We’re here! And there, and there, and there.
Co-ownership is now available in Hamilton, Guelph, Kitchener-Waterloo, and London.
What is co-ownership?
Co-ownership is a new way to buy and own your home and Ourboro is the first to offer this unique option to homebuyers in the GTA, and beyond.
Ourboro will co-invest in your home alongside you, contributing 5-15% of the home’s value to help you reach a 20% down payment and become a homeowner sooner. We’re not a lender, instead we co-own alongside you for up to 10 years. And, as your co-investing partner, we are fully aligned in helping you succeed as a homeowner.
Don’t take homeownership off the table.
How does co-ownership with Ourboro work?
After completing your application and having a quick call with a member of our team, you’ll receive a mortgage pre-approval from one of our lending partners and be connected to a top-performing real estate agent to help you find your new home.
Once you get the keys and move in, Ourboro will be your silent co-owning partner. Take advantage of our complimentary home maintenance service to help protect the home’s value and make minor changes to the home when, and how, you want to. Major updates may even qualify for our Renovation Credit Program.
We can co-own the home together for up to 10-years. Of course, you are free to sell the home or make an offer to buy our share at any time. If you decide you’d like to remain in the home past the 10-year mark you may do so by paying fair market value for Ourboro’s share in the property.
When the home is sold, we’ll divide the appreciation based on our original down payment contributions. Don’t worry, if the home value hasn’t increased, or has decreased, we will accept the loss on our investment and you won’t owe us anything.
Once you get the keys and move in, Ourboro will be your silent co-owning partner. Take advantage of our complimentary home maintenance service to help protect the home’s value and make minor changes to the home when, and how, you want to. Major updates may even qualify for our Renovation Credit Program.
We can co-own the home together for up to 10-years. Of course, you are free to sell the home or make an offer to buy our share at any time. If you decide you’d like to remain in the home past the 10-year mark you may do so by paying fair market value for Ourboro’s share in the property.
When the home is sold, we’ll divide the appreciation based on our original down payment contributions. Don’t worry, if the home value hasn’t increased, or has decreased, we will accept the loss on our investment and you won’t owe us anything.
Let’s say we co-buy a $1,000,000 home:
In this example, your mortgage will be for $800,000 (80% of the home’s value). If you contribute $80,000 (8% of the home value) and Ourboro contributes $120,000 (12%), together we’ll have a $200,000 (20%) down payment.
Since you contributed 40% of the total down payment, and Ourboro contributed 60%, we would have a 40:60 equity split in the home’s future appreciation.
Now, let’s fast forward a few years to when you decide you’d like to sell the home. The home sells for $1,500,000, and over the time you’ve lived in the home you’ve paid off $100,000 of the mortgage principal.
When the home is sold, the bank will be paid back first. Payments the co-owner made towards their mortgage principal will then be returned to them from the sale proceeds. Please note, closing costs will be the responsibility of the co-owner. Depending on the home’s appreciation rate, they may be eligible for a selling bonus to help cover a portion of their closing costs.
After any final adjustments, we’ll divide the remaining proceeds according to our equity split. You’ll walk away with your mortgage payments plus the appreciated value of your original down payment while Ourboro will receive the appreciated value of our down payment contribution.
Let’s say we co-buy a $1,000,000 home:
In this example, your mortgage will be for $800,000 (80% of the home’s value). If you contribute $80,000 (8% of the home value) and Ourboro contributes $120,000 (12%), together we’ll have a $200,000 (20%) down payment.
Since you contributed 40% of the total down payment, and Ourboro contributed 60%, we would have a 40:60 equity split in the home’s future appreciation.
Now, let’s fast forward a few years to when you decide you’d like to sell the home. The home sells for $1,500,000, and over the time you’ve lived in the home you’ve paid off $100,000 of the mortgage principal.
When the home is sold, the bank will be paid back first. Payments the co-owner made towards their mortgage principal will then be returned to them from the sale proceeds. Please note, closing costs will be the responsibility of the co-owner. Depending on the home’s appreciation rate, they may be eligible for a selling bonus to help cover a portion of their closing costs.
After any final adjustments, we’ll divide the remaining proceeds according to our equity split. You’ll walk away with your mortgage payments plus the appreciated value of your original down payment while Ourboro will receive the appreciated value of our down payment contribution.
Unlock homeownership, sooner.
Not ready to buy, but want to learn more?
Subscribe to get a crash course on co-ownership and stay up to date on the latest homebuying trends.
Is Ourboro for you?
You’re in our borough.
You’re looking for a home in one of our investment regions.
You qualify for a mortgage.
You have enough income to support a mortgage, but lack the savings to make the full down payment.
You’ve been saving.
You have at least 5% saved for a down payment.
This will be your first home, not your last.
You’re planning on living in this home for less than 10 years.
Is Ourboro for you?
You’re in our borough.
You’re looking for a home in one of our investment regions.
You qualify for a mortgage.
You have enough income to support a mortgage, but lack the savings to make the full down payment.
You’ve been saving.
You have at least 5% saved for a down payment.
This will be your first home, not your last.
You’re planning on living in this home for less than 10 years.