LAVAL, Quebec, May 21, 2020 (GLOBE NEWSWIRE) — Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”) (TSX VENTURE: UI) (OTC PINK: UBMRF) today announced a partnership with FastOffice, a commercial real estate technology company providing a 3D data visualization platform for marketing and managing commercial real estate office space.
FastOffice has been gaining significant traction in the commercial real estate market with a low cost and fast solution that accelerates decision making for brokers, tenants, landlords and property managers.
FastOffice has started offering Urbanimmersive’s 3D tours to its commercial real estate customers as a cost-effective option to quickly digitalize scaled-to-life large office and building spaces using standard 360 off-the-shelf cameras.
The partnership will provide FastOffice with access to Urbanimmersive’s network of photographers in North America to serve FastOffice large footprint real estate commercial clients. Parties have also agreed to integrate their technologies to deliver a first-class, highly innovative final product to FastOffice clients that will enable going from a complete 3D drawing rendering environment to photo 3D tours.
“While residential real estate is our main market, the ability of our 3D tours emulator to cost-effectively digitalizing large environments is enabling us to reach many different industries and verticals. Our partnership with FastOffice is a first meaningful natural application of our technologies outside the world of residential real estate and further validates our potential in other markets. We are excited to work with the FastOffice team, to immediately begin delivering upon this exciting partnership,” states Ghislain Lemire, President and CEO of Urbanimmersive.
Casey Myhre, co-founder and COO of FastOffice, stated “The core purpose of FastOffice has always been to use visualization to facilitate understanding and therefore, decision-making, in all aspects of commercial real estate. Whether it is marketing, leasing due diligence or – critically today – configuring safer offices for people returning to the workplace, people need to experience a space in 3D, on their terms, not through hard-to-read plans. This is even more true today, at a time when people cannot visit sites in person. Integrating Urbanimmersive’s images into our 3D plans and virtual tours enhances people’s understanding of a space even further, while helping us maintain the simplicity and speed of our platform.”
The partnership has already commenced and both companies look forward to it accelerating in the weeks ahead, helping FastOffice deliver a superior product to its clients.
Founded in 2019, FastOffice is a Commercial Real Estate technology company, providing 3D data visualization tools for marketing and managing real estate assets. Brokers, tenants, landlords and property managers use the 3D visualizations and virtual tours developed within FastOffice to collaborate on marketing, leasing due diligence and ongoing management of tenant and operational needs. The FastOffice visualizations are produced rapidly and at low cost, and are uniquely editable in real time, enabling evidence-based decision making on the fly. The FastOffice platform also includes dynamic costing estimates, a vast catalog of furniture suppliers, financing options and more. The company recently completed the 2019 Colliers Proptech Accelerator powered by TechStars, following the Summer 2019 launch of the platform. The FastOffice software is now available to leasing teams across North America and globally. Learn more at www.fastoffice.com and follow them on LinkedIn.
Urbanimmersive is a SaaS business management solution that provides mission-critical solutions to visual content providers serving the real estate residential, commercial, construction, and local business markets. Urbanimmersive’ platform helps customers to increase operational productivity and delivering the full potential of visual content creations through leading-edge websites builder tool, AI-backed image indexing, robust file transfer systems, and interactive visual technology solutions. The firm’s core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline alternatives to traditional 3D engines for the creation of immersive digital environments. Learn more at urbanimmersive.com.
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.
For more information, please contact:
Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
VP Sales and Business Development
CHL Leaders: QMJHL grad Vermette enters exciting new career in real estate – Canadian Hockey League
Gabriel Vermette spent four years in the QMJHL lacing up the skates while also learning many life skills he continues to use today.
“Balancing school, life, playing hockey at the same time, it’s a lot, and it teaches you a lot in life,” recollected Vermette in speaking with Junior Hockey Magazine as part of its CHL Leaders segment. “The big thing is to manage the stress with all of the things that you have (to do). You just have to go with one thing at a time.”
Following four full seasons in the QMJHL from 2009-13 that spanned 246 career contests with the Chicoutimi Sagueneens and Drummondville Voltigeurs – highlighted by a playoff elimination of the Memorial Cup host Shawinigan Cataractes in 2012 – Vermette elected to pursue an education, majoring in psychology at the University of Ottawa where he also suited up for another two seasons with the varsity Gee-Gees.
In all, it was an opportunity that became a reality given Vermette’s ability to access the CHL’s invaluable post-secondary scholarship program.
“At the end of my junior I shifted my plan and began thinking about what I would do in real life if it’s not hockey, so (the scholarship) is vital,” Vermette said. “It took away a lot of stress of having to pay a lot.”
Today, Vermette puts his skills to use in enjoying a new career as a real estate broker with RE/MAX Vision Gatineau in his home province of Quebec.
“It has been one year,” Vermette concluded. “I am really happy with what I am doing. I think I have had quite a lot of success so I am really proud.”
Gloomy B.C. real estate forecasts not as bad as some predict: agent – CityNews Vancouver
VANCOUVER (NEWS 1130) — The forecast for buying and selling real estate in B.C. isn’t what it could have been, but it’s not as bad as the double-digit price drops some analysts have predicted, according to a Richmond presale condo and townhouse agent.
