Ourboro has partnered with the Government of Canada to provide support to first-time homebuyers in Ontario. Here’s a look into the partnership and how it has already been making an impact. 

The Partnership 

Through the government’s Shared Equity Mortgage Providers Fund (SEMP), part of the $82 billion National Housing Strategy, $5 million of funding was issued to Ourboro to support first-time homebuyers in Ontario. 

How It’s Helped First-Time Homebuyers

Looking at the numbers, we helped 47 first-time homebuyers secure over $35.5 million in properties. With our shared equity mortgages, not only did these homebuyers break into the market, but we also reduced their monthly mortgage payments by helping them reach a 20% down payment. 

Over 54% of our homeowners have bought a home in the same region where they previously lived; these 47 homeowners were no exception. The homes secured through the partnership were spread across various areas of Ontario, including Toronto, York, Durham, Halton, Hamilton, Peel, and Simcoe County. 

The Bigger Picture

Currently, Ourboro has over 100 co-owners, and the number is growing steadily each month. In the next ten years, our homeowners are expected to see their net worth increase by an average of over $270,000 per household. And it’s not just about financial gain—homeownership has also brought social benefits to our homeowners. 

That’s why we’re working with researchers from Conestoga College on a 10-year study to compare the impacts of co-ownership versus renting. Early results show that co-owning has helped our homeowners reduce commute times, cut housing costs, and move into homes that better meet their needs. 

As the Minister of Housing, Sean Fraser, said, “That’s what the SEMP fund was all about — partnering with innovative organizations like Ourboro to support first-time homebuyers.” 

The Partnership Moving Forward

Although this program is no longer accepting applications, our partnership with the Government of Canada highlights our dedication to helping those who are locked out of the market. We’re excited to keep building partnerships nationwide to make homeownership possible for this generation! 

In the words of co-founder Nick Pope, “All of us at Ourboro are committed to working with others who share our conviction that home ownership is critical to the financial well-being of individuals, families, and communities.”