Archive for the 'GeoWarehouse' Category

It can be difficult to perform property appraisals in the current housing market when conditions are changing so rapidly.

An appraiser’s job is tough because you may be able to see the changes coming up in the marketplace before the data even reflects it. But data is what you have to rely upon to produce a value.

Changing market conditions can also mean different expectations from appraisal clients.

Some lenders may be looking you to tighten up and look at forced sale values, or sales over a lesser timeframe, in an effort to lend more conservatively.

Real estate sales professionals may want to see the property value more closely to reflect the sale price of the property.

Your tools will enable you to produce your valuation while ensuring that all sides understand how you got to your result.

Tools, tools, tools

An appraiser’s job, while tough, is made easier with certain property tools.

While you may have your legacy tools that you rely on – another option is to use tools that the real estate industry is already using.

You know your basic needs – to see actual sales, to see history data, to look at property details, etc. Tools can help uncover this quickly and cost-efficiently.

For example, pulling your property data using a tool like GeoWarehouse provides you with the same data that the real estate financial professional has likely looked at, and may lead to more aligned and consistent results.

You can trust that the GeoWarehouse data source is accurate and up-to-date because the property data comes from the Province of Ontario Land Registration Information System, POLARIS. This means that it’s data that you can rely on for your appraisals, regardless of market conditions.

Not a GeoWarehouse subscriber? Become one today. Find out how by calling 1-866-237-5937 or visiting www.geowarehouse.ca.

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April 15, 2019

Is there a housing affordability crisis in Toronto? Recent news reports certainly seem to be leaning that way, but is that what’s really going on?

We’re breaking down the stats to look at the Toronto real estate market and what the data has to say about housing affordability.

  1. It’s now more expensive to buy than to rent.

According to the National Bank’s 2018 Q4 analysis, renting has become cheaper than buying in Toronto.

Analysts from the National Bank found that the price of the representative home (non-condo) in the metropolitan market in 2018 Q4 was $902,916. The household annual income needed to afford the representative home: $165,755.

The price of the representative condo in the metropolitan market in 2018 Q4: $536,082.
Household annual income needed to afford the representative condo: $98,413.
The premium/discount for buying compared to renting a two-bedroom condo in the GTA: 12%.

The months of saving required for the down payment of the representative home (at a saving rate of 10%): 112 months.
The months of saving required for the down payment of the representative condo (at a saving rate of 10%): 49 months.

  1. Resale activity was down in 2018.

RBC’s economics team found that resale activity slumped almost 16% in 2018 in Toronto. They don’t expect to see a meaningful rebound in 2019.

  1. Rental availability is at an all-time low.

According to the CMHC, the rental vacancy rate in Toronto dropped to a record low of 1.1% in 2018.

  1. But rental prices are continuing to increase.

Rentals.ca predicted that in 2019 the average rental rates will increase by 6% year over year on a national basis. In Toronto, the annual rental rate could increase as much as 11%.

The average rent for a one-bedroom apartment in Toronto in February of 2019 was $2,149 — the highest in the country, according to Rentals.ca. The average for a two-bedroom: $2,620.

  1. Toronto’s position is dropping in national surveys.

Demographia recently released its annual ‘Housing Affordability Survey’ and ranked Toronto as 10th out of 293 cities around the world for unaffordability. In 2017, Toronto held the 21st position.

The 2018 UBS Global Real Estate Bubble Index also ranked Toronto poorly, putting them as having the third worst “bubble risk” in the world.

Looking at the statistics, the question still remains – does this define an affordability crisis?

And, if it does, what is the solution?

Let us know what you think on social media. GeoWarehouse is on Twitter, Facebook, and LinkedIn.

GeoWarehouse’s property data tools can help you navigate housing affordability issues to find the best areas for your clients. Learn more today by calling 1-866-237-5937 or visiting www.geowarehouse.ca.

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Investment real estate is a competitive business, particularly in large urban centres like Toronto and Vancouver.

Real estate investors and developers who want to stay ahead of the opposition need to find new ways to play the game.

Establishing a competitive edge means being innovative and looking for novel methods to find business or ways to strengthen your negotiation capability.

