Today, owning real estate is out of reach for so many, especially in big cities like Toronto or Vancouver where housing prices are at an all-time high. With so many Canadians being locked out of the housing market we are beginning to see the emergence of many alternative homeownership models.With Key, we have created an innovative hybrid ownership model. Our co-ownership model allows you to start owning with a significantly lower down payment and no required mortgage, think of it as the benefits of owning with the freedoms of renting. Owning with Key means that you co-own the suite that you live in, where you can benefit from appreciation and better security of tenancy. Here are three reasons why you should consider owning real estate with Key today.

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Financial ease of access

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One of the largest obstacles to homeownership are the costs. In order to own your home, you need to be able to qualify for and pay off a mortgage, save enough for a 5-20% down payment and have the income to support it all. With the rising cost of homeownership, these factors continue to create huge obstacles that are hard to overcome. Key’s co-ownership model eliminates two of the biggest hurdles; a large down payment and the need to qualify for a mortgage. This creates a homeownership solution that can help people of all professions become a homeowner, whether you’re a freelance worker or small business owner, you will never be required to qualify for a mortgage, something that can be a  big challenge if you’re self-employed.

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Getting your foot into the market earlier

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First-time homebuyers who are struggling to get into the market should consider co-equity models. With Key’s model, you can start owning for 2.5% of the value of your suite, for most of our suites, this is around $15k. This is much lower than the typical 5-20% down payment required when purchasing real estate. With a lower barrier to entry, this means that you have the ability to become a homeowner and start building equity much earlier.  

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Become part of a budding community

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Community is something that Key values with the utmost importance. We host community events and work to connect our like-minded residents with one another. At Key, should you choose, you can be part of a budding community of Torontonians, our desirable suites are designed to attract like-minded people who care about similar things, like innovation, sustainability and the environment. As an Owner-Resident you get to experience this budding community in one of Key’s vibrant and centrally located neighbourhoods, like Triangle park and King West.  With many new alternative homeownership solutions popping up,we are beginning to see new opportunities to become a homeowner .  It’s important to do your research and understand the different solutions that are out there and the pros and cons that come with them. Key’s new innovative co-ownership solution is just one of the ways that you can get into the market today. At Key, we are removing traditional housing barriers by creating a more accessible homeownership model for Canadians. If you’re interested in learning more about Key, check out how our co-ownership model works and if co-owning makes sense for you.

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