TORONTO, Nov. 14, 2019 /CNW/ - Teranet Inc. (Teranet) and National Bank of Canada (National Bank) are pleased to announce 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 today 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.
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 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."
"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."
About Teranet Inc.
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 & 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. For more information about Teranet, visit www.teranet.ca
About National Bank of Canada
With $276 billion in assets as at July 31, 2019, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has nearly 25,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX:NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
About Statistics Canada
Statistics Canada is Canada's national statistical office. The agency ensures that Canadians, businesses and decision makers have access to the statistics they need to understand Canada's economy, society and environment and make informed decisions on a daily basis. For information about the agency, please visit the Statistics Canada website. For information about privacy, please visit the Trust Centre.
SOURCE Teranet Inc.
For further information: Emily Boyce, Marketing Manager, Financial Services, Teranet Inc., 416.360.8863 ext. 2512, [email protected]; Marie-Pierre Jodoin, Senior Manager, Public Affairs, 514-394-4209, [email protected]