The offer helps to bring home ownership within reach for those struggling to get into Toronto’s unaffordable market, where the average home price is now $1.09 million, requiring a 20 per cent down payment of $218,000.
Ourboro doesn’t make any contributions to the mortgage payments and any principal is given back to the co-owner. The demand is no doubt fuelled by the high cost of housing in Toronto combined with elevated interest rates that make home ownership feel further out of reach.The point of home ownership is building equity, but the home isn’t fully yours — the majority of the home’s equity could be Ourboro’s, said Mary Sialtsis, a mortgage broker.
“If you want to buy them out after 10 years, do you have that kind of money? You might need to refinance, and then do you qualify for that new mortgage? There’s a lot you need to think about here,” she added.
That's the worst deal I've ever heard. My pay a mortgage if you can't increase your equity. You're working to pay the bank alone.
Their company is appropriately named then..