Most life altering events, terrorist acts, war, recession, and yes, even pandemics, do one thing quite well; They turn our everyday life upside down.

They shake our understanding of normal, and they produce an economic shock that takes months, even years, to recover from. They hurt people, young and old and the breadth of their pain is felt around the world. They also highlight cracks in the world that weren’t as evident before. The growing gap between the “haves” and the “have nots”, and the increasing inaccessibility of homeownership for an entire generation are two powerful examples.

The current pandemic and corresponding ways we’ve had to adapt will be forever engraved in our minds. (I bet you still remember exactly where you were when you heard about the planes striking the towers in 2001.)

Events like we’re managing through now change our lives, from how we shop for food, eat, socialize, live at home, and play to how our children learn, what we watch (Tiger King anyone?), and how we hold meetings and work from home.

Existing technologies like digital meetings and house parties, food delivery, and entertainment have taken many of us out of our comfort zone.  We’ve managed all this with the bonus of staying in our pajamas all day (if we want).

While how we interact with others has changed, how we live is also likely to undergo a fundamental shift. In many ways, the writing was already on the wall and now the issues are even more evident.

Homeownership has been on the decline for years – especially in global cities like Toronto – as prices have risen out of lockstep with wages. Mortgage qualifications have tightened partially to slow the market but to also protect financial institutions. Developable land and construction costs have prevented any significant affordable housing, and levies and land transfer taxes have created a perfect storm of unattainable property ownership. No one feels it more than the largest segment of our society…Millennials.

The system, as they say, is broken and a patchwork repair isn’t enough.

Game changing ideas from innovative companies like Key are required. This “Great Reset” has shone an even brighter light on the need for fundamental change and the need to fix the problems that have compounded our inability to own a home. Change starts with breaking a 1,000 year-old tradition, the mortgage. It’s all too fitting that the Latin translation for mortgage is ‘death pledge’.

Our current mortgage system has evolved over time. It was first conceived in 1190 as simply a way to secure equity in a property. Over time, the mortgage shifted from a fierce burden – where often the entire debt had to be paid off before you got to occupy your home – to a flexible, low down payment way of buying a home. Other products were added – like government insurance and zero down payments – to open up homeownership to millions more, while also creating an environment designed to keep you in perpetual debt. Granted, an appreciating market provided the hope that one day you could sell your home, repay your debt, and benefit from a higher equity position. It worked well for many but recessions have also shown us that this is not always the case.

Long before the “Great Reset”, Key was committed to creating a world where real estate is a source of prosperity and freedom for everyone.

Now, our mission is needed more than ever. We started by envisioning a model that removes every factor hindering homeownership and rewriting the rule book to deliver better, healthier, environmentally sound buildings, faster and more economically.

Our patent-pending model not only makes homeownership accessible to a generation that’s been locked out, it also creates vertical neighbourhoods that can bring a much-needed sense of community back to city life.

We’re passionate about making homeownership accessible, giving people pride of ownership, nurturing communities, supporting families and helping everyone live a better life. At the top of our list, we’re creating an environment where people can own a home without taking on massive debt and wasting years saving for the typical 20% down payment.

The economic upheaval from the current pandemic has reinforced the need to provide an option to own without being locked in, while also enabling people to benefit from their real estate equity when unexpected issues arise. Key delivers on these important needs, while minimizing the risk, significantly streamlining the process and ensuring there are never any surprises or shocks to a person’s financial position.

The inequality and inaccessibility of traditional homeownership led to Key’s game changing thinking. The “Great Reset” has served to reinforce the need for Key’s vision and further ignited our passion.