity split in the home, we would each pay 50% of the Land Transfer Tax. 

If you qualify for a first-time homebuyer rebate on land transfer tax, it is your responsibility to ensure the rebate is only claimed against the amount of tax you paid and not on the total tax that was applicable to the property. In other words, the rebate claimed cannot exceed the amount of taxes you paid, and you cannot claim a rebate against the portion of land transfer tax paid by Ourboro.

We are thrilled to announce this new offering. It allows you, our co-buyer, to put more of your hard-earned savings toward your home, rather than toward transaction costs and makes the economics of co-buying with Ourboro even more of a no-brainer, starting on day one.


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Have questions? Join us for an upcoming Homebuyer Info Session with Q&A to learn more about Ourboro.