Buying and selling real estate online is the future. We’re at a point where ‘digital workarounds’ just won’t cut it, now is the time to embrace the next step for real estate developers. OffPlan is the only real estate marketplace and purchasing portal dedicated to new and pre-construction homes.
The real estate industry as a whole is changing and many developers are turning to new technologies to not only continue generating revenue during COVID-19, but to transform their businesses in the long term.
OffPlan launched as a platform for developers and marketing companies to share their homes with realtors and buyers and seamlessly take online payments via credit card. They can invite existing realtors from their own networks to choose from new home inventory directly on OffPlan. Realtors and buyers can see all property-related information, including renderings and floor plans, in an easy to navigate platform.
Several top developers joined at launch and began sharing properties within their network. Many more have begun making their homes available on OffPlan in the subsequent weeks. But being able to sell homes online is only half the solution.
Turn your leads into buyers
The logical evolution is giving real estate developers a way to sell on their own terms. OffPlan can do just that.
“OffPlan is growing and thriving but we at Avesdo Technologies always look for ways to adapt and, most importantly, empower home builders and developers to grow their businesses.” Avesdo CEO Tyler Proud said. “That’s why we’re proud to announce the ability to seamlessly integrate your real estate development marketing with OffPlan.”
OffPlan lets developers create a simple buying experience, removing roadblocks to purchase. It is essentially the creation of an online store for pre-construction homes. Digitizing brick and mortar sales centres gives buyers the opportunity to make their decision and take action whenever and wherever they are. The simplest integration is the inclusion of a ‘Buy on OffPlan’ link on your site, taking buyers to OffPlan where they can easily make a reservation payment..
OffPlan also lets developers build an online store to showcase their new and pre-construction homes, streamlining the buyer journey even more. Plugging in their promotional content directly to their OffPlan page along with the option to make a payment is the optimal way to sell new homes online. OffPlan is the online purchasing option that consumers have come to expect during quarantine, and will continue to utilize for years to come.
Connecting your project marketing website to OffPlan is the most powerful tool in the market for converting your leads immediately, rather than adding another email to your database. Developers spend tens of thousands of dollars promoting their new homes, driving traffic to their marketing sites and generating leads. Now developers can capitalize on all that hard work, and further justify their marketing spend.
Tapping into a marketplace
When a developer lists their homes on OffPlan and begin selling, they are also made available to browse via OffPlan’s Marketplace. Prospective buyers and realtors can review all relevant marketing material in one digital brochure. This ensures that the maximum amount of eyes are on your projects, leading to more offers and more buyers on your homes.
How OffPlan changes real estate
The ability to convert leads into paying customers by offering the ability to purchase directly on your website is a no-brainer in the age of e-commerce, and is now possible in new construction real estate. New home shoppers should have the opportunity to reserve whenever they see new homes from a developer, before and after social distancing regulations have lifted.
Realtors will also see new business opportunities by searching for homes and brokering deals utilizing OffPlan’s Digital Marketplace. Top developers across the country are listing their new construction homes on the platform, meaning that OffPlan is quickly becoming the premiere pre-construction focused home listing platform in Canada.
What is currently a perfect solution for developers to continue operations during a pandemic, will ultimately revolutionize and redefine the real estate industry. OffPlan will bolster the real estate market by creating the go-to network for the sale and purchase of new construction homes.
Connect with a member of the Avesdo team today and get started with OffPlan.
What Is the Canada Mortgage and Housing Corporation (CMHC)
The Canada Mortgage and Housing Corporation (CMHC) is a Canadian Crown Corporation that serves as the national housing agency of Canada and provides mortgage loans to prospective buyers, particularly those in need.
Understanding the Canada Mortgage and Housing Corporation (CMHC)
The Canada Mortgage and Housing Corporation (CMHC) serves as the national housing agency of Canada. CMHC is a state-owned enterprise, or a Crown corporation, that provides a range of services for home buyers, the government, and the housing industry.
CMHC’s stated mission is to “promote housing affordability and choice; to facilitate access to, and competition and efficiency in the provision of, housing finance; to protect the availability of adequate funding for housing, and generally to contribute to the well-being of the housing sector.”1
A primary focus of CMHC is to provide federal funding for Canadian housing programs, particularly to buyers with demonstrated needs. CMHC, headquartered in Ottawa, provides many additional services to renters and home buyers, including mortgage insurance and financial assistance programs. CMHC acts as an information hub for consumers, providing information on renting, financial planning, home buying, and mortgage management.
