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addy Launches To Unlock Real Estate Investing For Canadians and Announces Corporate Appointments – Canada NewsWire

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Proptech startup brings together a world-class team to enable investing in real estate for as little as $1

VANCOUVER, BC, July 15, 2020 /CNW/ – addy Technology Corporation (“addy” or the “Company”), a Vancouver-based proptech start-up on a mission to allow every human to become a homeowner, launched today enabling Canadians to invest in real estate for as little as $1. The Company also announced the appointment of five leading real estate, technology, and legal experts to its Board of Directors and Advisory Board. Steve Evans, Co-founder and CEO of Sunstone Realty Advisors, Pure Multi-Family REIT LP, and Pure Industrial Real Estate Trust; Pascal Spothelfer, CEO of Genome BC and past President & CEO of the BC Tech Association; and Keith Spencer, technology lawyer and retired partner at a leading Canadian law firm, join as Directors. Co-founder and former CEO of BuildDirect, Jeff Booth, has been appointed Chairperson of the Board. Thuan Pham, former Chief Technology Officer of Uber, joins the Advisory Board.

“Quality real estate opportunities are usually out of reach for everyday people and it is getting worse. As governments continue to print money in response to the global pandemic, they are pushing asset prices higher, which ironically makes it harder for anyone without vast sums of cash to participate in real estate,” said Michael Stephenson, Co-founder and CEO of addy.  “We believe everyone should have the opportunity to own property with access to real estate investing at any amount, regardless of income, age, or other conflicts.”

Property purchase decisions are made collectively by addy’s executive team, investment committee, and Board of Directors. Once identified, the property is broken out into investment increments valued at $1. For example, a $1M property is divided up into 1M shares; and shares in the property will be available to qualified members on addy’s platform.  Investors can decide how much they want to invest.

“The team has been quietly building the technology platform for the past two years in order to streamline the entire investment process and to minimize transaction costs,” said Thuan Pham, former Chief Technology Officer at Uber and addy Advisory Board member. “I’ve seen countless proptech startups in Silicon Valley and addy is the first one I’ve seen with a real chance at completely reinventing the industry.”

The Company’s proof of concept property located on Vancouver, BC’s Trout Lake sold out to 305 investors in addy’s network. Investments ranged from $1 to $95,000, and the average investment was $4,551. Investors were spread across the country. It was the first of its kind in Canada.

New Appointments
addy has made the following appointments to its leadership team:

  • Jeff Booth, Co-Founder & Chairperson – Entrepreneur, technology leader, author, and co-founder of BuildDirect. Jeff was named BC Technology Industry Association’s (BCTIA) ‘Person of the Year’ in 2015 and in 2016 was listed as one of Goldman Sachs ‘100 Most Intriguing Entrepreneurs’.
  • Steve Evans, Board Member – President of Sunstone Realty Advisors and Co-Founder and former CEO of Pure Industrial Real Estate Trust (formerly Canada’s dominant “pure-play” industrial property REIT, founded in 2007 and traded on the TSX; sold to Blackstone in 2018 for $3.8B) and Pure Multi-Family REIT LP (a Canadian based vehicle offering exposure to institutional quality US multi-family real estate assets, founded in 2012 and traded on the TSX; sold to Cortland in 2019 for US$1.2B).
  • Pascal Spothelfer, Board Member – Pascal has held senior executive roles, in both Europe and Canada, across industry sectors ranging from technology, not for profit organizations and academia, President & CEO of Genome BC since 2016.
  • Keith Spencer, Board Member – Technology lawyer at a leading Canadian law firm, retired Co-Leader of the firm’s Start-Up & Emerging Company Services Group, recipient of The BC Tech Association’s “Bill Thompson Lifetime Achievement Award”, Board member of numerous emerging Canadian technology companies.
  • Thuan Pham, Advisor – Former Chief Technology Officer at Uber. Prior to that, he was VP of Engineering at VMware, Westbridge, and DoubleClick. He holds a BS in computer science and engineering and an MS in EE/CS from MIT.

To learn more about addy, become a member of addy’s network, and invest in real estate, visit addyinvest.com.

About addy
addy Technology Corporation (“addy”) is a proptech company on a mission to allow every human to become a homeowner. The Company enables Canadians to invest in real estate for as little as $1. addy was founded in 2018 by a team of real estate and technology entrepreneurs and is headquartered in Vancouver, BC. To learn more, visit: addyinvest.com and join the @addyinvest community on Facebook, Twitter, YouTube, LinkedIn, and Instagram. Tune in to the addy podcast on iTunes and Spotify.

Disclaimer
The information provided herein is for informational purposes only. It does not constitute or form any part of any offer or invitation or other solicitation or recommendation to purchase any securities. It should not be considered financial or professional advice. You should consult with a professional to determine what may be best for your individual needs.

Forward-Looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of the words “intention”, “will”, “may”, “can”, and similar expressions are intended to identify forward-looking statements. Although addy believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since addy can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and addy does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.

