Teranet and National Bank of Canada recently announced an agreement with Statistics Canada to build a unique Resale Residential Property Price Index. This new index is part of Statistics Canada’s Residential Property Price Index (RPPI) released in response to the federal government’s request to improve access to housing price statistics in Canada.
A direct result of the collaborative work between the three organizations, the resale component of the RPPI will produce indices in the house and condominium segments for the following Census Metropolitan Areas: Montreal, Ottawa, Toronto, Calgary, Vancouver and Victoria.
“We are very excited to be collaborating with National Bank and Statistics Canada on this endeavor,” said John Robinson, Vice-President Commercial Solutions at Teranet. “Our combined strengths and capabilities are ideally suited to deliver new, valuable market insights to Canadians.”
As Canada’s statistical agency, Statistics Canada has long been a source of timely information on housing. Teranet and National Bank’s work with Statistics Canada is the result of a standard public service procurement process, and stemmed from a Request for Proposal put out in February 2018.
“We’re pleased to partner with Teranet and Statistics Canada in the release of the Resale Residential Property Price Index,” said Darren Ablett, Managing Director & Head, Mortgage Business, Global Funding & Treasury at National Bank. “We’re committed to providing Canadians with greater insight and analytics in the housing market to support them in the decision-making process. The Resale Residential Property Price Index will help make information on housing even more accessible.”
Teranet designs, develops and operates world-leading land information systems for the legal, real estate and financial services industries. In addition to owning and operating the electronic land registration systems for the provinces of Ontario and Manitoba, Teranet has developed specialized offerings to assist real estate agents, lawyers and financial institutions to better manage their decision, document and risk management processes.
Recently, Teranet extended its registry services business through the acquisition of D+H Collateral Management Solutions. Teranet is a wholly owned investment of OMERS Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System.