After watching his main competitor, Dye & Durham Ltd., DND-T sharply raise its fees twice in the past 18 months, Maurizio Romanin has decided it’s time to hike his prices as well.
Mr. Romanin runs Toronto-based LawyerDoneDeal Corp., which, like D&D, offers conveyancing software used by real estate legal professionals to process transactions. On June 1, the amount LDD charges for using its RealtiWeb software will increase to $32 per residential-property purchase transaction from $22, up 45 per cent. It’s the first time LDD has raised prices since 2018, when the fee rose $2 per file.
“If everybody in your market is charging three times more than you, you’re going to increase your price, aren’t you?” Mr. Romanin said in an interview. “We’re focused on doing reasonable and responsible price increases. You’re not going to see 300-per-cent increases from our side.”
That caused an uproar, with legal firms saying it would force the higher costs onto homebuyers. D&D later told customers in other provinces it was hiking prices as well. Then, this January, it told clients it would again increase prices, to between $199 and $249 per transaction. That means DoProcess now charges as much as $227 more per file than LawyerDoneDeal; in late 2020, the difference was just $3.
D&D’s price hikes – part of its acquisition and financial growth strategy, which predates the recent spike in inflation – have caused a backlash, including dozens of complaints to the Competition Bureau of Canada and a class-action lawsuit. Concerns over reduced competition and higher fees have prompted Britain’s Competition and Markets Authority to review D&D’s July, 2021, purchase of legal software provider TM Group (U.K.) Ltd. Similar concerns from Australia’s competition regulator could hamper D&D’s proposed $3.2-billion acquisition of Link Administration Holdings, local media reported this week.
John Robinson, D&D’s chief commercial and people officer, said that despite the hikes his company has “seen a tremendous response from our customers.”The company says the percentage of clients who quit has been in the mid-single digits in key markets in Ontario and B.C.
D&D’s share price has dropped by two-thirds in 2022 amid a broad selloff of tech stocks. But it has continued to generate steady results. On Thursday, D&D reported $122.9-million in revenue and adjusted operating earnings of $66.8-million in the third quarter, both up 78 per cent year-over-year. That beat analyst expectations. CEO Matt Proud said D&D offset the impact of declining real estate deal volumes in April with price increases and stuck to his forecast the company would generate $350-million in operating profits in its fiscal year ending June 30, 2023.
Its price hikes have been a boon for D&D’s smaller rivals. Mr. Romanin said his business has grown 50 per cent – more than 1,000 clients – since early 2021. Harrison Kelly, CEO of London, Ont.-based startup LawLabs Inc., said its Closer real estate transaction processing software – which costs $60 to $75 per file – has picked up 100-plus clients in Ontario, including many “that jumped over when the second price increase [from D&D] went through” this year.
Mr. Robinson said “dozens” of clients who left D&D for alternative providers this year have returned. “We believe we offer the most advanced and feature-rich conveyancing software in the world and are constantly innovating to make it even better and easier to use.”
D&D connected The Globe and Mail to Kiranjeet Sangha, a Brampton, Ont., lawyer who said her firm had switched back to DoProcess – after using LDD for a while – because it had more advanced features and customer service that made the cost worthwhile.
Meanwhile, three LDD customers who recently switched from DoProcess told The Globe they didn’t mind the impending price increase of the smaller company. “It’s insignificant and a minor increase relatively – 10 bucks,” said Toronto lawyer Avi Charney, who switched to RealtiWeb last year. “I’m totally fine with it.”
Tim Garvey, of Garvey & Garvey LLP in Mississauga, also said the increase “is insignificant” compared with D&D’s hikes. “Even if it went up $8 a year for the next five years I wouldn’t really care because it’s way lower.” And Coquitlam, B.C.-based lawyer Michael LeBeau agreed that LDD was “pretty reasonable … and fairly and appropriately priced. I preferred $22 but can deal with $32.”
Spencer Keys, a lawyer in Sechelt, B.C., shared similar views of LDD, but he said a 45-per-cent increase as recently as 2020 wouldn’t have gone over as well. “I don’t want to put it out there that D&D has moved our tolerances, but that’s obviously the case,” he said. Even though he feels RealtiWeb isn’t as good as D&D’s software, “it is a significantly better value for money … We’ve been annoyed enough with D&D that we’re not going back.”
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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
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