Ourboro Reviews: Read Before Co-Owning a Home With Them

Ourboro is on a mission to bridge the down payment gap, turning the aspiration of owning a home into a tangible reality for individuals and families. 

With a focus on financial inclusivity, innovative co-ownership models, and a commitment to community well-being, Ourboro stands out as a beacon of change in the Canadian housing market. 

Let’s delve into the details of how Ourboro operates, who it caters to, and the unique benefits it brings to the realm of homeownership. 

About Ourboro 

Ourboro is a Toronto-based real estate investment company with a mission to make homeownership a reality for individuals and families by bridging the down payment gap. 

In a competitive real estate market where the dream of owning a home can feel unattainable, Ourboro steps in to provide a unique solution.

Is this solution affordable and reliable? Let’s find out.

How Ourboro Works

Ourboro’s approach involves co-ownership, turning potential homebuyers and real estate investors into partners. 

The company invests up to $250,000 towards the down payment, and both parties own an equity share in the home. This innovative model aims to help buyers enter the market sooner without incurring additional debt or interest.

Let’s break it down: if, for example, a $1,000,000 home is co-bought, with the mortgage covering 80%, the buyer contributes 8%, and Ourboro contributes 12%, a 40:60 equity split is established for future appreciation.

When it comes time to sell, the proceeds are divided according to the equity split. The homeowner walks away with their mortgage payments plus the appreciated value of their original down payment, while Ourboro receives the appreciated value of their contribution.

Co-Ownership Benefits

Co-owning with Ourboro offers buyers a chance to get into the market sooner by investing in the down payment alongside them. 

The investment is not a loan, eliminating interest and additional debt. Both parties share gains or losses when the home is sold. 

Ourboro also provides programs and services to preserve and increase the home’s value, maximizing returns.

Homeowners are free to sell or make an offer to buy Ourboro’s share at any time. 

While co-ownership can extend up to 30 years, the model is ideal for those looking to sell within the first 10 years, allowing buyers to grow their investment without sharing decades of appreciation.

Who is Eligible to Co-Own with Ourboro

Ourboro targets individuals and families with the income to support a mortgage but lacking sufficient savings for a full down payment. 

To co-buy a home with Ourboro, you must meet the following eligibility:

    • Be a citizen or permanent resident of Canada

    • Be looking to buy a home in GTA, London, Hamilton, Kitchener-Waterloo, or Guelph

    • Have a minimum of 5% of the home down payment 

    • Intend to purchase the home as your primary residence

    • Intend to co-own the home for less than 10 years

    • Get mortgage pre-approval from one of Ourboro ‘s lending partners

Pros and Cons of Ourboro 

Pros

    • Lower barrier to entry: Ourboro allows you to enter the real estate market with a minimal down payment, making homeownership more accessible.

    • Shared appreciation: Co-ownership means sharing both the gains and losses. If the home appreciates, both parties benefit proportionately.

    • No interest or debt: Ourboro’s contribution to the down payment is not a loan, meaning you will not incur additional debt or interest.

    • Diverse home options: Ourboro co-buys various types of homes, providing flexibility in choices for potential homeowners.

    • Home maintenance support: The company offers complimentary home maintenance services to ensure the property’s value is preserved.

Cons

    • Limited investment regions: At the moment, Ourboro is only available for home purchase in four areas in Ontario, limiting its access to the majority of Canadians.

    • Short-term focus: The co-ownership model is ideal for those looking to sell within the first 10 years, potentially limiting its appeal to those seeking a longer-term investment.

    • Selective property types: Ourboro doesn’t co-invest in pre-construction properties, condos built before 1980, co-operative homes, or fixer-upper properties, limiting the range of potential investments.

    • Application and approval process: You need to be pre-approved by Ourboro’s lending partners, adding an extra step to the home-buying process.

FAQs on Ourboro Reviews

Who owns Ourboro?

Ourboro is a privately owned company with Norm Tasevski as the CEO and co-founder.

How does Ourboro make money?

Ourboro makes money through home appreciation in co-bought properties and management fees from investors diversifying into the GTHA real estate market.

What type of home can Ourboro help me buy?

Ourboro co-buys condominiums, townhouses, semi-detached, and single-family detached homes. However, certain property types like pre-construction properties, condos built before 1980, co-operatives, or fixer-upper properties may not be eligible.

How do renovations and home maintenance work with Ourboro?

Homeowners are responsible for proper home maintenance. Ourboro offers complimentary home maintenance services to stay ahead of issues. For renovations, homeowners can make minor changes freely and may qualify for a Renovation Credit for major updates, potentially covering some or all renovation costs during the home’s sale.

Will I need mortgage insurance?

No, co-buying with Ourboro guarantees a 20% down payment, eliminating the need for mortgage insurance. Buyers can invest between 5% to 15%, with Ourboro covering the remainder, up to $250,000.

Who are the competitors of Ourboro?

Lotly stands out as Ourboro’s top competitor, offering a similar co-ownership model.

Read my full Lotly review to learn more about how it compares with Ourboro.

Verdict on Ourboro Reviews 

Ourboro presents an innovative solution for those struggling to make a full down payment in competitive markets. 

Their co-ownership model, dedication to preserving home value, and focus on financial inclusivity make them a noteworthy player in revolutionizing homeownership.

Is Ourboro for you? Let me know in the comments.

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