OURBORO SEES CO-OWNERSHIP APPLICATIONS NEARLY TRIPLE AS GTA FIRST-TIME HOMEBUYERS GEAR UP FOR SPRING MARKET

Ourboro will co-invest up to $250K towards qualified applicant's down payment.

TORONTO, March 14, 2022 /CNW/ - Ourboro, a Toronto-based company dedicated to providing access to homeownership through co-ownership, is seeing a significant increase in applicants interested in the co-ownership model, as the Spring real estate market in the Greater Toronto Area (GTA) nears. Applicants in Q1 are up 276% from Q4, with three weeks left to go in the quarter.  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 learn more about Ourboro's co-ownership model, please visit Ourboro.com.

HOW DOES OURBORO'S CO-OWNERSHIP MODEL WORK?

• Lock in a contribution: Complete an application and work with the team to determine how much Ourboro can contribute towards your down payment. If you're happy with the offer, it will be locked in for 90 days.
• Co-buy your home: You'll be connected with a mortgage lender and a top real estate agent to help you find your new home. Then, we'll close on the home together.
• Grow together: Our investment only grows when yours does so, when you sell, we each receive our fair share of any gains or losses.

"Buying a home in the GTA is daunting for most people. Even with a strong and stable income, buying a home in the current market is nearly impossible without receiving financial help, especially as home prices rise faster than you can save," said Lauren Schreiber, First-time homebuyer, GTA. "When we heard about Ourboro, our goal to own a home for our family to put roots down in felt that much closer to possible. We know that even with this support the market is incredibly challenging, but we're finally hopeful that it will happen for us."

"We've seen a decline in first-time home buyers in Canada from 52.6% to 46.78% over the last five years; it's been difficult for a lot of people that are looking forward to the dream of owning their first home but have had so many obstacles in the way," said Alex Kjorven, Chief Product Officer,  Ourboro. "We hope we can help shift those numbers back in the right direction. Our model is a true partnership - when your home increases in value, we both win. If the home decreases in value, we take our fair share of the losses. Our investment only grows when yours does. It's exciting to see such a rise in applicants so we can help more people in the GTA realize the goal of homeownership."

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 Relations, [email protected], 604.603.0657