Property data tools can be the key to developing this edge. Here’s how:

  1. Knowledge is power.

The more you know, the better. In real estate investing, you want to know more information about a property – and quickly.

When you know details such as the estimated available equity, sales history, comparable sales registered encumbrances, and more, you can use this to start a conversation with the current owner.

This knowledge can help you find properties before they’re even on the market.

It can also help you know where to invest your efforts and help avoid problem deals that waste your time and money.

Consider accessing in-depth information like the GeoWarehouse Property Details Report, or the Demographics Report, to learn more about a property or neighbourhood you’re investigating.

  1. Look at sales, not listings.

Some indexes pull their data from real estate listings – meaning all properties that are on the market, regardless of whether they have sold or not. While this can tell you where properties are being listed for sale, it’s not enough information to be confident in an investment opportunity.

Anyone can list a property for sale, but what’s more important is that the property actually sells. For example, in the first half of 2018 in Calgary, CBC reported that only 44% of properties listed actually sold.

You can gather more concrete, usable information by looking at the final sales data for a property – how much it sold for, where it was listed, how long it was on the market for, etc.

The Province of Ontario Land Registration Information System (POLARIS) uses sales information in its data and products, including the Teranet-National Bank House Price Index.

  1. View the financial status of the property, such as registered mortgages.

You can gain an edge by learning more about a property’s financial status. This might include registered mortgages, liens, transfers, and more.

This can help you avoid a potentially bad deal, which will save you time and money. But you can also use it for your information.

For instance, if you’re looking at a property that isn’t listed, and find that there is a lien on it, you might be able to negotiate with the owner and lien registrant to take on the lien — which could be motivation for the owner to sell.

See registered encumbrances with a GeoWarehouse Parcel Register*.

  1. Look at the ownership history.

Who owns the property now? How many times has it sold in the past? And what were the sale values each time it changed hands?

Although today’s housing market may be different from the housing market of ten years ago, the sales history can still be a valuable way to assess the earning potential. You can use the sales history data to forecast the best scenario, worst scenario, and most likely.

As well, knowing how long the current owner has had the property for can help inform your approach.

If you’re considering a property with a relatively new owner, they may not have as much of an attachment to it, but they may not be ready to move on yet. Conversely, someone who has owned the property for a long time may not want to part ways – or they may be ready to consider downsizing.

Find out the sales history of the property you’re investigating with a GeoWarehouse Property Details Report.

Knowing more from the start can give you a competitive edge and help you make more informed decisions. It all starts with the tools you use.

Access our GeoWarehouse property tools for real estate investors and developers 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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April 1, 2019

GeoWarehouse tools enable real estate professionals to become property experts. They give in-depth property data, including comparable sales, registered encumbrances, demographic information, and more.

At GeoWarehouse, we’re always rolling out new features and adding to the store. Recent highlights include:

  • Parcel Registers*: a real-time, up-to-date report for a property within the Land Registration System of Ontario, including the provincial ownership record and registered encumbrances.
  •  Instrument Images*: an image of a registered document within the Land Registration System of Ontario, including liens, mortgages, transfers, and condominium declarations, among others. An Instrument Number is required to purchase an Instrument Image.
  • Property Surveys: an image of the Survey Plan portion of a Surveyor’s Real Property Report, Building Location Survey, or other undeposited Plan provided by third-party surveying firms. Easily acquire dimensions of property boundary and structural elements of the land.
  • Condo Certificates: condo status certificates can be ordered and fulfilled online from participating property management companies using your credit card.
  • And much more!

Subscribers can learn how to use the GeoWarehouse tools to their full capability with in-depth real estate training.

We offer three types of training:

  1. Webinars:

Learn the ins and outs of the NEW GeoWarehouse from the comfort of your computer.

See upcoming sessions here: http://marketing.geowarehouse.ca/acton/fs/blocks/showLandingPage/a/1288/p/p-01cf/t/page/fm/0

  1. Live Training

We’ll bring our training to your group or real estate association.

See all of our upcoming sessions: http://marketing.geowarehouse.ca/acton/fs/blocks/showLandingPage/a/1288/p/p-01f1/t/page/fm/0

Book a session: http://marketing.geowarehouse.ca/acton/form/1288/006d:d-0001/0/-/-/-/-/index.htm

  1. Classroom Training

Request in-class training at Teranet’s 123 Front Street West location in Toronto.

