Federal funding boosts Ontario’s first-time homebuyer support

Ontario sees progress in affordable housing as the federal government allocates a $5 million repayable loan to Ourboro Inc through the Shared Equity Mortgage Providers (SEMP) Fund. This Canadian real estate investment firm aims to extend shared equity mortgages directly to first-time homebuyers in the Greater Toronto Area and select regions across Ontario.

Ourboro facilitates homeownership by offering a shared equity model, providing up to $250,000 for individuals who have saved a minimum of 5% for a downpayment. The SEMP Fund, administered by the Canada Mortgage and Housing Corporation (CMHC), supports existing SEMPs, attracts new providers, and incites new homes.

"We are committed to helping build more homes across this country, while finding new ways to ensure that more people can buy them today. That's what the SEMP fund was all about,” said Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities.