Ownly, a Calgary start-up, is hoping to change the way Canadians purchase new homes. Traditionally, buyers hoping to purchase a new home visit burgeoning subdivisions, sauntering between model homes in the hopes of finding their ideal residence. This method turned what was already a stressful process, into a costly and time-consuming one.
Ownly hopes to simplify the entire industry by allowing developers to list and sell their inventory of new homes on its platform. This process benefits both consumers and developers. Consumers can view more options, become better informed about market conditions, and cut down on the search costs of finding a new home. Developers benefit by reaching more customers and cutting down on marketing costs. The company gets its revenue from charging builders a fee for listing their products on the site.
In October of 2022, the company raised $2.55 million CAD in seed funding from Calgary Bluesky Equities, the National Bank of Canada NAventures, and Garage Capital. Ownly is hoping to use the funds to expand its market from its current hub in Alberta to Ontario and several U.S. locations, including Florida, Texas, and Georgia.
The recent downturn in the Canadian housing market could be a double-edged sword for the company. On the one hand, a slowing housing market could mean fewer customers. On the other hand, a slumping market could be ripe for a disruptor looking to shake things up. Either way, 2023 should be an interesting year for Ownly, as the company tries to navigate multiple hurdles in its quest to revolutionize the way Canadians buy homes.
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