SOURCE addy Technology Corporation

For further information: Media Contact: Katie Kernahan, [email protected], 1 (833) 462-9888 ext 710

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Booming real estate market reaches rural N.S. – CBC.ca

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Realtors in rural Nova Scotia are adjusting quickly to a new way of selling houses as buyers from places like Ontario and B.C. snap up properties without seeing them in person.

Christopher Snarby, the co-owner of Exit Realty Inter Lake, sells properties from Chester to Queens County and estimates he’s sold 12-15 of them sight unseen since May.

“People have been desperate and they can’t get here to see it, and they know things are moving quickly so they just kind of have to make a choice,” Snarby told CBC’s Information Morning on Monday.

“And not everybody’s comfortable with it, but certainly I’ve had a number that have been.”

He admits selling a property virtually can be a challenge. 

“It’s hard to describe a smell or feel of a house, but it really does become our responsibility to try to convey as much information as we can,” Snarby said. 

October was a record-breaking month for property sales across the province with inventory low and prices continuing to soar, according to the Nova Scotia Association of Realtors.

Bobbi Maxwell said half of her buyers right now are from outside the province and won’t see their houses in person until they arrive. Most are middle-aged people who can work from home and are looking for a place to retire at some point.

“We’re starting to see more people … migrate this way because they want the solitude, the peace, the quiet, the safety and the beauty of the beaches,” said Maxwell, a realtor with Viewpoint Realty Services who sells properties around Barrington and Clyde River in Shelburne County.

“We’re not as hot as the metro [market], but it’s definitely been one crazy market for us as well.” 

Record October across N.S.

The Nova Scotia Association of Realtors compiled data for the month of October that shows 1,427 units were sold across the province, up more than 30 per cent from October 2019.

The average sale price was a record $304,590, rising just over 21 per cent from the previous October. 

In Yarmouth, there were 24 residential sales in October, up 41 per cent from last year and in the Annapolis Valley, 203 properties were sold, up 30 per cent since last October. The average sale price also went up in both areas last month. 

Christopher Snarby, co-owner Exit Realty Interlake, said people are moving to communities on the South Shore for the relative affordability, friendliness and proximity to the ocean. (Robert Short/CBC)

On the South Shore where Snarby works, sales in October were up about 30 per cent from last year and the average residential price was just over $291,000, an increase of 36 per cent over last October. 

The booming market is a major win for sellers but can be frustrating for buyers

“We’re not usually accustomed to that many bidding wars in our area, but now … most properties have gone into at least two or three offers and the time frames are a lot quicker as well,” Snarby said.

In the past, houses would sit on the market for six months to a year and now they’re gone in weeks or days, he added.

Rural internet still a challenge

Even though people are eager to move to Nova Scotia for its friendliness and relative affordability, Snarby and Maxwell said they are routinely asked about internet service.

“It’s really funny because people are more concerned about the internet than they are health-care services,” Maxwell said.

She said newcomers are good news for rural areas like Shelburne County that have struggled with out-migration. 

Bobbi Maxwell hopes the tide is turning for communities like Shelburne, which have seen an out-migration of residents in recent years. (Robert Short/CBC)

But she said there could be challenges, too. 

Many new buyers say they eventually want to build their own homes but finding skilled labour in the area isn’t always easy, she said. 

“I think we’re going to have a lot of growing pains because with the demand, we’re very short on tradesmen like plumbers and electricians and carpenters,” Maxwell said.

“I really am hoping that a lot of the people who are moving here from away are bringing in new skills or new motivation to want to … become career oriented or focused and become tradesmen in our area.”

Snarby said some of his clients are selling homes in the $800,000 range in Ontario and buying a property in rural Nova Scotia for around $200,000, leaving a healthy amount for their retirement fund.

 “And at the end of the day, if they’re not comfortable with their house or if it’s not quite the right one, they can put it back on the market and there’s a good chance it’ll sell,” Snarby said. 

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Pandemic-induced demand for more space pushing up cottage prices, real estate firm says – CBC.ca

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Home prices are increasing in Canada’s cottage country as more buyers look to move there full-time, according to a report released Monday by Royal LePage.

Prices of single-family recreational homes rose 11.5 per cent to an aggregate of $453,046 in the first nine months of the year, the real estate brokerage said.

The data from Royal LePage comes amid an overall uptick in home prices this year, after COVID-19 lockdowns stymied the spring buying season.

A rush of demand and a limited supply as the economy reopened this summer and fall meant that home prices were up 15.2 per cent last month in Canada compared to a year ago, according to the Canadian Real Estate Association.

Royal LePage chief executive Phil Soper says the number of cottages, cabins, chalets and farmhouses on the market have also dwindled amid the increased demand, at least through September.

“Inventory levels are the lowest I’ve seen in 15 years,” said Heather FitzGerald, a Royal LePage agent in Moncton, NB, in the report.

While local buyers have moved away from cities and closer to nature, FitzGerald also noted an increase in buyers from Ontario and Quebec.

