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Buy your next home with…Bitcoin?

OakWood Designers and Builders makes the leap into cryptocurrency


John Liptak of OakWood Designers and Builders doesn’t like to do things the easy way. 

That’s because he believes clients deserve more than a great home – they also deserve a great experience when buying that home. For the past 65 years, four generations of Liptaks have kept that promise through the adoption of cutting edge technology. 

“Having one foot in technology firms and one foot in the construction industry allows us to be in the unique position of seeing what’s coming,” Liptak said. And after developing their own proprietary software and adopting cutting-edge technologies like Net Zero and virtual reality, OakWood is making it easier for clients to pay them by stepping into the cryptocurrency space. You can now pay for an OakWood home or renovation using Bitcoin. 

Bitcoin may not be the norm when it comes to paying for your groceries just yet, but Liptak saw the value in adopting Bitcoin in his business when one of his investment clients asked about using the digital currency. “All innovations at OakWood pass through a filter: we ensure they have the newest technology, are totally legal, increase efficiency, and improve the experience process and final product,” Liptak said. 

Bitcoin passed the test because it transfers large sums of money faster, cheaper, and safer. 

Speed is the cornerstone of efficiency. Transferring a down payment usually takes time because it has to be done through a third party (like a bank) to confirm who’s sending how much to whom. This can take hours or days. By paying with Bitcoin, OakWood can receive your down payment in minutes.

And how about saving thousands of dollars? It’s no surprise that a real estate investor brought Bitcoin to Liptak’s attention. The savings on transferring $150,000 for an OakWood investment property would please any entrepreneur or home buyer. Unlike the usual two per cent fee for credit card payments, Bitcoin costs a fraction of that. Two per cent of $150,000 is $3,000, which amounts to an emergency fund that can cover unexpected vacancies, maintenance, and repairs. 

What about security? I have good news. Your Bitcoin wallet is less likely to be hacked than a credit card you have stored in someone else’s database. (Check this website to find out if your info has ever been hacked). As of last month, the future of cryptocurrency in Canada took a big leap forward with the founding of the Canadian Web3 Council, a body dedicated to furthering Canadian cryptocurrency policy. 

In addition to the concrete benefits for his clients, for John Liptak technological innovation is just common sense. 

“Technology changes daily and we use proven technology to improve the legacy construction industry, which is very much a traditional industry that takes a long time to change,” Liptak said. “Client service and respect has not changed. Our primary goal is to have every client a 5-star client. Bitcoin as a payment offering for our products and services is simply another way to serve our clients better.”

If Bitcoin isn’t for you, don’t worry. OakWood will continue to accept traditional payments from clients who don’t want to think about Bitcoin or cryptocurrency.

Have we piqued your curiosity? Feel free to check out OakWood’s Bitcoin Terms or consult this guide to get started with cryptocurrency.