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Canadian Real Estate Innovator, Properly, Announces $100M Financing from Silicon Valley Bank and i80 Group – Canada NewsWire

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After witnessing the explosive growth of technology-driven innovation in the U.S. real estate market, the two leading firms behind the financing — Silicon Valley Bank, a bank focused on serving technology and life science companies and their investors, and i80 Group, a specialty finance firm that supports breakthrough fintech and proptech — are working with Properly to bring the same level of disruption to a Canadian market that has historically lacked innovation.

“We’ve seen technology-based real estate companies gain enormous market share in the U.S. by making the experience of buying and selling homes less stressful and more convenient,” said Nick Christian, Head of Specialty Finance at Silicon Valley Bank. “We see the same extraordinary opportunity in Canada, and we’re proud to support Properly as it works to revolutionize the real estate transaction.”

In the U.S., home buyers and sellers are flocking to companies that use technology to improve the purchase and sale experience. In 2019, six to seven percent of home sales in cities such as Phoenix and Raleigh were completed using a service similar to Properly’s, according to Redfin. The market share of these services have doubled nationally since 2018.

“It’s no secret that Canada’s real estate industry is ripe for innovation,” said Anshul Ruparell, co-founder and CEO, Properly. “This partnership will help us realize our vision of making home buying and selling data-driven, predictable, and stress-free. Now Properly can help even more Canadians buy their dream home as soon as it hits the market, even if they haven’t sold their current one.”

Traditionally, homeowners looking to purchase their next home faced a stressful dilemma: sell their old property first and risk moving twice, or buy first and risk holding two mortgages if the old property doesn’t sell in time. With Properly, home buyers will never miss out on a home they love because they haven’t sold their current one.

Properly lets homeowners secure the financing needed to purchase their next home so they can act quickly when they find a home they love. Once they’ve moved into their new home, Properly lists their old home on the market, so they can avoid living through showings and open houses, which is especially important during the pandemic. Customers can choose to work with one of Properly’s in-house real estate agents to help them navigate the purchase and sale process. Properly’s service costs the same as working with a traditional real estate agent; however, it comes with added financial benefits such as avoiding paying for two mortgages or incurring bridge loan costs. Within the first month of offering this new service, Properly was flooded with demand from thousands of Canadian homeowners.

“It was clear while getting to know the Properly team, the people and process would result in an unprecedented offering in the Canadian residential real estate market,” said Marc Helwani, Founder of i80 Group. “While we work with many innovative companies in the U.S., this is our first partnership with a Canadian firm. Properly’s results speak for themselves, and we’re excited to be a part of their success.”

Currently, Properly operates in the GTA and Ottawa, with plans to expand across Canada.

About Properly

Properly is a Canadian real estate technology company transforming the home buying and selling experience with AI-powered home valuations and a modern, streamlined service. Properly launched in 2018 with the goal of empowering Canadians in their journey of homeownership. The company is headquartered in Toronto. To learn more about Properly, visit www.properly.ca

About Silicon Valley Bank

For more than 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. SVB works with leading Canadian companies including Shopify, Wave, Borrowell, and Properly. Learn more at www.svb.com/canada.

About i80 Group

i80 Group is a specialty finance firm providing capital and support to breakthrough fintech and proptech companies and other innovative platforms. We provide creative and flexible asset-based facilities used to fund origination of loans and other collateral. Rather than offering a one-size-fits-all structure, we design bespoke solutions specific to the unique needs of our partners. The company is headquartered in New York with offices in San Francisco.

Learn more at www.i80group.com.

SOURCE Properly

For further information: Media Contact: Linda North, NorthPR Inc. (for Properly), [email protected], 416-708-8012; Eileen Nolan, Director, Corporate Communications, Silicon Valley Bank, [email protected], 650-248-3265

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Canada real estate: TD Economics sees high home prices holding up in fourth quarter before dropping in 2021 – The Georgia Straight

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Home buyers looking for a bit of a discount may want to wait a little.

A housing report by TD Economics predicts that high home prices will persist for the rest of 2021.

“Regarding prices, we think they’ll hold up at these record levels in the fourth quarter…,” economist Rishi Sondhi wrote.

Then things will start to ease in 2021.

Sondhi explained that tight supply is driving high home prices.

According to the TD Bank economist, the real-estate market is currently in seller’s territory.

The economist noted that the national sales-to-new listings ratio in September “registered a drum-tight reading” of 77.2 percent.

