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."