Ourboro's Co-Ownership Model Takes Aim At Rental, Housing Market Crises

  • 📰 storeyspub
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 74%

Business News News

Business Business Latest News,Business Business Headlines

'We thought that a private sector solution for democratizing home ownership was crucial, and we thought we would take that on.'

to build two million new purpose-built rental units by 2030, a figure the authors, which include the PLACE Centre and the Real Property Association of Canada, say would restore affordability.

Ourboro doesn’t charge interest on its investment. When the property is sold, first, the homeowner gets back all the payments they made towards their mortgage principal, and the remaining proceeds are divided according to the original ownership split — if a homeowner contributed 50% of the downpayment, they receive 50% of the home’s appreciation.

"I grew up on Shallmar Boulevard, near Bathurst and Eglinton, and we never owned a home. And the reason why we never owned a home is because we never had the down payment," Nadal said. "If Ourboro had been around, we would have been homeowners."

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 16. in BUSİNESS

Business Business Latest News, Business Business Headlines