Real Estate: BuzzBuzzHome brings online home purchasing to Ontario

In an age of immediacy where you can buy practically anything online, spending money has consequently become easier than ever, and that could include one of the largest purchases most people will ever make.

The national real estate search website BuzzBuzzHome is taking online shopping to a new level, allowing shoppers to buy new construction condominiums or houses online with just one click.

Currently, BuzzBuzzHome’s website allows users to find new construction residences based on the price, number of bedrooms and type of home they’re looking for. But come January 2016, a simple “buy now” button will be added, allowing the company to facilitate an online transaction.

“I think we’re starting to see a lot more people purchasing larger items online,” said Matthew Slutsky, co-president and co-founder of BuzzBuzzHome. “We think the pickup is going to be strong right off the bat.”     

Here’s how it will work: After finding a home or condo that fits the criteria of the user’s interests, the user will simply click a “buy now” button if interested in purchasing the unit. From there, the user will select the desired suite, indicate if a parking space or locker is wanted and then see the final price when all is said and done. An agreement will appear that the user will sign digitally. The site will request a digital photo of the purchaser’s credit card for the initial $5,000 deposit, and the information will get sent to the builder. 

“This — in the comfort of your own home — could be as [short] as a 20-minute process,” said Slutsky.

Naturally, the innovative idea has been met with some criticism. Elli Davis, sales representative of Royal LePage Services Ltd., acknowledged that, although she’s unfamiliar with the complexities of such an idea, she’s wary of the process.

“It’s not like you’re buying a pair of shoes,” said Davis. “Real estate is a very, very involved process and it needs a professional.… Something like this is shocking.”

But Slutsky insisted that users are able to make more informed decisions with this new technology. After all, they can see a full breakdown of the average price of a similar unit in the area, completion dates and floor plans (among other details).

Additionally, the 10-day “cool off” period that legally comes with purchasing a home or condominium in Ontario will still apply to online purchases like these, eradicating the fear of impulse buying.

“[Users] have so much information they would have never had before,” said Slutsky. 

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