He noted that “markets were the tightest they’ve been in nearly 20 years in September”.

Sales-to-new listings ratio is the number of sales divided by listings.

A seller’s market means that the sales-to-listing ratio is 60 percent or more, or six sales out of 10 listings.

A balanced market features a ratio between 40 percent and 60 percent.

A buyer’s market happens when the ratio is less than 40 percent, which means fewer than four sales for 10 listings.

In a report on October 15, the Canadian Real Estate Association noted that the national average price of a home set a new record in September.

The average price topped the $600,000 mark for the first time at more than $604,000.

In his report on October 15, Sondhi predicted “some easing is anticipated” for prices after the fourth quarter of 2020.

This is consistent with Sondhi’s previous report on October 8.

The bank economist noted in that earlier report that “unlike sales, an immediate fourth quarter pullback is unlikely” for prices.

 “In fact, another (modest) gain could be in the cards,” Sondhi wrote.

“After the fourth quarter,” Sondhi predicted on October 8, “Canadian prices will likely drop through the first half of 2021 by around 7%, before regaining some traction later next year.”

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Brookfield weighs US$3B life-sciences real estate portfolio sale – BNN

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Brookfield Asset Management Inc. is exploring a sale of its life-sciences real estate portfolio, and seeking about US$3 billion, according to people with knowledge of the matter.

The Toronto-based alternative asset manager is working with advisers to sell roughly 2.3 million square feet of life-sciences real estate it acquired as part of its 2018 purchase of Forest City Realty Trust Inc., said the people, who requested anonymity because the information isn’t public.

A Brookfield representative declined to comment.

Blackstone Group Inc. agreed last week to recapitalize a portfolio of BioMed Realty life-sciences buildings for US$14.6 billion, a deal that will generate US$6.5 billion of cumulative profits four years after investing in the properties.

Life sciences, which includes pharmaceutical, biotech and other medical research fields, is a sector where most staff can’t work remotely. That has stabilized the value of such properties.

Alexandria Real Estate Equities Inc., one of the largest real estate investment trusts that owns on life sciences properties, has fallen 2 per cent this year compared to a 14.6 per cent decline of the Bloomberg U.S. REITs Index.

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ULI & PwC to Release ‘Emerging Trends in Real Estate’ Report

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An upcoming report on Canada’s real estate market will highlight our nation’s resiliency through the COVID-19 pandemic. Nationwide impacts to retail, office spaces, and suburbanization have been felt hard in the development industry, as landowners, sellers, and buyers are all affected by the trials of 2020. Many in the industry are viewing this as a prime opportunity to reposition their portfolios, so this is among the topics to be covered in PwC and ULI’s new Emerging Trends in Real Estate report.

“The coming year will be all about embracing opportunities to be resilient in the face of uncertainty, while shifting strategies in anticipation of market headwinds,” reads a statement issued by Frank Magliocco, National Real Estate Leader, PwC Canada. “For the first time in a few years, we’re hearing divergent views from industry players about issues like the future of office spaces and the urbanization and suburbanization trends.”

Downtown Toronto, image by Forum contributor Michael62

Set to be released on October 30th, the report’s 2021 edition touches on trends and outlooks in the Canadian and US real estate markets. Among these are specific changes to the market, including breakdowns of specific submarkets. Within the commercial real estate submarket, this includes details on retail troubles, office space uncertainty, and warehousing gains. Within the residential real estate submarket, the report discusses the concept of “creating 18-hour cities across Canada,” environments that combine live, work and play elements, as more Canadians are drawn towards more spread out suburban communities.

“The tension between longer term trends and fundamentals and short-term realities manifests in this year’s must-read report,” reads a statement from Richard Joy, Executive Director of Urban Land Institute Toronto. Prudence, “in the face of uncertainty, while dampening some sectors and trends, is accelerating and expanding others.”

The report is to be launched at the end of the month with an online webinar event led with a keynote delivered by Andrew Warren, Director of Real Estate Research at PwC, which is set to be followed by a panel of local experts panel to be moderated by PwC. The program has been expanded, with this year’s event offering attendees the opportunity to participate in various sessions, including a closing Fireside Chat with Jon Love and Aliyah Mohamed to further explore the economic landscape of the real estate development sector.

Those wishing to attend the ULI/PwC Annual Trends in Real Estate webinar on Friday October 30th, from 8 AM to 12 PM, can register at this link.

 

Source: – Urban Toronto

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