OURBORO EXPANDS CO-OWNERSHIP PRODUCT OFFERING TO INCLUDE HAMILTON, KITCHENER/WATERLOO, GUELPH & LONDON
Demand in new regions is comprised predominantly by those currently residing in the GTA
TORONTO, Feb. 8, 2023 /CNW/ - Ourboro, a Toronto-based company dedicated to providing access to homeownership through co-ownership, is expanding its product offering to new regions in Ontario, including Kitchener/Waterloo, Hamilton, Guelph, and London. Applications will be accepted for these new service regions Starting on February 9, 2023. To learn more, please visit Ourboro.com.
"Rising interest rates have significantly decreased mortgage carrying capacity for new buyers and many are now looking outside Toronto, where average home prices are still below $1M," says Alex Kjorven, Chief Product Officer at Ourboro. "In anticipation of our expansion we opened up a waitlist to our community in January. So far, to date, more than 65% of our 200-person waitlist currently reside in Toronto."
How does Ourboro's co-ownership model work?
Ourboro invests alongside homeowner's by contributing toward the initial down payment in exchange for a proportionate share in the future appreciation of the home when it is sold. Ourboro does this by managing a pool of funds for real estate investors who would rather co-own homes alongside vested homeowners, than act as property manager to un-invested tenants. The model is unique in that the goals of the investors are uniquely aligned with that of the co-owners: successful homeownership means successful investments.
Ourboro's expansion is driven by growing demand over the last year. Since launching in January 2022, Ourboro has partnered with over 300 real estate and mortgage professionals and received more than 800 applications from potential homebuyers looking to purchase their first home. They have deployed over $5M into homes alongside families across the GTA, accelerating their co-buyers' ability to break into the market by an average of 9 years.
For more information about Ourboro or to learn more about the application process, please visit https://ourboro.com/how-it-works/.
Ourboro is a private, Toronto-based company dedicated to providing access to homeownership through co-ownership. Ourboro co-invests up to $250K towards a buyer's down payment, purchasing a share in the future value of the home. Once they are in their home, additional programs, such as maintenance check-ups and renovation credits, are available to co-owners to help preserve and increase the home's value. For more information, please visit Ourboro.com.
SOURCE Ourboro
Media Contact: Jo-Anne Stayner, Fresh Public Relations, [email protected], 604.603.0657
Share this article