Median Home Price in Toronto, ON
Qualifying Income (Annual Household Income Needed to Afford This Median Priced Home, $)
Median Annual Household Income in Toronto, ON ($)
Mortgage Payment for This Median Priced Home as % of the Median Household Income
Estimated Number of Months of Saving Required for the Down Payment (20%) on This Median Priced Home at a Savings Rate of 10%
Source: NBC Financial Markets | Data: Q1 2021
Almost all people around the globe would like to live in their own apartment or house. Canadians have the same desires.
Unfortunately, due to the current skyrocketed prices, tougher than ever mortgage rules and fluctuating interest rates, real estate has become less affordable for the majority of Canada’s population. The huge disproportion between real estate prices and people’s earnings has forced many hard-working families to indefinitely defer their desire of purchasing their own sweet home.
Should their dreams remain just dreams? How long should they wait for more lucrative job positions, decline in real estate prices, promising government incentives, changes in mortgage rules or other solutions from outside?
The answer is simple: people do not need to wait any more. They can afford their own apartment or house right now.
Innovative Domus Optima™ Cohesion Real Estate Auction system provides dynamic competitive experience on a completely transparent auction platform and allows the winning auction bidder to buy real estate property for a fraction of its market value while providing the auction seller with a fair market value of the property in the shortest possible time.
The property price, anticipated by the seller, is decreased for the perspective bidders by a cohesion amount, contributed by all backers (perspective bidders) through the public cohesion crowdfunding campaign.
Together, we can make real estate affordable again!
We believe that homeownership should be affordable for each and every working family in any modern developed society. When changes in the real estate market or other economic conditions are against that, we need to reshape real estate market foundations and find new opportunities to make homeownership affordable again.
Together, we can make real estate affordable again!
The Innovative Domus Optima™ Cohesion Real Estate Auction is an effective public method of real estate selling, which combines a public crowdfunding campaign with a traditional timed minimum bid auction for the crowdfunding backers.
The Domus Optima™ Cohesion Real Estate Auction system allows the winning auction bidder to buy real estate property for a fraction of its market value while providing the auction seller with a fair market value of the property in the shortest possible time.
The property price, anticipated by the seller, is decreased for the perspective bidders by a cohesion amount, contributed by all backers (perspective bidders) through the cohesion crowdfunding campaign.
Please find below a simplified flow chart of the Domus Optima™ Cohesion Real Estate Auction:
The seller submits a Domus Optima™ Cohesion Real Estate Auction listing application through his/her listing real estate agent/broker.
Upon obtaining home inspection and property appraisal reports, as well as completion of all Domus Optima™ Cohesion Real Estate Auction listing formalities, all auction terms are set, and the seller’s property is listed for the upcoming auction on an ‘as-is’ basis.
Potential buyers (along with their cooperating agents/brokers, if any) complete their due diligence (including visiting the seller’s property), obtain mortgage pre-approval (if mortgage is required), and register to participate in the upcoming Domus Optima™ Cohesion Real Estate Auction.
The cohesion crowdfunding campaign opens for the referred real estate property with an all-or-nothing funding model.
If a funding goal is not reached by the set deadline, all backers receive their contributions back and the real estate property delists from the Domus Optima™ Cohesion Real Estate Auction.
If the funding goal is reached, all backers are rewarded with a certain number of auction bids proportionally to their respective crowdfunding contributions and the second step of Domus Optima™ Cohesion Real Estate Auction begins.
The second step of Domus Optima™ Cohesion Real Estate Auction represents a traditional minimum bid auction model with ascending bids, pre-defined bid increments and auto-extending auction closing time.
The minimum starting bid for the auction is calculated by deducting a total NET crowdfunding contribution amount from the property listing price. Backers place their bids online.
If a bid is placed within the last 3 minutes of the Domus Optima™ Cohesion Real Estate Auction, the closing time will be automatically extended for the additional 3 minutes to allow other bidders to have a fair chance to compete.
At the auction closing time, the bidder with the highest bid wins the Domus Optima™ Cohesion Real Estate Auction.
The winning bidder provides a deposit along with all legal paperwork to the auction. The balance of the winning bid amount is due by the property closing date. The winning bidder is responsible for the payment of all his/her closing costs, including, but not limited to Land Transfer Tax(es), Legal and Government Registration Fees.
On the property closing date, upon fulfilment of all legal formalities, the ownership and possession of the property is transferred to the auction winner.
The seller will receive a cheque or bank transfer for the proceeds of the sale (winning auction bid amount plus a total net cohesion amount contributed by all backers through the public cohesion crowdfunding campaign).
The seller pays commission on the property sale price (winning auction bid amount plus the total net cohesion amount) to the involved parties set in the auction listing agreement.