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House prices stayed flat in March of 2018, according to data from the Teranet-National Bank House Price Index™.

This past month was the first time outside of a recession that the March composite index wasn’t up at least 0.2 percentage points from February and the first time outside of a recession when March indexes were only up for four of the 11 metropolitan markets.

The Toronto region was flat, and six other markets were down for the month.

Vancouver’s house price index increased — its 13th month-over-month increase in the past 15 months, taking prices to a new high. In comparison, the Toronto market was flat in March and over the past 15 months has gone down 7.3 per cent from its house price peak in July of 2017. In Toronto, however, its condo segment has remained unchanged since July.

The increase in Vancouver was the main reason the house price index stayed flat in March and didn’t decline overall.

“Without Vancouver, the composite index would have declined in March, and in five of the six preceding months,” National Bank economist Marc Pinsonneault said in a research note.

Vancouver’s index is expected to see more increases over the coming months. The average Vancouver region sale price was a record $906,896 in March.

Outside of Vancouver and Toronto, other markets continue to vary. Winnipeg, Quebec City, and Victoria all showed increases in March, but Montreal, Hamilton, Calgary, Ottawa-Gatineau, Halifax, and Edmonton were all down. In Ontario, Barrie, Guelph, Brantford, Kitchener, St. Catharines, Oshawa, and Sudbury all showed declines from last July.

Hamilton has particularly declined, dropping 5.9% cumulatively since August of 2017.

The March 2018 house price index was notable for two other reasons: it’s the smallest 12-month rise since May of 2016, and it’s the ninth consecutive deceleration from the record 14.2% of last June.

According to Pinsonneault, the flat reading in March reflects that both the Toronto and Vancouver housing markets have begun to flatten out.

“The decline was the most obvious in Toronto,” he wrote. “This drop was likely triggered by Ontario’s implementation of the 15 per cent [foreign buyer tax] followed by stricter rules for qualification for a mortgage and a rise in mortgage rates.”

Pinsonneault wrote that we could see national home prices remaining relatively even in the coming months.

A TD Bank commentary on the March house price index noted that mortgage rates have recently fallen, making the overall cost of ownership less expensive for buyers.

TD Economics analyst, Sonny Scarfone, provided further analysis to the Canadian Press.

“Markets experiencing a decline in home prices are facing a rising inventory of homes for sale on the market, following what appears to have been a number of years of over building,” Scarfone wrote.

“Meanwhile, home price pressures remain the strongest in cities facing tighter conditions — as a low number of homes for sale on the market has put the bargaining power in the hands of the seller. This is particularly true in Calgary and the single-family home market in Toronto. However, these cities also have a record number of new homes currently under construction, which should help alleviate some supply pressures in the coming months.”

See the full March 2018 House Price Index report at https://housepriceindex.ca/#maps=c11.

GeoWarehouse’s tools help your real estate business adapt to changing house prices. Identify property value, source new real estate leads, learn comparable sales, and more with our features. Find out about our services at www.geowarehouse.ca.

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We are honoured to be nominated for the first-ever Mortgage Awards of Excellence!

Teranet Inc. was nominated for the Product of the Year Award, sponsored by Centum Financial Group Inc.

This award recognizes a supplier that has put forth a unique product that has empowered the mortgage broker channel and has expanded the mortgage broker’s ability to be competitively differentiated in the marketplace.

This is the first event for the Mortgage Awards of Excellence. The newly launched awards were designed for the industry, by the industry. They’re meant to celebrate leadership, achievement, and the pursuit of distinction in Canada’s mortgage industry.

“These awards represent a collaborative industry initiative created to exemplify the spirit and inclusiveness of mortgage professionals from across the country,” states the Mortgage Awards of Excellence website.

“The mortgage industry is a strong pillar of the Canadian economy and these new awards will be the hallmark of achievement for individuals in all sectors.”

The Mortgage Awards of Excellence gala is on May 3, 2018 at the Paramount Event Venue in Woodbridge, Ontario. Teranet is a bronze sponsor for the Mortgage Awards of Excellence.

See all the details about the nominations and register to attend the ceremony at https://www.mortgageawards.org.

At Teranet, we provide accurate, up-to-date information that gives you the ability to thoroughly validate property information. Find out more by visiting www.teranet.ca.

 

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Teranet Named Top Toronto Employer

Author: GeoWarehouse
December 19, 2017

Teranet has been named one of Greater Toronto’s Top Employers for 2018! MediaCorp Canada Inc. holds an annual competition to recognize the best companies in the Greater Toronto Area by evaluating work environments — and Teranet’s work environment was deemed one of the best. See the reasons why Teranet is such a great employer: https://www.teranet.ca/teranet-news/teranet-named-top-toronto-employer/.