Corey Huskilson, another Royal LePage agent quoted in the report and based in Halifax, said buyers from outside of the Maritimes, “who expect to be working remotely for the foreseeable future, are flocking to the area.”

Real estate agents in 54 per cent of regions told the brokerage that there was a significant increase in buyers looking to work remotely at a cottage as a primary residence.

Eric Leger, a Laurentians-based agent, said in the report that Quebec’s lockdown periods “sparked an urgent desire for many city dwellers, in need of more living space, to relocate to the suburbs and cottage country.”

Retirees a factor, too

Agents in other provinces noted similar trends, with one agent noting that Alberta-based buyers are competing with people across the country for properties in Canmore.

“Highway developments have reduced the drive from Saskatoon to 1.5 hours, which makes working remotely more possible for those who still have to go into the office a few days a week,” said broker Lou Doderai in the report.

The report says retirees have also bid up cottage prices, with agents in 68 per cent of regions saying more retirees are buying cottages this year compared to last year.

“Retiring baby boomers have been putting upward pressure on prices and reducing inventory for the last few years. Retirees are now finding themselves competing against remote workers,” said Bob Clarke, an agent in Ontario’s Muskoka region, in the report.

“The most common question used to be ‘is the property West-facing?’ Now my clients’ biggest concern is internet quality.”

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Booming real estate market reaches rural N.S. – CBC.ca

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Realtors in rural Nova Scotia are adjusting quickly to a new way of selling houses as buyers from places like Ontario and B.C. snap up properties without seeing them in person.

Christopher Snarby, the co-owner of Exit Realty Inter Lake, sells properties from Chester to Queens County and estimates he’s sold 12-15 of them sight unseen since May.

“People have been desperate and they can’t get here to see it, and they know things are moving quickly so they just kind of have to make a choice,” Snarby told CBC’s Information Morning on Monday.

“And not everybody’s comfortable with it, but certainly I’ve had a number that have been.”

He admits selling a property virtually can be a challenge. 

“It’s hard to describe a smell or feel of a house, but it really does become our responsibility to try to convey as much information as we can,” Snarby said. 

October was a record-breaking month for property sales across the province with inventory low and prices continuing to soar, according to the Nova Scotia Association of Realtors.

Bobbi Maxwell said half of her buyers right now are from outside the province and won’t see their houses in person until they arrive. Most are middle-aged people who can work from home and are looking for a place to retire at some point.

“We’re starting to see more people … migrate this way because they want the solitude, the peace, the quiet, the safety and the beauty of the beaches,” said Maxwell, a realtor with Viewpoint Realty Services who sells properties around Barrington and Clyde River in Shelburne County.

“We’re not as hot as the metro [market], but it’s definitely been one crazy market for us as well.” 

Record October across N.S.

The Nova Scotia Association of Realtors compiled data for the month of October that shows 1,427 units were sold across the province, up more than 30 per cent from October 2019.

The average sale price was a record $304,590, rising just over 21 per cent from the previous October. 

In Yarmouth, there were 24 residential sales in October, up 41 per cent from last year and in the Annapolis Valley, 203 properties were sold, up 30 per cent since last October. The average sale price also went up in both areas last month. 

Christopher Snarby, co-owner Exit Realty Interlake, said people are moving to communities on the South Shore for the relative affordability, friendliness and proximity to the ocean. (Robert Short/CBC)

On the South Shore where Snarby works, sales in October were up about 30 per cent from last year and the average residential price was just over $291,000, an increase of 36 per cent over last October. 

The booming market is a major win for sellers but can be frustrating for buyers

“We’re not usually accustomed to that many bidding wars in our area, but now … most properties have gone into at least two or three offers and the time frames are a lot quicker as well,” Snarby said.

In the past, houses would sit on the market for six months to a year and now they’re gone in weeks or days, he added.

Rural internet still a challenge

Even though people are eager to move to Nova Scotia for its friendliness and relative affordability, Snarby and Maxwell said they are routinely asked about internet service.

“It’s really funny because people are more concerned about the internet than they are health-care services,” Maxwell said.

She said newcomers are good news for rural areas like Shelburne County that have struggled with out-migration. 

Bobbi Maxwell hopes the tide is turning for communities like Shelburne, which have seen an out-migration of residents in recent years. (Robert Short/CBC)

But she said there could be challenges, too. 

Many new buyers say they eventually want to build their own homes but finding skilled labour in the area isn’t always easy, she said. 

“I think we’re going to have a lot of growing pains because with the demand, we’re very short on tradesmen like plumbers and electricians and carpenters,” Maxwell said.

“I really am hoping that a lot of the people who are moving here from away are bringing in new skills or new motivation to want to … become career oriented or focused and become tradesmen in our area.”

Snarby said some of his clients are selling homes in the $800,000 range in Ontario and buying a property in rural Nova Scotia for around $200,000, leaving a healthy amount for their retirement fund.

 “And at the end of the day, if they’re not comfortable with their house or if it’s not quite the right one, they can put it back on the market and there’s a good chance it’ll sell,” Snarby said. 

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