When you’re looking at property data, have you considered where your data is coming from?
Automated valuation model (AVM) providers get their property data from different sources. For example, Real Estate Boards often source their data from the Multiple Listing Service (MLS) and municipalities often get their property data from tax records.
At Teranet, we get our property data from the Province of Ontario Land Registration Information System, POLARIS.
POLARIS is the most comprehensive property data source that exists in Ontario. Tools that derive their data from other sources, such as the MLS or municipal tax records, may not have the most accurate data or, in the case of tax assessment records, may not be current.
Any time a property is transferred or mortgaged/remortgaged in Ontario, it is first registered with the land registry. In Ontario, Teranet administers POLARIS. So, if you are using a data provider who derives their data from POLARIS, you can be certain you are working with the most current and accurate property data available.
When choosing a property data source, you’ll want to consider the following:
- Speed – You should be able to access the information you need quickly, meaning your provider’s tool should be automated and you should be able to perform research on demand.
- Convenience – Your data provider should offer you the capability of accessing your data online.
- Accuracy – The accuracy of your data source is critical.
- Does more in one place – Some data providers provide AVMs or singular services, leaving you needing to use multiple tools to get what you need. Look at all of the resources that your data provider can make available to you, such as not only confirming ownership and value of a property, but also financial and sales history, as well as aerial imagery.
At Teranet, the foundation for creating value is our data. Our vision is to be the most trusted source of real estate market insights, based on the highest quality, most comprehensive dataset in Canada. Our focus on data accuracy, completeness, coverage and timeliness ensure the highest quality data set for land information is available to our customers and partners.
From individual property details to extensive neighborhood, provincial and national perspectives, our customers benefit from greater insight and analytics to the Canadian Housing and Mortgage Market.
Learn all about POLARIS and our commitment to property data at https://www.teranet.ca/commercial-solutions/financial-services/.