Pablo Garnica is the chief operating officer and co-founder of AREX. (Courtesy AREX)
AREX, a Spanish real estate software company and one of 10 companies chosen to participate in last year’s Colliers Proptech Accelerator program, is moving its headquarters to Toronto.
After taking part in the three-month program that concluded in the city last month, “we realized (Toronto) was an extremely fertile environment for tech startups,” said Pablo Garnica, chief operating officer and co-founder of AREX. “There was a lot of inclusion” in Toronto, he says, which “we hadn’t encountered back in Europe.”
The Madrid-based startup is setting up shop in its new downtown Toronto office this month.
The 2019 version of the Colliers Proptech Accelerator program received hundreds of applications from more than 50 countries. The 10 companies chosen hailed from six countries.
The accelerator program is designed to help proptech companies refine business plans and gain global real estate perspectives through access to more than 120 mentors from Colliers International, startup accelerator Techstars and the broader real estate, technology and investment industries.
Create digital transaction process
AREX’s stated mission is “to fully digitalize the transaction process end-to-end, transforming the real estate market into what the financial market is nowadays, a liquid, efficient and transparent market.”
To that end, AREX has developed DOMUS, a real estate software tool that aims to make the commercial real estate experience much more efficient, so “people can actually focus on doing the best deals possible and not worry about the actual execution,” Garnica said.
While technology in most sectors has advanced over the last few decades, “somehow real estate kind of missed that train,” Garnica said. “So we’re trying to bring real estate to the same level as any other industry.”
He said while portions of the real estate transaction process have been digitized, the industry still makes use of faxes and a lot of paper.
There are also many inconsistencies in commercial real estate transactions. If the process could be standardized, “it’ll actually make the real estate world a better world.”
How AREX saves time . . . and money
The software is now in its pilot phase and a full-fledged version is set to launch at the end of February.
DOMUS aims to speed up transaction preparation times and reduce time spent on manual work by using prearranged templates.
Pilot testing has found the software allows for about eight to 12 times less time spent on low value-added tasks – like updating Excel sheets or creating presentations.
Garnica said the value added by the tool has exceeded clients’ expectations.
“We know we’ve done our job when the people that use our tool can’t think of going back to what they were doing before.”
The software is best-suited for complex commercial transactions with multiple participants, Garnica said. It is compatible for both real estate owners and brokers.
Real estate is “people shaking hands and making deals. So, we thought that rather than focus on specific transactions or asset types, let’s focus on empowering the user, the person who actually does real estate.”
Integrated platforms, blockchain protection
The platform integrates services like Excel, Gmail and Outlook: “We’re trying to make it as seamless and as integrated as possible.”
DOMUS also makes use of blockchain to manage, store and protect information and to certify documents.
“It allows us to have a ledger of what’s happened in a transaction, who has done what and the contents of documents,” Garnica said.
Users pay an initial set-up charge for integration and training, and then a monthly fee. Minimal training is required to use the tool.
“People in real estate were already making money. So in order to ask someone to change the way they do things, they have to want to use the tool.”
AREX’s competitors include Real Capital Markets and Dealpath along with software developed in-house by corporations, all of which have different approaches and philosophies.
As a result of its participation in the accelerator program, AREX is working with a Colliers International team in London, as well as a brokerage in Mexico and semi-public bodies in Spain.
Garnica says the accelerator program opened many doors.
Why AREX is moving to Toronto
“In the space of three months, we had over 200 interactions with extremely talented, successful mentors in the real estate and tech communities,” he said.
“It’s really helping us sidestep mines that other people have stepped on. It also helped us challenge the way we think about our business and what our goals are.”
Many of the people he encountered during the program wanted AREX to do well “and that’s something that was very sort of contagious.”
Garnica said setting up shop in Toronto allows AREX to qualify for the federal government’s Start-up Visa Program.
“We’re also much closer to the decision-makers in the real estate world which reside between New York, Toronto and Chicago. So, Toronto was the best combination of both worlds.”
Prior to co-founding AREX in 2018, Garnica worked in investment banking at Goldman Sachs in London. He’s lived in a number of countries aside from the U.K., including Spain, Mexico, U.S., Switzerland and Italy.
The AREX name was chosen because it was thought that starting it with an A would make the company more top of mind with people. The RE stands for “real estate” and the X for “exchange.”
Garnica says AREX has encountered less pushback to its software than was expected.
“I think there’s a general feeling of urgency to bring the real estate sector up to date,” he said. “There’s no question that change is needed.”
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
