Toronto-based brokerage Properly has announced that it will no longer offer its sales assurance service to clients.
The service, which allowed homeowners to unlock equity in their homes to buy first and sell later, was one of the company’s key selling points.
The decision to discontinue the service is due to the unprecedented volatility in the Canadian housing market, according to a recent update posted to Properly’s website by Co-Founder and COO Sheldon McCormick.
The move comes amid a tumultuous time for the company, which recently laid off 71 employees and cited the changing landscape of real estate as the reason for the decision.
McCormick stated that the pause does not impact clients who have an outstanding commitment from the company.