Properly Launches New Way To Buy A Home

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Model house in a miniature shopping cart: real estate, investments and home buying.Picture: NewsCanada

TORONTO: Buying a new home is fraught with stress and uncertainty. Properly, a Canadian real estate technology company is introducing a first-of-its-kind home upgrade service in Toronto.

With Properly, you can unlock equity in your current home to finance your new home with a guaranteed sale, enabling you to buy your next home before listing your current home on the market.

As a result of COVID-19, the home has never been more important. There is unprecedented market volatility and buying or selling during a pandemic is stressful. The need for innovation in real estate has accelerated.

The Toronto Regional Real Estate Board reported sales volumes fell by 63% and average home prices declined by 11% from March to April.

However, the market has since experienced a sharp rebound with sales volumes growing by 345% and prices increasing by 15% between April and July.

“The pandemic has made an already stressful home buying and selling process even more volatile,” says Anshul Ruparell, co-founder and CEO, Properly.

“We’ve created a way for Toronto homeowners to feel confident and substantially reduce risk when managing the biggest transaction of their life. The standard view is that you should sell before you buy or risk being left with two mortgages to carry. With Properly, you have the freedom to buy the home you love as soon as it hits the market.”

List Your Home After You’ve Moved Out Using Properly means customers can list their home after they have moved out. This eliminates the stress of living through staging, showings, and open houses – all inconveniences that have been exacerbated by the pandemic.

As Properly brings this new home upgrade process to Canada, CIBC is the first Canadian bank to work with Properly and its clients, offering rapid mortgage approvals and competitive rates along with advice on financing options that are the right fit for a client’s unique needs.

“Our team of mortgage advisors is pleased to meet with Properly clients at a time and place that’s convenient for them to offer advice on their home financing options, recognizing that this is often the largest financial transaction in the lives of many Canadians,” said Tracy Best, Senior Vice President at CIBC.

Homeowners retain the freedom to obtain financing through any financial institution of their
choosing.

How Properly Works Working with Properly costs the same as working with a traditional real estate agent; however, there are many advantages for home buyers and sellers:

• Freedom to buy the home you love as soon as it hits the market: The Properly guaranteed sale unlocks home equity and financing so you can act quickly in a fast-moving real estate market

• Skip showings and open houses: Properly lists your home after you’ve moved out, so you can avoid the stress of living through cleaning, showings, and open houses during a pandemic

• Get a guaranteed home sale: List on the market and sell for the highest price, with the comfort of knowing that you have a guaranteed sale to Properly in the unlikely event your home doesn’t sell within 90 days

• Avoid double mortgages: Properly covers mortgage payments on your current home until it sells. Properly is a Canadian real estate technology company headquartered in Toronto, and operates in Toronto, Ottawa, and Calgary. – CNW

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