In the wake of the global COVID-19 pandemic, Canadians became accustomed to the benefits of working from home. This unique transition within the labour market, however, triggered a double-digit boom in the real estate sector, which continues to rely on manual processes, close human interaction, and exchange of physical documents. Despite accommodating the market demand with the convenience of remote mortgage approvals and land transfers, banks and lawyers struggled to service the surge of homebuyers. For a process that could last several months, procedures for purchasing a home, from mortgage applications to title transfers, were inefficient, unsecure, dated, and susceptible to risk and fraud.
Within the next decade, digital identity will be an essential component in authenticating citizens across various economic sectors, and this will be no different when making the important decision of becoming a homeowner. Banks will be able to quickly perform credit checks and grant approvals by accessing a homebuyer’s credit score and financial profile with a single authentication request. Lawyers will be able to authenticate all parties involved in a transaction, across all levels of government, which will receive this new information for tax and elector purposes.
In addition to the convenience afforded by automating identity verification, Digital ID improves security oversight, reduces risk of fraud, accelerates credit checks, and ultimately reduces the resources required to manage the entire home buying journey.