These days, becoming a homeowner can feel impossible. Not only is it a huge life decision, but buying property has been more of a daydream than a reality for many Millennial and Gen Z Canadians.
The housing market can feel super intimidating, but options like co-ownerships are here to shoo away all the real estate-scaries.
A recent report by National Bank revealed that Canadians need about 32 years' worth of savings to buy a home. But GTA-based company Ourboro can trim that number down by almost 24 years. Seriously.
Ourboro's co-ownership program is a nifty way for first-time homebuyers to find their homes — and fast. They’ll invest anywhere between 5% to 15% of the purchase price to help you reach a 20% down payment (to a maximum of $250K).
By chatting with one of the pros at Ourboro, you can figure out an ownership split that works for you.
At this point, you’re probably wondering, "OK, but what's the catch?" Basically, co-owning a home with Ourboro means you're agreeing to a 10-year term, where you agree to sell or buy out their share any time before the 10-year mark.
That's what makes co-ownership such a cool new option. It's not like a loan because they're your investment partner.
Translation: There's no interest or monthly payments associated with the Ourboro investment, and you'll get to live in a place that you can call your own.
As a sweet little bonus, you'll also get complimentary maintenance services to help protect your home’s value.
Once you've found the perfect home, the down payment percentage you contribute will determine how the appreciation in the home is shared when sold. (That’s what they call an equity split.)
Based on that National Bank report, Ourboro estimated that Canadians buying a non-condo may need to save a down payment of $281,759 (ish) without their co-ownership service.
But with them, that number drops to $70,440. Yup, those are some hefty savings.
Buying a house might be a lot different than how your grandparents did it, but saving shouldn't take decades. Filling out an application takes literally seconds — and just this year, Ourboro raked in over 600 applications.
Of course, you (and your epic future home) are unique. Attend an information session to ask questions about your specific situation — and take Ourboro’s quiz to find out what kind of homebuyer you are.
Get that much-needed financial boost — plus a bunch of house-hunting support — and make those white-picket-fence dreams a reality with Ourboro.
To learn more about co-ownership investing, check out Ourboro's website or follow them on Facebook, Instagram, Twitter or YouTube.
This content is for general informational purposes only and does not constitute financial, investment, legal, tax or accounting advice.