Aviva Canada invests in OneClose
Aviva Canada has invested in OneClose, a Canadian company that helps owners of newly constructed condos save “thousands of dollars” in interim fees.
Consumers who buy a newly built condo in Ontario face a period of time between when they take occupancy of their unit and when they take ownership of it. Referred to as the interim occupancy period, it requires new condo purchasers to pay interim occupancy fees to the builder whether they move into the unit or not. The fees do not count towards the consumer’s mortgage.
This occurs when purchasers gain access to their property before the development is fully completed and title is ready to be transferred to the purchasers. OneClose’s solution helps consumers obtain a mortgage between the occupancy date provided by the builder and the date the condominium registers.
“This investment aligns with Aviva’s mission to drive value for our clients. During these uncertain times with high inflation and interest rates, consumers have enough on their plates. Through our Surety solutions we want to provide protection to builder projects and help customers overcome the interim occupancy pain point in the market for greater peace of mind.” – Andy Armstrong, head of Developer Surety & Home Warranty, Aviva Canada
“Aviva Canada has been a valued partner throughout the design and implementation of the OneClose solution. We are thrilled that Aviva has expanded that relationship by investing in our company. We share the belief that OneClose will be a game changing solution to the problems caused by interim occupancy, allowing purchasers of new condominiums to save substantial amounts of money by avoiding unnecessary expenses. OneClose is emblematic of a private sector solution that government at all levels have been seeking to help counteract the housing affordability and supply crisis in Canada.” – Kevin Murphy, CEO, OneClose.