The Toronto-based real estate-technology company has partnered with CIBC to provide its users with expedited mortgage approvals, competitive rates and financing advice. Properly said it will cover mortgage payments on users’ current home until it sells; if it doesn’t within 90 days, the company will guarantee a backup offer using machine learning to determine the price the home would fetch on the open market. CEO Anshul Ruparell told Financial Post the money to do this would come out of the company’s five per cent commission, and not the sale price. (The Logic, Financial Post)
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The Toronto-based real estate-technology company has partnered with CIBC to provide its users with expedited mortgage approvals, competitive rates and financing advice. Properly said it will cover mortgage payments on users’ current home until it sells; if it doesn’t within 90 days, the company will guarantee a backup offer using machine learning to determine the price the home would fetch on the open market. CEO Anshul Ruparell told Financial Post the money to do this would come out of the company’s five per cent commission, and not the sale price. (The Logic, Financial Post)
Talking point: Founded in 2018, Properly closed a $22-million Series A last August. It operates in Toronto, Ottawa and Calgary. Its new service could help home buyers navigate the volatile real estate market the pandemic has created. Toronto reported a nearly 30 per cent increase in residential transactions in July compared to a year ago, according to the Toronto Regional Real Estate Board. The average selling price has also risen by nearly 17 per cent.
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