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In November, the Teranet–National Bank National Composite House Price Index™ was down 0.5% from the previous month, the third consecutive monthly decline and the largest for a month of November outside of a recession. Indexes were down for four of the 11 metropolitan areas surveyed: Toronto (−1.4%), Hamilton (−1.6%), Ottawa-Gatineau (−0.8%) and Edmonton (−0.7%). Indexes for the two West Coast markets, Vancouver and Victoria, were flat. Indexes were up for Montreal (1.0%), Quebec City (0.9%), Halifax (0.8%), (Calgary 0.7%) and Winnipeg (0.5%). For Toronto, it was the fourth straight monthly decline, for a total drop of 7.1%. For Hamilton, it was the third straight decline, for Ottawa-Gatineau and Edmonton the second.

However, the raw index* for Toronto was up 0.2% in November after four consecutive monthly declines totalling −8.5%. The retreat did not occur uniformly across all types of housing. The condo sub-index fell 4.4% in two months and then partly recovered with a gain of 2.3% over the last two months. Meanwhile, the sub-index for other types of housing declined in each of the last five months, for a total drop of −10.8%. Last month’s decline was the smallest of the five at −0.6%. November’s increase in the raw index could have been caused by some buyers rushing to buy before the implementation in January of the new ruling on qualification to an uninsured mortgage. The assumption of a rush is based on the fact that sales rose from October to November, bucking the usual seasonal trend.

Teranet-National Bank National Composite House Price Index™

The stabilization of the Vancouver index in November came after six consecutive months of all-time highs. The condo subindex has been especially vigorous, 10 consecutive months of increases for a total rise of 19.0%. The Montreal and Halifax indexes were also at record highs.

In November the composite index was up 9.2% from a year earlier, the smallest 12-month gain since June 2016 and a fourth consecutive deceleration from record 12-month gains of 14.2% in both June and July. The November 12-month rise was led by Victoria (14.0%), Vancouver (13.5%), Hamilton (12.3%) and Toronto (10.6%). The 12-month advance was much smaller in Montreal (6.7%), Ottawa-Gatineau (4.9%), Halifax (2.1%), Calgary (1.8%), Quebec City (1.0%), Winnipeg (0.8%) and Edmonton (0.2%).

Among 14 markets not included in the countrywide composite index, indexes for Barrie and Oshawa were down for a fourth straight month and those for Brantford and Kitchener-Cambridge-Waterloo for a third straight month. All 14 indexes were nevertheless up from a year earlier, though the 12-month increase ranged widely from 3.7% in Thunder Bay to 19.3% in the St. Catharines–Niagara market

For the full report including historical data, please visit our website: https://housepriceindex.ca

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October 19, 2017

Real estate sales professionals across Canada will love our new Teranet Market Insights report, which features insights into Canada’s housing market. In this inaugural edition, we dive deep into Ontario price and volume dynamics and changes in the Ontario mortgage market over the past three years. Accurate, in-depth, and timely — you’ll want to keep this report bookmarked to return to over and over again.

Click here to view this month’s report: http://www.teranet.ca/wp-content/uploads/2017/10/Teranet-Market-Insight-Report_Sept20179.pdf.

Click here to subscribe and receive the report right in your inbox: https://marketing.geowarehouse.ca/acton/fs/blocks/showLandingPage/a/1288/p/p-01ff/t/page/fm/0.

 

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August 9, 2017

To better reflect its growth, Teranet has unveiled a new corporate brand and website.

As Canada’s leader in the delivery of statutory registry services and real estate solutions, Teranet is continually growing and evolving to be able to offer more in-depth services and data.

The new brand and website reflects this commitment and reputation.

According to the press release, “As we continue to grow, it’s critical that our brand represents who we are and where we’re going,” says Elgin Farewell, Teranet President & CEO. “We want our corporate identity to connect to our proud and unique history, but to also represent our values and capabilities.  Teranet.ca showcases our ongoing innovations and achievements, which will help tell our story and attract future talent.”

Teranet is Canada’s source for land data and commercial registries insights. To find out more about Teranet, please visit the new website at www.teranet.ca.

 

 

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DMTI Spatial has announced the launch of its new Location Hub® service with enhanced condo information provided by Teranet. This new report makes it easier for companies to better manage their condominium concentration risk through an enhanced condo building database.

DMTI Spatial noted: “We are excited to add this enriched data source into Location Hub web services as it provides valuable location-based insights down to the condo building and unit level,” said Paul Franc, general manager, vice president of sales. “This is a key data set our clients value for sophisticated market and risk analysis. Having the ability to understand the number of unique condo buildings and the total number of units with a specific market will give companies involved in this market space the ability to power their analytic/BI needs within critical workflows to help with risk mitigation and market penetration.”

Teranet is excited about this new partnership!

Find out more by visiting https://ca.finance.yahoo.com/news/dmti-spatial-enhances-location-hub-144500001.html.

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