Archive for March, 2019

The 2019 Canadian Mortgage Award nominations are now live! Teranet is a finalist in the Centum Award for Industry Service Provider of the Year.

Along with GeoWarehouse, Teranet offers a wide range of commercial and financial solutions for the real estate and mortgage industries using data from the Province of Ontario Land Registration Information System (POLARIS).

The Centum Award for Industry Service Provider of the Year recognizes the service provider that adds the most value to its customers’ businesses. Eligible service providers include but are not limited to software and technology, legal, compliance, training, and education.

The criteria considered for nominations included:

  • Unique value proposition and major strengths.
  • Industry’s need for the service.
  • Overall service and client strategy.
  • Major improvements or upgrades made in the last 12-18 months.
  • How the service has added value.
  • Overall commitment to its customers.

The Canadian Mortgage Awards are held April 26 at the Liberty Grand in Toronto. Learn more about the Awards here: http://canadianmortgageawards.com/

Congratulations to the all of the finalists and thank you for the nomination!

For more information about GeoWarehouse’s real estate industry services, powered by Teranet, please call 1-866-237-5937 or visit www.geowarehouse.ca.

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A lien check is a crucial tool for anyone working with real estate.

If there is a lien on your client’s property, it could mean delays and less profit — in which case you would want to be aware of this before trying to buy or sell a home.

And if the lien is too big, or the client has too little home equity to cover it, it could put the whole sale in jeopardy.

Knowledge is key when it comes to liens – the more you know and the sooner you know it, the more options you have available for you and your client.

If you are selling the home, you might be able to negotiate with the party who issued the lien. Some collectors will remove liens if you agree to pay a portion of the amount owed or set up a payment plan to pay it off gradually. You might also have a debt consultant partner who could help your client.

If your client is buying, they need to know what they are getting into if there is a lien on the property.

The first step is being aware. GeoWarehouse has two tools that make it easy to make a lien check quickly.

Step 1: Get a Parcel Register* to check for liens.

A Parcel Register* is a record containing a property description and list of instruments registered against the property within the Land Registration System of Ontario as of the date of the property search.

This report allows you to identify registered encumbrances and acquire an instrument number.

Example: https://www2.geowarehouse.ca/wp-content/uploads/2016/05/ParcelRegister-SAMPLE.pdf

Step 2: Acquire an Instrument Image* to learn more about the lien.

If a lien is found in the Parcel Register*, you’re given an instrument number, which you can use to look up the Instrument Image*.

This is an image of a registered document within the Land Registration System of Ontario. Instruments may include liens, mortgages, transfers, and condominium declarations, among others.

You can use this report to find out more details about the lien registrant, including the lawyer who registered the lien. This can give you the knowledge necessary to start negotiating with the lien registrant.

Example: https://www2.geowarehouse.ca/wp-content/uploads/2016/05/InstrumentImage-SAMPLE.pdf

A lien check is good due diligence. And, thanks to tools like GeoWarehouse, it’s easy and fast to acquire.

GeoWarehouse subscribers can access Parcel Registers* and Instrument Images* through the GeoWarehouse e-Store.

Not a subscriber? Become one today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

* An official product of the Ontario government pursuant to provincial land registration statutes.

 

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Finding an investment property can be difficult in uncertain housing market conditions.

Housing affordability issues and new mortgage rules have blocked some Canadians from becoming homeowners and resulted in a housing shortage in several areas of the country.

The Huffington Post reported that the GTA population has risen by 100,000 in the past year, and the housing market there is under severe pressure. A report from the Ryerson University Centre for Urban Research and Land Development also found a “missing middle” in the GTA — affordable, family-friendly housing.

The property search issues aren’t just limited to Toronto, either. Last year in Calgary, CBC News reported that of the roughly 9,500 that had been listed in the first six months of 2018, only 4,200 sold, putting the sales-to-listings ratio at 44%.

Less urban areas, like Prince Edward County in Ontario, are becoming more popular living destinations – and as such housing is becoming harder to find there, as well.

In markets like these, many real estate developers and investors knock on doors to get business. It can be hard to find suitable properties, especially in multi-unit residential and commercial real estate.

But there is a way that searchers can beat the odds and find a great investment property, even when the pickings are slim: by using the right tools.

For instance, when real estate investors and developers use a tool like GeoWarehouse, they gain a competitive edge. This is because GoeWarehouse’s property tools allow users to research areas and neighbourhoods to find opportunities and know more about the property before initiating contact.

