Buying property in BC is already expensive, and it’s about to get even more expensive. The ownership transfer fee you pay to change owners on titles is increasing this week. A jump of 600%.
Why? Because Canadian legal software company Dye and Durham is cornering the transportation software market, and buying competitors comes at a price.
Public notaries and lawyers who rely on the conveyancing software have learned that fees for each transaction will rise from $32 to $199.
“It’s definitely going to mean that the cost of buying and selling a home is going to go up,” said John Mayr, chief executive of the Society of Public Notaries of British Columbia.
Dye and Durham has a growing portfolio. For example, in December 2020, the company paid $530 million to buy DoProcess, Canada’s leading real estate software provider. The company also owns ProSuite and econveyance.
“There’s been a real squeeze in the market. There aren’t a lot of competitors. Dye and Durham have been pretty good at buying various legal services systems,” Mary said.
CTV News reached out to the company to ask about the significant fee increase and received the following response.
“We have made significant investments in our real estate fencing platforms and are committed to increasing the value we deliver to customers through consistent and continuous upgrades, integrations and improvements. This price adjustment reflects the true value our software provides in creating a seamless real estate transaction. Legal professionals who focus on real estate appreciate the true value of our software,” reads a statement from John Robinson, Director of Global Operations for Dye and Durham.
It seems to be the cost of doing business, which never seems to go down, only to go up. However, says Mayr, in the scheme of things, tied to all the fees you pay when buying a property, it’s not a huge price for consumers.
“It’s an annoyance, but it’s a minor fee compared to the real costs consumers have to pay,” he explained.