Key

Key is a Toronto-based co-homeownership platform that allows home seekers to purchase a fractional share of a home. As of March 2022, it had served more than 30 occupants in 22 co-owned properties. It claims to provide sole residency on suites for owner-residents sharing ownership with other investors and property managers.

The company requires 2.5% of the total home value as a minimum initial contribution for clients wanting to move into a co-owned home. The platform allows clients to fully own a property after residing for three years and a penalty of 5% is charged if they were to move out within their first year of residence. Monthly payments charged from each client cover maintenance costs, shared building costs, utilities and property taxes. In addition, USD 50 from clients monthly payments go towards growing the owner’s equity. Key charges 1% fees on owner-resident invested equity per suite.

In March 2022, Key raised CAD 11 million (~USD 8.6 million) in seed funding led by Luge Capital. The management had planned to use the funding to integrate other home types like single-family, townhouses, and condominiums into its platform.