With GeoWarehouse, you could:

  • Estimate the property value using an AVM.
  • Compare sales in the area to find a neighbourhood where properties are moving.
  • Use a Demographics Report to learn more about who lives in a neighbourhood, including age distribution, marital status, ratio of owned/rented properties, and more.
  • Use a Parcel Register* to find registered encumbrances on properties.
  • Use a Property Details Report to locate and view a property you’re investigating from the comfort of your office.
  • And much more.

Tools like GeoWarehouse can reduce the legwork and help you maximize your time and effort to find properties before they even hit the market.

Want to use GeoWarehouse to find investment properties? Become a subscriber today. Call 1-866-237-5937 or visit www.geowarehouse.ca.

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March 13, 2019

March 13, 2019

 Largest retreat for a February outside of recession

In February the Teranet–National Bank National Composite House Price IndexTM was down 0.4% from the previous month.[1] Except for the recession year of 2009, it was the largest February decline in 19 years of index history. Indexes lost ground in nine of the 11 metropolitan markets of the composite index: Victoria (−2.0%), Hamilton (−1.4%), Quebec City (−1.2%), Calgary (−0.8%), Vancouver (−0.7%), Ottawa-Gatineau (−0.7%), Winnipeg (−0.4%), Toronto (−0.2%) and Edmonton (−0.1%). The only indexes up from the month before were those for Montreal (0.4%) and Halifax (0.3%).

All five constituent markets in Western Canada have now joined the downtrend. For Calgary it was the eighth consecutive month without a rise, a cumulative decline of 3.2%, for Vancouver the seventh (a cumulative −3.9%), for Edmonton the sixth (−3.5%) and for Victoria the fifth (−2.5%). The index for Winnipeg has risen only once in the last five months (cumulative −1.9%). In central Canada, Hamilton has gone five months without a rise (cumulative −2.3%) and Ottawa-Gatineau has risen in only one of the last five months (cumulative −0.8%). The index for Montreal, in striking contrast, has declined only once in the last 11 months (cumulative gain 5.3%) and is the only constituent index that was up from six months earlier. For the composite index it was a fifth consecutive month without a rise, for a cumulative decline of 1.4%.

Teranet-National Bank National Composite House Price Index™

In changes from 12 months earlier, only three indexes showed the weakness that has more recently become apparent in several regions: Calgary (−2.7%), Edmonton (−1.6%) and Vancouver (−1.1%). The change from a year earlier remained positive for Halifax (1.2%), Winnipeg (1.3%), Victoria (2.8%), Hamilton (3.0%), Quebec City (3.5%), Toronto (3.6%), Montreal (5.2%) and Ottawa-Gatineau (6.0%). The composite index was up 1.9% from a year earlier.

Besides the Toronto and Hamilton indexes included in the composite index, indexes exist for the seven other urban areas of the Golden Horseshoe. In February, they were down from the previous month for Kitchener (−1.3%), St. Catharines (−1.0%), Oshawa (−0.5%) and Guelph (−0.3%). The index for Barrie was flat. Indexes were up for Peterborough (0.5%) and Brantford (1.5%). As with Toronto, Hamilton and Ottawa-Gatineau, none of these indexes was higher than it had been six months earlier.

Indexes not included in the composite index also exist for seven markets outside the Golden Horseshoe, five in Ontario and two in B.C. In February four of them were down from the month before: Sudbury (−3.4%), Kingston (−2.6%), Abbotsford Mission (−0.9%) and Windsor (−0.4%%). Kelowna was up 0.3%, Thunder Bay 0.3% and London 0.9%. Only two of these seven, Windsor and London, were up from six months earlier. In other words, of 25 metropolitan markets surveyed, only three – Montreal, Windsor and London – were up from six months earlier, the weakest diffusion of six-month gains for any February since the recession.

For the full report including historical data, please visit https://housepriceindex.ca/2019/03/february2019/.

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The Teranet Market Insights Report is trusted by real estate professionals to share insightful analysis into the Ontario housing market — and the March 2019 edition is no exception.

The latest Market Insights Report dives into a topic that has been front of mind for many in the mortgage industry: the B-20 Guideline, or mortgage stress test, first introduced in January of 2018.

In this report, Teranet data scientists examine what impact the stress test has had in the past year. We also look at mortgage market demographics and how the mortgage share is split between Ontario banks and lenders.

View the full report here: http://ci23.actonsoftware.com/acton/attachment/2216/f-aee8a670-3392-4fc8-ac7e-8eff651d086e/1/-/-/-/-/Teranet%20Market%20Insight%20Report%20March%202019.pdf

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