Aviva Canada has invested in technology company OneClose, which offers a financial solution to help owners of newly constructed condos with interim fees.
New condo buyers in Ontario are subject to the interim occupancy period, during which they cannot secure a mortgage upon moving into their units. This period also requires purchasers to pay interim occupancy fees to the builder, encompassing interest on the outstanding condo balance, property taxes, and maintenance fees.
With OneClose’s solution, condo buyers can secure mortgage financing between the builder’s occupancy date and the date of condominium registration, allowing them to save substantial amounts of money, gain immediate ownership rights, and start building equity sooner.
Andy Armstrong, head of developer surety & home warranty at Aviva Canada, spoke of the company’s latest investment and called the move a demonstration of the mission to “drive value for our clients.”
“During these uncertain times with high inflation and interest rates, consumers have enough on their plates,” said Armstrong. “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."
OneClose CEO Kevin Murphy said he was happy to have Aviva Canada’s continued support after it had served as a collaborator throughout the design and implementation of their solution.
“We are thrilled that Aviva has expanded that relationship by investing in our company,” said Murphy.
“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.”
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