GTA HOMEBUYERS CAN SAVE FOR A DOWN PAYMENT 24 YEARS SOONER USING OURBORO'S CO-OWNERSHIP MODEL

Using the same data as the National Bank Housing Affordability Report, Torontonians could own a home in 7.9 years vs. 31.8 years with a co-ownership solution

TORONTO, Sept. 15, 2022 /CNW/ - Ourboro, a Toronto-based company dedicated to providing access to homeownership through co-ownership, analyzed National Bank's recent Housing Affordability Report, and using the same data, analyzed the time that would be required to save for a down payment to own a home in Toronto using a co-ownership model.  The data showed that Torontonians could own a 'non-condo' home in 7.9 years vs. 31.8 years and a condo in 4.3 years vs. 5.8 years by using a co-ownership solution.

		Without Ourboro		With Ourboro
	Median Home Price	Down Payment Required ^2	Years of Savings	Down Payment Required ^2	Years of Savings	Reduction in # of Years to Save
Non- Condo	$1,408,797	$281,759	31.8	$70,440	7.9	23.9 years
Condo^1	$764,876	$51,488	5.8	$38,244	4.3	1.5 years

	1  Properties below $1M do not require a minimum 20% down payment
	2  Does not include additional savings required for closing costs (i.e. land transfer taxes)

WHAT DATA WAS CONSIDERED?

• Average Household income: $88,463
• Estimated Savings rate: 10% per month (as per National Bank Report)
• Average Ourboro contribution to down payment: 75%

HOW DOES OURBORO'S CO-OWNERSHIP MODEL WORK?

Ourboro's co-ownership model is a new way for first-time homebuyers to realize the goal of homeownership, purchasing the home they want while having a partner to co-invest up to $250K of the down payment.  Ourboro will contribute between 5%-15% of the home's value to help buyers reach a 20% down payment.

To be eligible for an Ourboro co-invest, applicants must:

• Be looking to buy a home within the Greater Toronto Area
• Contribute a minimum of 5% of the home's value as a downpayment
• Have sufficient income to qualify for a mortgage
• Be planning to live in the home for less than 10 years
  
  

"There is no question that it is just getting harder and harder for first-time homebuyers to purchase a home," said Alex Kjorven, Chief Product Officer, Ourboro. " We hope we can make that more attainable with our co-ownership model. When comparing data with National Bank's recent Home Affordability Report, the co-ownership model gives people the chance at homeownership 24 years sooner – that's a lifetime of memories made and brings the goal of home within reach."

For more information about Ourboro, to sign-up for an info session, or to start the application process, please visit https://ourboro.com/how-it-works/.

ABOUT OURBORO

Ourboro is a private, Toronto-based company dedicated to providing access to homeownership through co-ownership. Ourboro will co-invest up to $250K towards a qualified applicant's down payment.  By providing funding toward the down payment alongside the co-owner, Ourboro purchases a share in the future value of the home. Throughout a ten-year term, additional programs, such as maintenance check-ups and renovation credits, are available to co-owners to help preserve and increase the home's value. Like a true partnership, both parties share in the profits when sold. Ourboro is currently available for homeowners in the Greater Toronto Area (GTA).  For more information, please visit Ourboro.com.

SOURCE Ourboro

Media Contact: Jo-Anne Stayner, Fresh Public Relation, [email protected], 604.603.0657