CMHC also provides mortgage loan insurance for public and private housing organizations and facilitates affordable, accessible, and adaptable housing in Canada.2 Additionally, CMHC provides financial assistance and housing programs to First Nations and Indigenous communities in Canada.3
Professionals and Consumers
CMHC provides services to both professionals and consumers. For professionals, CMHC aims to work in collaboration with different groups to provide affordable housing. Services include project funding and mortgage financing, providing information to understand Canada’s housing market, innovation and leadership networks to access funding and talent to spur housing innovation and increase supply, and providing speakers and hosting events for the industry.4
For consumers, CMHC seeks to provide all the tools an individual would need to either buy a home or rent a home and a variety of information and assistance for current homeowners, such as managing a mortgage, services for seniors to age in place, and financial hardship assistance.56
For financial hardship and mortgage assistance, CMHC provides tools that include payment deferrals, extending the repayment period, adding missed payments to the mortgage balance, moving from a variable-rate to a fixed-rate mortgage, and other special payment arrangements.7
Canada Mortgage and Housing Corporation (CMHC) and the National Housing Strategy
In November 2017, the Canadian government announced the National Housing Strategy.8 Rooted in the idea that housing is a human right, this 10-year, $70 billion project will largely be administered by CMHC, although some services and deliverables will be provided by third-party contractors and other Canadian federal agencies.9
Strategic initiatives of the National Housing Strategy include:
- Building new affordable housing and renewing existing affordable housing stock
- Providing technical assistance, tools, and resources to build capacity in the community housing sector and funds to support local organizations
- Supporting research, capacity-building, excellence, and innovation in housing research10
History of the Canada Mortgage and Housing Corporation (CMHC)
CMHC was established in 1946 as the Central Mortgage and Housing Corporation by the federal government in Canada with the primary mission of administering the National Housing Act and the Home Improvement Loans Guarantee Act and facilitating discounts to mortgage companies. Initially, CMHC began by providing housing to returning Canadian war veterans, and toward the end of the 1940s, CMHC began to administer a program providing low-income housing across Canada.11
In 1947, CMHC was responsible for opening Regent Park, a large low-income housing project, and Toronto’s first urban renewal project. By the 1960s, CMHC introduced co-op housing and multi-unit apartment buildings throughout Canada.11
In 1979, the Central Mortgage and Housing Corporation changed its name to the Canada Mortgage and Housing Corporation
Canadian home price gains accelerate again in May
Canadian home prices accelerated again in May from the previous month, posting the largest monthly rise in the history of the Teranet-National Bank Composite House Price Index, data showed on Thursday.
The index, which tracks repeat sales of single-family homes in 11 major Canadian markets, rose 2.8% on the month in May, led by strong month-over-month gains in the Ottawa-Gatineau capital region, in Halifax, Nova Scotia, and in Hamilton, Ontario.
“It was a third consecutive month in which all 11 markets of the composite index were up from the month before,” said Daren King, an economist at National Bank of Canada, in a note.
On an annual basis, the Teranet index was up 13.7% from a year earlier, the 10th consecutive acceleration and the strongest 12-month gain since July 2017.
Halifax led the year-over-year gains, up 29.9%, followed by Hamilton at 25.5% and Ottawa-Gatineau at 22.8%.
Housing price gains in smaller cities outside Toronto and its immediate suburbs again outpaced the major urban centers, with Barrie, Ontario leading the pack, up 31.4%.
On a month-over-month basis, prices rose 4.9% in Ottawa-Gatineau, 4.3% in Halifax and 3.7% in Hamilton.
The Teranet index measures price gains based on the change between the two most recent sales of properties that have been sold at least twice.
Canada‘s average home selling price, meanwhile, fell 1.1% in May from April, Canadian Real Estate Association data showed on Tuesday, but jumped 38.4% from May 2020.
(Reporting by Julie Gordon in Ottawa; Editing by Christopher Cushing)
Bank of Canada seeing signs of cooling in hot housing market
The sector surged in late 2020 and early 2021, with home prices escalating sharply amid investor activity and fear of missing out. The national average selling price fell 1.1% in May from April but was still up 38.4% from May 2020.
“You are starting to see some early signs of some slowing in the housing market. We are expecting supply to improve and demand to slow down, so we are expecting the housing market to come into better balance,” Macklem said.
“But we do think it is going to take some time and it is something that we are watching closely,” he told the Canadian Senate’s banking committee.
Macklem reiterated that the central bank saw evidence people were buying houses with a view to selling them for a profit and said recent price jumps were not sustainable.
“Interest rates are unusually low, which means eventually there’s more scope for them to go up,” he said.
Last year, the central bank slashed its key interest rate to a record-low 0.25% and Macklem reiterated it would stay there at least until economic slack had been fully absorbed, which should be some time in the second half of 2022.
“The economic recovery is making good progress … (but) a complete recovery will still take some time. The third wave of the virus has been a setback,” he said.
The bank has seen some choppiness in growth in the second quarter of 2021 following a sharp economic recovery from the COVID-19 pandemic at the start of the year, he added.
(Reporting by David Ljunggren and Julie Gordon; Editing by Peter Cooney and Richard Pullin)
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