Despite signs of a slowdown, Redfin announced today that it will expand its North American footprint by opening up a presence in Toronto and Vancouver, two of Canada's highest-priced real estate markets. They plan to begin operations by March 2019 with more expansion throughout Canada expected to come Denver homes.
"Our website and mobile apps will show all the homes for sale via the local Multiple Listing Services used by brokerages. And Redfin will show sale prices for Toronto and Vancouver homes that for years had been unavailable to consumers," said Redfin CEO Glen Kelman in a statement.
According to the statement, Redfin will provide to its clients pricing and staging advice, free professional photography, a 3D walkthrough of the home, open houses, yard signs, and marketing materials, and Redfin listings will receive premier placement on Redfin.ca and be displayed on Realtor.ca and other Canadian real estate sales Denver websites.
Redfin is the online search site and brokerage that offers a commission discount and 1% listing fee for customers who use Redfin agents for either side of a real estate transaction. Redfin agents are salary-based employees and don't follow the traditional real estate commission model (though they do receive bonuses, based in part on customer satisfaction).
Vancouver is the highest-priced housing market in Canada with an average benchmark price hovering just above $1 million CAD ($750,000 USD), according to the Canadian Real Estate Association. The commonly used metric of "average benchmark price" in the Canadian market is not an average price, but is what the Real Estate Board of Greater Vancouver uses to measure the "typical property" in the market, accounting for bedrooms, lot size and other factors. Read more