abrakadabr17 (abrakadabr17) wrote in torontoru,
abrakadabr17
abrakadabr17
torontoru

Teranet Toronto statistics: what is that?

Teranet has recently released statistics saying that Toronto prices are steadily climbing up:

",Toronto (3.7% – also a record) "
https://housepriceindex.ca/#maps=on_toronto

https://www.theglobeandmail.com/real-estate/the-market/canadian-home-prices-rise-in-june-as-toronto-keeps-climbing/article35663107/

How do they structure the index to make it rise? Is it a specially crafted index product intended to show off to the Chinese?

Teranet, is, BTW, a very interesting company: it's a private commercial company that signed a monopoly contract for 50 years with the government of Ontario to remain the monopoly reselling real-estate transaction/electronic registration records to the public/lawyers/etc.

(For each real-estate transaction, a lawyer is obligated by the law to run checks against this database and will pay the fee to access it. A realtor willing to pull the records on the history of a house/s will also pay the fee. And, in the U.S. it' free).

Now, can a temp. government official sign a contract on behalf of the Province for this long (50 years)?
>> Sure.

How did they get this contract (monopoly, for 50 years)?
>> Very simple. It was just signed. With no competitive bidding. (https://www.theglobeandmail.com/real-estate/the-market/canadian-home-prices-rise-in-june-as-toronto-keeps-climbing/article35663107/)
Tags: real estate
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