Tech increasingly influential in real estate industry

by Justin da Rosa24 Nov 2017
The home buying process is increasingly taking place online, and that trend has picked up steam following two new industry announcements this week.

Earlier this week, Meridian Credit Union launched two new digital lending platforms for both secured and unsecured lending.

“The launch of our secured and unsecured lending platforms is a real game changer in the personal lending space as it transforms what traditionally could be a highly frustrating process into a much more convenient and transparent experience for our Members,” Bill Maurin, President and CEO of Meridian, said.

The secured lending platform aims to eliminate much of the documentation involved in processing mortgages. The credit union claims applicants will be able to select the mortgage payment they want and secure a rate for 90 days.

“With time being a precious commodity for Canadians, today’s home buyers value and expect a fully digital and intuitive experience, and that is exactly what we are delivering with our platform,” Maurin said. “From the application process to the mortgage closing, everything is easily completed online, so no branch visit is necessary.”

And while Meridian is pushing mortgages further into the digital space, another company is doing that on the home valuation front.

Mobials Inc., a London, On. Based tech firm, launched HomeProof, a web-based home valuation tool earlier this week.

“As a homeowner, when it’s time to buy or sell, not knowing what your home is worth can cause a great deal of stress,” James Hayes, CEO & Co-Founder, Mobials Inc., who created HomeProof, said.  “The benchmark value we provide, takes the stress out of the initial stage of any real estate transaction – getting the valuation.  HomeProof is a direct channel to the value of your home.”

HomeProof uses data from the Municipal Property Assessment Corporation (MPAC) and other sources to provide real-time home valuations.


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COMMENTS

  • by S 11/24/2017 11:55:20 AM

    Every licensed realtor and their dog offers a free home evaluation. Where they actually come into your home and take a look before providing you a number. Please tell me why anyone would use an online system where in fact the municipality has never come into your home other than to inspect for permit completions to come up with an estimate. Zillow has been trying to do this for a while in the US and it has become the joke of the industry.

  • by Victor 11/24/2017 5:23:11 PM

    Because i m ok to pat $20-40 for immediate home evaluation and not be chased / harassed by the realtor who provided a "free" evaluation. Mpac current market valuation for $30 was in fact around 1.5% different (higher) then the value given by an appraiser for $300 (on 800k house)

  • by Yvan Rheaume 11/25/2017 9:39:03 AM

    MPAC evaluation does not mean much as 2 similar homes with the same MPAC evaluation don't have the same value at all, as one could have been subject to updates, upgrades done with a permit while the twin house had no update, upgrade. MPAC is just one of the guides. It's useless to pretend doing an evaluation without a thorough tour of the property. I find MPAC evaluation are mostly useful for evaluation of vacant land.

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