Request a session: http://marketing.geowarehouse.ca/acton/form/1288/00a1:d-0001/0/-/-/-/-/index.htm

We also have video training available on our YouTube channel.

See an example training video below, all about Google Maps® Street View:

If you have any questions about our training session options, please contact Theresa Corindia, our Training Program Leader, at geowarehouse.training@teranet.ca or call 1-866-237-5937 ext. 2224.

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

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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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February 19, 2019

Has a lack of property survey ever delayed your deal from closing? If so, you’re not alone.

A property survey can be immensely important — even more important than the deed, say some.

While not all lenders require property surveys, if you are dealing with one who does you know that it’s necessary. But what can you do if you don’t have, or can’t find, a survey?

The long answer might be to arrange for a new surveyor to come out, but this can get expensive and time-consuming — especially when you are waiting on a deal to go through and the survey is the last piece you need.

The short answer is simple: access it online!

GeoWarehouse has existing historical surveys available online in our e-store. If a survey for the property in question is available, you’ll be able to obtain it at the click of a button for much less than it would cost to get a new one.

Even if your lender doesn’t require a survey for the deal to close, it’s still a good idea to see if a historical copy exists.

According to the Toronto Star, a 2015 study by the surveyors at Protect Your Boundaries showed that of 1.2 million freehold residential properties in the GTA, an estimated 49% have significant boundary issues, most of which would not be covered by title insurance since they involve fences, hedges, and retaining walls.

Plus, if an issue comes up at the last minute, you’ll want to be prepared. The same Toronto Star article references a vendor who owned a house on the wrong side of a street, and one who owned the wrong half of a semi-detached house.

These may seem like extreme cases, but it is often better to be safe than sorry — particularly when it comes to closing a deal.

Obtaining a property survey can just be good due diligence. And accessing it online makes it so easy to do that you’ll want to make it part of your regular process.

Access your property surveys today through the GeoWarehouse e-store. If you don’t have an account, call us at 1-866-237-5937 or visit www.geowarehouse.ca.

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February 11, 2019

Valentine’s Day is almost here, the most romantic time of year — using you’re flying solo. If you’re alone, there’s no need to feel sad. Why not take your date in a different direction — say, to the office?

It’s possible that your love of real estate has been dwindling lately. With tougher market conditions, colder weather, and higher home prices, you may have lost the spark you once felt. This Valentine’s Day it’s time to bring back that loving feeling once and for all.

Instead of wining and dining your significant other, why not wine and dine yourself and jumpstart your business at the same time?

Here are the oh-so-romantic ideas you won’t want to miss:

  1. Set up an open house for singles.

Chances are high that you’re not the only one spending this Valentine’s Day alone. So how about making the most of it? If you have an available property on the market, schedule an open house for February 14 and advertise it as a singles mixer. Break out the champagne and chocolates, put on some feel-good music, and perhaps even set up a dance floor or a movie.

You could spark a love connection or make the sale!

  1. Play matchmaker with clients.

The real estate agent who pairs up the single mom and single dad living two blocks away from each other sounds like the romantic comedy of our dreams. But that’s not all that we’re talking about here. (Although if you have done this, please, let us know. We’ll help sell the rights to Hollywood!)

Today’s housing market is shifting, and more people are opting for buying homes together in the non-traditional sense. Take for example these two friends who bought a home in Niagara Falls, or these real-life Golden Girls.

Do you have a few clients who want to break into the housing market but just aren’t sure how they can afford it? You could be their real estate cupid!

  1. Have a “no bad ideas” brainstorming session.

Being a real estate sales professional is a busy job that involves a lot of nitty-gritty details. While those are necessary, they can sometimes suck the fun out of work.

Take the night to remember why you fell in love with real estate in the first place. Pour a glass of wine or sparkling water, light a candle, and make a list of your most creative ideas for revitalizing your business. Give yourself a number to hit — say between 20 to 50 — and don’t stop until you’ve filled out your list. No ideas are off limits; the wackier and kookier, the better.

Steve Jobs used to have his staff brainstorm 100 ideas and then narrow the list down to three. It’s how Apple developed so many great products. You can do the same!

