Manitoba is offloading the Property Registry for $75 million to a private company operated by the Ontario municipal employees’ retirement system.
Teranet Manitoba will operate the registry, while also paying royalties to the government in exchange for a license to provide property registry services to the public.
The registry provides property registry services to the public, such as those required when selling a house or buying a second-hand car.
“This arrangement is part of our modern approach to deliver services more efficiently,” said Finance Minister Stan Struthers. “It will mean better service for the public, a stable revenue stream for the province, a new company headquartered in Winnipeg and a reduction in the size of government without putting any Manitobans out of work.”
Existing employees will be transferred to the new firm.
The province will create a new Office of the Registrar General to oversee the registry system and ensure service levels are maintained.