4 mins

4 Ways Key Is Changing Homeownership

Mark McLean
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From its inception, the Key model was an ambitious moonshot with the ultimate goal of creating a world where real estate is a source of prosperity and freedom for everyone. Lofty goals call for a seismic shift in every aspect of the process from construction financing, building methods, mortgages, management, sales and community engagement. The system has been stagnant for far too long and has led to a class war. The wall between the haves and havenots is getting higher and higher. We’re living in a time when the world is hungry for better solutions to traffic congestion, air and water pollution, health and safety, and basic living standards. Cities need a rethink, the old adage "they aren't making more land" is the underlying message and the reality we need to work within. If you want to live where life is happening, you need to live in buildings. Here are four ways Key is changing homeownership.

Making the Building Process More Efficient

Once construction is underway it only takes a few years to build a condo. The real challenge comes from how long it takes to actually start the construction process--it can take five or more years to get shovels in the ground. This means that the developer has to build in years of additional carrying costs which are then passed on to each buyer. In turn, making real estate even more expensive. How are we changing the game? Key instantly finances the construction of the building thereby lowering expenses.

Reducing Environmental Impact Is One of Our Core Values

Currently there are no incentives to add any energy saving features to a building. Adding these features, which benefit owners, make a building more expensive to build. Those savings, which lower monthly operating costs, often aren't apparent until many years after the developer has moved on so they’re not incented to make the upfront investment. Because Key manages the entire building for life, we invest in cost saving measures from the start.Condo construction is also one of the leading contributors of carbon emissions. Key is already exploring solutions available today to help lower the carbon footprint of our buildings, both during and post-construction.

Building Communities with a Resident-First Approach

Buildings tend to work in silos with their own management, volunteer board and costly reserve fund studies. This creates a highly inefficient process for getting things done, especially when 70-80% of the suites tend to be owned by investors. Ultimately, decisions are left to a very few with little or no input from the other residents who actually live in the buildings.Since Key will own and operate our buildings, our professional management team will lead to  better property management and stronger resident engagement. Our app and living-as-a-service offering will also lead to a stronger sense of community within our buildings.

Reimagining Under-utilized Areas

We've come to accept multiple acres of underground parking are a necessary part of buildings despite the fact that city-dwellers don’t really drive or own cars like their suburban counterparts. By redefining aspects of this space we can improve our lives. Key believes in replacing parts of these unimaginative spaces with music studios, woodworking shops, hydroponic farming, and finding ways to build wealth for residents by creating income streams like product fulfillment sites. At Key we don't look at what we are doing as replacing traditional ownership. After all, that should be what everyone aspires to. Our mission is simple; create great vertical neighbourhoods where people can have an affordable ownership position, build wealth, and live their best lives. See? Not such a big idea after all.

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