Want to own a home but don’t have the money? This Toronto tech firm let’s you become an ‘owner-resident’ for 2.5 per cent down


Toronto businessman Jordan Taylor was renting a comfortable two-bedroom house for $ 3,000 a month while trying to figure out how to use the money he had saved to buy a real estate market.

Then Taylor, 30, saw on Toronto’s Instagram ad the “real estate tech” Key, which aims to help people descend on the local ladder for “decades” by paying 2.5 percent – instead of saving 20 percent. delays in establishing justice.

The company operates a so-called “new ownership model” in which people can own a condo – and stay there – thus gaining access to things over time.

Required is the most recent entry section owner, a way for people whose purchasing power was reduced due to rising house prices to enter the market.

But unlike other companies such as Addy Invest, BuyProperly and RealtyShares, where investors buy shares in the home and derive profits from borrowed funds, Key requires people to live in units and be what the company calls “owners,”. actually buying a share in the condo of another Investor.

However, as with any location, there are risks involved if the market goes down well, one expert says.

Taylor visited her condo in the spring and on April 12 decided to own it. She moved into her two bedrooms in West Queen West June 1st.

“I had so many years to move to be ownership of any kind and Key type helped me manage all my time,” he says.

Owners pay a monthly fee – less than the market rent. When you put in more money, your monthly income decreases.

The same monthly income goes to expenses, home repairs, property taxes and utility bills. The landlord also pays the same amount of repairs and maintenance.

The “owner-occupant” also pays $ 50 per month for their items in the condo. They can increase their monthly payments and opt out after three years of trying to get a loan and end up on their own.

For Taylor, it all means that she pays the same amount of money as she did to rent her old house, plus her monthly rent.

“I’m so glad this went well for me. The timing was perfect. The preparation was easy and the stars were cohesive,” says Taylor.

Daniel Dubois, co-founder of Rob Richards, says the company’s mission is to “create a world where space and space for freedom and development” for everyone.

“We are dealing with two major problems that Canadians can afford to own a home: the first is repaying a lot of money and the second is being able to get a mortgage,” Dubois said in an interview.

There is no bank involvement in obtaining a mortgage loan, but residents need to prove, among other things, that they are earning a fixed income and that they have a monthly payment plan.

Richards says Toronto now owns 800,000 homes that are usually owned by investors and lended to people who “want ownership” – the last of which dreams of ownership are exacerbated by the rising cost of living. faster than payment.

Great jobs in contracting homeowners – people who already have condos to protect units. Key is said to link the sale of real estate to the owners’ capital to “increase the value” of real estate.

Key says it makes a lot of money being the property manager of the suites.

There is an agreement with the owners outside the Residence Residence Act. Key allows residents to provide a short notice to leave – 75 days – and they will be able to share the proceeds, with only 1 percent of Key pay on the investment.

The owner will not be able to sell the condom for the first three years and will then have to give six months’ notice to the owners. Followers will have the right to initially refuse – they can sign up to purchase the unit at a reasonable market price.

The company plans to expand its size soon to single-family homes, semis and suburban homes.

Richards and Dubois declined to comment on Key’s finances, but according to a report in the online magazine, Key raised hundreds of millions from insurance companies, banks, and pensions.

The company recently completed a beta test that affects 20 people in 14 homes in downtown Toronto.

Key predicts that, based on the performance of the housing market over the past five years, homeowners will appreciate 30 percent over the next five years. But Key warns that new owners are living at risk of losing their property.

Matti Siemiatycki, professor of geography and planning and director of the Infrastructure Institute at U of T, says that Key’s example “still needs to be redefined.”

“(Key) has big financial players and private corporations involved in this. Those people also want to get their money back. Is it because their long-term performance is in appreciation of these units (condo)?

“Is that a for-profit game? How are repayments made, especially if the units are rented at lower prices or at lower market prices? I want to know more about how the section works, “says the professor.

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