Vince Taylor admits he’s biased, but said the facts are not — supply is low in B.C. and interest rates are historically low, so prices will be relatively stable.
“I am expecting a drop-off for sure. I don’t expect the market to rebound in 2020 like it was going to in March, but I see no structural, no macro or micro economic reason for the kinds of drops that have been reported,” he said.
“Tell me how that makes any sense that prices are going to go down when you have the lowest interest rate in 40 years, limited supply, and not that many people actually lost their jobs.”
He adds the COVID-19 cloud is dark, but there is a silver lining, and nothing structurally has changed about the real estate market.
While Canada is seeing the worst GDP numbers in a decade, Taylor said the easing of health and safety restrictions will bring more buyers and lower prices to the market.
The Canada Mortgage and Housing Corp. expects home prices and sales to decline substantially this year and still won’t have recovered by the end of 2022.
The federal housing agency’s special housing market outlook predicts home prices to decline between nine and 18 per cent, and as much as 25 per cent in oil-producing regions, before starting to recover by mid-2021. The report also suggests average home prices in B.C. could drop close to $100,000 this year.
Will real estate prices plunge? That may depend on the sellers – Financial Post
The economic uncertainty surrounding COVID-19 has contributed to contradictory estimates of future housing prices and sales. Leading the bears is the Canada Mortgage Housing Corporation (CMHC), projecting average housing prices to fall by nine to 18 per cent.
Others, including economists at the Canadian Real Estate Association (CREA), are not convinced prices will fall as steeply as the CMHC projects. Many homebuyers and sellers have been left perplexed by these conflicting forecasts — much can go wrong if they rely on the wrong estimates in their buy and sell decisions.
Regardless of the sophistication of algorithms, forecasts are necessarily a byproduct of the assumptions forecasters make and the data they use. Assumptions, inherently, are neither right nor wrong. They are informed guesses about future outcomes. When reviewing a forecast based on modelling, always remember the advice from the famed statistician, George Box: “All models are wrong, but some are useful.”
The CMHC forecasts were generated using “a specific set of assumptions for the market conditions and underlying economic fundamentals,” CMHC noted in the report’s appendix.
But how precise are they? CMHC estimates that average Canadian housing prices in 2020 will be anywhere between $493,200 and $518,400, representing a nine to 18 per cent decline from pre- COVID-19 levels. The number of sales transacting through the Multiple Listing Service is expected to be between 416,000 and 450,500.
The above forecasts are for the average price in Canada. Local market forecasts could be much different. CMHC reported provincial estimates for prices, sales and housing starts, with all provinces seeing the same trend of falling metrics through 2020 and a rebound starting later in 2021.
The lowest average price forecast for British Columbia at $609,515 is still more than double that for Alberta at $288,522. Both numbers are for the second quarter of 2022. The lower bound forecast for Ontario at $531,715 is slated for the second quarter of 2021, which suggests that CMHC expects housing markets to recover sooner in Ontario.
CMHC’s report does not disclose the methods or data used to generate forecasts. The report mentions that CMHC forecasts deploy the “full range of quantitative and qualitative tools currently available.”
The report claims that the forecast’s “range provides a relatively precise guidance to readers on the outlook while recognizing the small random components of the relationship between the housing market and its drivers.” However, the wide range of forecast for prices and sales is indicative of the “high degree of forecast uncertainty” partly due to the “unprecedented nature of the COVID-19 pandemic.” To us, therefore, the claim for precision may be a stretch.
Homebuyers and sellers need to be able to understand what forecasts mean for their decision-making processes. Economists prepare estimates with care. However, when predictions differ from the real outcomes, economists readily revise their projections. Homebuyers and sellers, once they have transacted, cannot “revise” their transactions. Hence the stakes are higher for the ones active in the market.
Another way of thinking about future housing prices is to think about the willingness of sellers to accept lower bids for their listings. If one is of the view that sellers will be, on average, willing to accept bids 18 per cent or more below than what they could have received before March 2020, a significant decrease in housing prices could be inevitable. However, this seems to be an unlikely scenario.
If prices start to decline significantly, sellers can slow or even freeze the market by not listing their properties, withdrawing them from consideration, or refusing a lower bid. Sellers’ unwillingness to sell dwellings at lower-than-expected prices can protect against a freefall in housing prices. Also, when less inventory is available for purchase, buyers may have to compete, which could put upward pressure on prices.
Lastly, the average decline in the average price does not imply that an individual dwelling will experience an average drop in valuation. Why? Because the average price forecasts ignore the differences in sizes and quality of housing or the fact that when economic conditions worsen, higher priced homes stop transacting, and lower-valued homes dominate the sales. The shift in the structural composition of housing gives a false impression that housing prices are falling. Thus, CREA’s estimates of constant quality homes are not as severe as CMHC’s.
Homebuyers and sellers should have a look at the market forecasts. But they should base their decisions on their circumstances and local housing market conditions. Remember, forecasts are useful, but not necessarily accurate.
Murtaza Haider is a professor of Real Estate Management at Ryerson University. Stephen Moranis is a real estate industry veteran. They can be reached atwww.hmbulletin.com.
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