The B.C. real estate market is undergoing significant regulatory and consumer demand shifts in 2023 and beyond.
Since Jan. 1, 2023, non-Canadian citizens have been prohibited from purchasing residential real estate in Canada for a period of two years under the Prohibition on the Purchase of Residential Property by Non-Canadians Act. While the act does not apply to existing agreements made prior to the start of 2023, only Canadian citizens, permanent residents and domestically incorporated businesses will be able to enter pre-sale contracts and complete purchase transactions until at least Jan. 1, 2025.
Meanwhile, Dye & Durham’s recent Angus Reid Forum survey found that 34 per cent of B.C. residents will delay major real estate transactions or major purchases in 2023 due to the potential impact of rising interest rates on their financial situations.
Legal professionals in the province dealing in property purchases and sales will need to adapt quickly to changing transaction complexity and volume by adopting integrated digital practice management solutions to maximize their efficiency.
To help them do this, Dye & Durham is excited to announce several new improvements and integrations to our eConveyance® platform – B.C.’s No. 1 conveyancing management application – including the launch of Lender Centre.
Lender Centre is a first-of-its-kind, one-stop shop directly and securely connecting lawyers and notaries with dozens of Canada’s leading lenders and financial institutions, including RBC, TD, Scotiabank, BMO and CIBC. Customers can also quickly and securely access, process and manage their mortgage instructions, payout statements and discharges directly from eConveyance®.
Lender Centre provides Dye & Durham’s customers in B.C. with a single destination to get all the mortgage information they need with one click and at one price, along with the ability to directly communicate with lenders using a built-in messaging capability.
With its launch in British Columbia today, Lender Centre is now Canada’s premiere platform for connecting the legal and lending communities. It’s designed to make legal professionals’ lives easier by offering unmatched functionality, usability and security – all at a single, transparent price.
Lender Centre will be available to all Dye & Durham customers following its full integration with eConveyance® in B.C., and will roll out across Canada over the course of Q1 2023 as a fully integrated part of Unity®, Canada’s leading practice management solution.
Customers who already use eConveyance®, ProSuiteTM, Brief ConveyTM can receive mortgage instructions and payout statements at no additional charge – a $65 added value for BC professionals.
“With the enhancement of eConveyance by Lender Centre, in addition to several other integrations and improvements to the platform, B.C. legal professionals’ conveyancing and practice management capabilities are further empowered by saving valuable time and significantly reducing the risk of errors from manual data entry for each transaction,” says Mark DiFillipo, Director of Strategy and Product Management at Dye & Durham Canada.
As new regulations and economic conditions alter Canada’s real estate market horizon, Dye & Durham will continue to improve, integrate and innovate its practice management solutions so every legal professional can efficiently and securely facilitate British Columbians’ most important transactions.
To learn more about Lender Centre and how you can maximize its value through eConveyance® please contact your account representative or our Customer Service Center at 1-800-268-7580, or by e-mail at [email protected].
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