July 15, 2010
Correction: ITBusiness.ca was contacted by Move, Inc. and informed that Realtor.com does not have plans to offer Canadian listings at this time. Julie Reynolds of Move Inc. couldn’t elaborate on comments made by Richard Garcia, but says there are no plans to offer listings in Canada.
“We are not entering the Canadian market in that we are not going to start carrying active, for sale listings in Canada,” she says.
According to itbuisiness.ca, America’s largest online player in real estate listings is on route to Canada. California based Move, Inc. which operates multiple online real estate portals such as Realtor.com, will start listing Canadian properties on Realtor.com within several weeks.
Adding Canadian listings “is a first for us,” said Move media spokesperson Richard Garcia. Move Inc. has offices in Canada and sees its foray into Canada as a natural progression. It has already acquired a license from Maponics to use thousands of its hand-drawn Canadian neighbourhood boundaries.
Move Inc. had its start in the mid 90’s working with the U.S. National Association of Realtors to host and manage the listings of Realtors nationwide. At the time, the company operated as RealSelect, Inc. although the company became better known as Homestore.
In 1999 Homestore went public, and immediately became the #1 real estate site on the Internet, and raised $140 million. NAR retained a significant equity position, but Homestore negotiated agreements with hundreds of Multiple Listing Servicees (MLSs) and brokerages to secure direct feeds of listings and found itself in a head-to-head competition for listings and traffic with Microsoft’s HomeAdvisor.
In November 2005, Elevation Partners, a Bay Area Equity Firm, announced a $100 million investment in Homestore. In February 2006 Homestore changed its name to Move Inc.