A condo going up for sale in the Toronto real estate market is usually nothing to get excited about, it happens maybe every 6 seconds all day every day. However, sometimes there's a listing so unique you have to stop and think... WOAH. That can be said for Juniper Life Insurance founder and tech savant Derryn Shrosbree and his two-bedroom condo in Mississauga.
At first glance it just looks like your typical listing however when you scroll down to the fineprint, there are a few things that are hard to wrap your head around. The first being the listing price - which at $35 dollars you'd think was a very very big typo- it's not! It's actually the price in bitcoins which according to a converter equals to about $478,228.05 CAD.
Then there's the first 3 sentences of the clients remarks which reads:
"This Property Is For Sale For Bitcoin! Let's Make History- The Gta's First Bitcoin Listing!"
When asked what attracted him to this idea of selling his condo using cryptocurrency, Derryn said that it makes things faster, cheaper and better. Why? Well according to him, it's because it simplifies the current process that causes friction and static and makes things unnecessarily complicated.
He added that he loves how this new technology of cryptocurrency disrupts in a positive way and truly believes that it is the way of the future.
We took a moment to chat with Shrosbree's millennial realtors to get the downlow on what this could mean for Toronto. According to the member of the The Starke Realty Team - Brett Starke, Merina Quaggiotto, and Caitlin Clemmens this sale isn't just the first of its kind in Toronto but potentially also in all of Canada.
When Derryn requested that his home be listed in only a bitcoin currency, they were more than up for the task. Brett, the team leader of the group, says that the benefit of listing in cryptocurrency is that it opens up the sale of your home to a more international market.
Basically, anyone from anywhere can turn their dollars into bitcoins and easily have access to a bitcoin listed home. Therefore making bartering globally more much easier for international buyers.
When asked if there were any additional perks for local buyers and sellers when it comes to using cryptocurrency, Brett mentioned a reduction in fees when you skip over using a bank. Essentially by using bitcoin you're cutting out the middleman (the bank) which can keep potentially thousands of dollars in your pockets.
While Derryn does say there are some risks involved in listing in bitcoin (since bitcoins' value can both go up or down at anytime), but he isn't scared of the volatility - and goes as far as to say that he loves it. If everything goes to plan, Derryn says you can expect to see 5 additional homes of his go up on the market this way.