On the night of Oct. 16, Jews around Canada will welcome the holiday of Sukkot, having erected temporary wooden or cloth structures outside their synagogues and homes. While celebrating in their makeshift shacks, many will tell stories of the huts that ancient Israelites lived in after their exodus from Egypt.
Meanwhile, in modern-day Canada, a different kind of exodus is happening across the country: young Jewish families, along with Canadians of all stripes, are finding themselves priced out of the housing market, fleeing their home cities to find affordable houses in ever-farther destinations. While the cost of a sukkah kit may seem steep these days, in the hundreds or low thousands, it pales it comparison to the national average cost of a house: nearly $650,000.
As a result, housing organizations are stepping in to find creative solutions. One such company with deep Jewish roots is Ourboro, whose COO, Eyal Rosenblum, is the son of Israeli immigrants. The company essentially buys a stake in your house by lending you up to $250,000 for your down payment. Whatever the percentage of the down payment is, that’s what you’ll have to pay them back once you sell. The idea has caught on, with real estate developer Miles Nadal having joined Ourboro as a key investor. Eyal Rosenblum joins The CJN Daily to explain how this concept can help some Canadians afford homes, and why his Jewish values align with the idea.
What we talked about
- Read more about Ourboro, and how it works to help homebuyers afford a 20 percent downpayment on their first home. (See the math).
- Learn why real estate investor Miles Nadal’s Peerage Capital backs Ourboro.
- Why strangers in B.C. are co-owning housing together, on The CJN Daily.
Credits
- Host and writer: Ellin Bessner (@ebessner)
- Production team: Zachary Kauffman (producer), Michael Fraiman (executive producer)
- Music: Dov Beck-Levine
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