  1. Remind yourself of past loves.

No need to walk down the ex memory lane. That’s not what we’re getting at here.

Instead, open up your old reviews and testimonials to remind yourself of past successes and happy clients. If you haven’t started an “I’m the best” folder yet (where you save all emails, notes, clippings, etc. from people complimenting you) take the time to build one now.

  1. Look for divorce leads.

Valentine’s Day is viewed as the most romantic day of the year but it’s also statistically one of the days with the highest rate of breakups. Couples getting divorces are highly motivated to sell for obvious reasons… Start thinking about a marketing campaign now and set the wheels in motion.

Admittedly this idea isn’t quite as romantic as the others on our list, but you’ll be feeling the love if it results in a sale so we’re calling it even.

  1. Find someone new.

You know those relationships where you give and give and give, but no matter how much you put into it you always end up… disappointed? This can happen with real estate, too!

If you’ve been putting the majority of your effort into single-family homes, for example, but are finding that the market is dwindling, it may be time to get a wandering eye — only unlike a real relationship, you won’t be breaking any hearts by exploring your options.

There are a lot of great new prospects on the market these days. Condos, multi-family units, even commercial spaces. Look at your listing opportunities with an open mind and an open heart. What areas are calling to you?

If you want to get scientific about it (online dating algorithms have nothing on you) you can access property data to really understand the potential opportunities in your area.

Need a date for Valentine’s Day? GeoWarehouse is happy to be your plus one. Contact us to learn more about our property insight data today. Call 1-866-237-5937 or visit www.geowarehouse.ca. We also won’t say no to a flower delivery 😉

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Real estate professionals, the Teranet Market Insights Forum on February 12, 2019 is almost full. Don’t miss your chance to attend and receive exclusive insights into the Canadian housing market.

Details:
Tuesday, February 12, 2019
8:30 a.m. to 11:30 a.m.
MaRS Discovery District
101 College Street, Toronto, Ontario

Speakers

Stéfane Marion
Chief Economist and Strategist at National Bank

Stéfane Marion is Chief Economist and Strategist for National Bank of Canada and National Bank Financial, a position he has held since November 2008. Mr. Marion is a sought-after speaker on economic trends and their financial implications and is ranked among the leading economists in Canada, according to Brendan Wood International.

National Bank Financial’s Economics and Strategy team is regularly ranked among the top Canadian forecasters and has won recognition for the accuracy of its projections.

In 2012, the C.D. Howe Institute appointed Mr. Marion to its Monetary Policy Council and to the newly established Business Cycle Council. He also sits on the National Bank Pension Committee.

Mr. Marion joined NBF’s Economic Group in 1999. Previously Mr. Marion worked for several years in the federal departments of Finance and Industry in Ottawa, where, in addition to economic analysis and forecasting, he also worked on microeconomic policy impact studies. In particular, he participated in the development of forecasting models and the analysis of the FTA and NAFTA free-trade agreements with the United States and Mexico.

Mr. Marion holds a bachelor’s degree and a master’s degree in economics from the Université de Montréal.

Roger Vandomme
Chief Data Scientist at SMC

Roger’s career has been built on the fundamentals of data analysis, predictive modeling and related decision-making. With 20 years in the credit bureau industry, creating credit scores all around the world, Roger has an outstanding unmatched skill-set in the field of predictive modeling. He has completed numerous studies and research on decision heuristics and biases, developing reasoning methods and processes around systemic design and game theory.

Roger created and manages a decision science boutique, SMC, that helps companies and institutions to optimize their strategic decision-making process through the application of mathematical models, machine learning, and artificial intelligence.

Roger teaches business analytics and machine learning at University of Toronto, as well as operational planning at the Canadian Forces College.

Roger holds a master’s degree in applied mathematics from Paris University, an MBA from Queen’s University, and a Master in Defense Studies with the Royal Military College.

Mark Huttram
Director of Business Development and Marketing at Teranet

Mr. Huttram will reveal exclusive market insights and updates from Teranet.

Don’t miss this opportunity. Register for the February 12, 2019 Market Insights Forum here: http://ci23.actonsoftware.com/acton/media/2216/teranets-market-insight-forum

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