As part of Teranet’s commitment to providing our customers with the most comprehensive property data set in Canada, we are pleased to announce we have recently expanded our PurView coverage in Alberta and British Columbia.
We spoke to Derek Tinney, Teranet’s Director of Business Development for Western Canada, to discuss what data PurView users can access in British Columbia and Alberta.
Q: What data is available to PurView users in British Columbia and Alberta?
A: At Teranet we aim to continuously provide the highest quality property information to our PurView users. We have entered into ongoing contracts with government property assessment agencies, as well as with property registries in both provinces which allows us to present comprehensive property information with additional valuation and owner verification data available at an additional cost, for PurView for Lenders users.
Q: Structural and assessment data is now available on the Alberta and British Columbia reports, what can users learn by accessing this data?
A: This data allows users to enrich their opinions and be more informed when making decisions throughout the lending lifecycle. Aside from the general knowledge conveyed through this data, PurView users can glean specific nuances from the structural and assessment data that help position them as experts to their customers. Knowledge of the property type, year built and square footage can lead to an informed opinion regarding financing options and products. The PurView report helps users paint a full picture of their customer and the subject property.
Q: The British Columbia PurView report now features comparable properties. How does this data benefit users?
A: The British Columbia PurView report has always displayed comparable sales, but with our newest update you’ll be able to see property-specific details like finished area, lot size, bedroom and bathroom counts. This enhanced comparables data offers users confidence that they are reviewing a trustworthy valuation that considers how relevant a similar property is and that isn’t solely based on proximity and recent sales data.
Q: PurView’s newest report features an improved AVM, what does this mean for users?
A: As mathematics and technology continue to develop, so does our AVM. The Teranet AVM leverages the same new data attributes that we’ve added to the PurView report, which improves the overall accuracy and extends geographic coverage. Using the additional data elements allows us to take a different approach to comparable selection and valuation, which in general allows for an even more accurate valuation of the subject property. The quality of our valuations has risen as we continue to use more modern and sophisticated algorithms behind the scenes.
Q: Are there any other enhancements being made to the Alberta and British Columbia PurView reports?
A: Yes, one of the most exciting enhancements we’ve made to PurView is the integration of the property registry services in these provinces. We are now able to incorporate official property registry information including owner names and registered charges into our PurView for Lenders reports. And we provide the official registry report as a separate document all as part of a single transaction. Teranet offers the most comprehensive data sets for these provinces. The blend of assessment and property registry data gives you a much more complete picture of a property.
To learn more about the PurView offering for Western Canada, please contact your dedicated account manager.
Derek Tinney is the Director of Business Development for Western Canada at Teranet. In this role, Derek is responsible for growing Teranet’s presence, capabilities and business from British Columbia to Manitoba. Derek also oversees our business relations with some of our premier relicensing clients in the AMC space. He started working at Teranet in 2017 after developing his expertise in the financial services solutions sector over the previous 13 years, and prior to that in health and airline technology solutions for 18 years. Over the course of his career Derek has acquired an acute knowledge in the use of registry, assessment and rich data sources to build solutions and analytics for the financial services sector.