With the price of real estate soaring to unprecedented levels, many feel they will never be able to get into the market.
But one company wants to change that.
Mike Stephenson says Addy is giving people a chance to invest the real estate market.
“We're on a mission to enable every human to own real estate,” said Stephenson. “And how we do that is we will create a corporation per property and every Addy is individual to one specific address.”
Stephenson explains if there is a piece of property for $1 million, Addy will issue one million shares and each share is $1.
“Anyone can participate by buying one share for as little as $1 or up to a maximum of 1,500 shares,” said Stephenson, adding investors then get to participate in the appreciation of the property.
“Anyone can participate as long as they are in BC, Alberta, Quebec and Ontario.”
If the investment is a rental property, then investors get a piece of that pie as well.
“What's beautiful is, in many of our properties tenants who have lived in these buildings for decades now have ownership in the building they rent in.
“What we really focus on is enabling people who live in the community to own a piece of their community. A big focus for us is equity, diversity and inclusivity.”
Addy operates in numerous communities across Canada, including Kelowna and they are now looking to Vernon for further investments.
The company website offers more details on how it works.
“Investment decisions are made collectively by our real estate acquisitions team, our investment committee and our Board of Directors which has a track record of investing in and managing real estate. All opportunities go through our very rigorous due diligence process,” the company said.
“Once you have an account you can see how the platform works, you can interact with all the other Addy owners and ask questions,” Stephenson said. “When someone finds a property that they want to invest in and they feel they are informed enough to make an investment decision in that property they sign up for a membership.”
Memberships are $25 a year and give the investor access to all Addy has to offer.
Stephenson added the membership is the only fee Addy charges.
“What we pay for the property is what the members pays for the property,” he said. “What we're here to do is to give people participation in the economic windfall that happens when densification happens.”
For more information or to sign up, visit the Addy website.