August 21 2023 - TORONTO, ON – -- Aviva Canada has invested in OneClose Inc., a technology company that provides a breakthrough financial solution to help owners of newly constructed condos to save thousands of dollars in interim fees.
Consumers who buy a newly built condo in Ontario face a period of time after they move into their unit when they cannot obtain a mortgage. Referred to as the Interim Occupancy Period, it requires condo purchasers to pay Interim Occupancy Fees to the builder, which includes the interest on the remaining balance of the condo unit, property taxes, and maintenance fees. Interest payments can add up quickly to thousands of wasted dollars since they do not count towards the consumer’s mortgage – it’s like paying rent for a condo you own.
OneClose helps solve the problem of interim occupancy by allowing consumers to obtain mortgage financing between the occupancy date provided by the builder and the date the condominium registers, allowing buyers to save money, unlock ownership rights and immediately begin building equity.
“This investment aligns with Aviva’s mission to drive value for our clients,” said Andy Armstrong, Head of Developer Surety & Home Warranty, Aviva Canada. “During these uncertain times with high inflation and interest rates, consumers have enough on their plates. Through our Surety solutions we want to provide protection to builder projects and help customers overcome the interim occupancy pain point in the market for greater peace of mind.”
“Aviva Canada has been a valued partner throughout the design and implementation of the OneClose solution,” said Kevin Murphy, CEO, OneClose Inc. “We are thrilled that Aviva has expanded that relationship by investing in our company. We share the belief that OneClose will be a game changing solution to the problems caused by interim occupancy, allowing purchasers of new condominiums to save substantial amounts of money by avoiding unnecessary expenses. OneClose is emblematic of a private sector solution that government at all levels have been seeking to help counteract the housing affordability and supply crisis in Canada.”
About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for our people, our customers, our communities and our planet. In 2021, we announced our ambition to become a net zero carbon emissions company by 2040, the most demanding target of any major insurance company in the world. For more information, visit aviva.ca or Aviva Canada’s blog, Twitter, Facebook and LinkedIn pages.
About OneClose Inc.
Founded in 2016, and based in Oakville, Ontario, OneClose Inc. is a purpose-based and value-driven organization comprised of industry leaders from the real estate financing and technology sectors. Through its innovative and elegant financial technology solution, OneClose Inc. enables purchasers to obtain, and lenders to securely advance, mortgages at time of interim occupancy, thereby providing consumers with stability/peace of mind and saving them time and money. Through innovation and technology, OneClose is committed to solving problems, removing historic pain points and creating value for stakeholders within the real estate sector. For more information on OneClose Inc., please visit the company website at www.oneclose.ca.
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