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The Supreme Court recently dismissed the case between the Competition Bureau and Toronto Real Estate Board (TREB) after a 7-year battle. TREB is now forced to allow historical listings and sold prices to be accessible by the public online.
Toronto Real Estate Board (TREB):
TREB argued that posting the sold information violated the sellers’ privacy and copyright concerns. Before, the only way consumers can get sold data is either through a Realtor or at the land registry office … not anymore.
What does this mean for you?
By Oct 22, 2018, consumers will have access to sold data that will be readily available online. This will provide more transparency and convenience for consumers making one of the largest financial decisions in buying or selling Real Estate. This will also drive competition and innovation amongst the 50,000+ Realtors in the GTA. Consumers will have access to a greater range of innovative Real Estate services to offer better insights into home sale prices, market comparisons and neighbourhood trends.
How can consumers access the data?
By Oct 22, 2018, TREB will allow Realtors to publish sold prices on their website through a password-protected webpage called virtual office website (VOWs). Consumers can have access as long as they have a password which can be provided by the Realtor. Keep in mind … the sold information can only be used strictly for the purpose of engaging Real Estate services and NOT for any monetary benefits. So you can’t use the information to sell it to someone else.
Sold data has already been available in the U.S. for several years. It won’t be a game changer. Realtors will not be out of a job. It’s sort of like the stock market. I can have stock prices readily available but in order to analyze the information to make an informed decision … I’ll probably be better off getting an expert opinion, don’t you think?
Providing the sold data is one of my many many benefits we Realtors offer in addition to providing exceptional service, expert advice, guidance, and marketing & negotiation skills.
Just like Uber with Taxis, Netflix to Blockbuster, and Airbnb to Hotels, expect more innovation in the Real Estate industry. Realtors who were once the gatekeepers of information, must now be able to get better at what they do and have a stronger value proposition.
I hope that helps, if there’s any questions feel free to comment below or contact me directly. And remember ... have a STRONG Team behind you!
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purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 7/15/2019 11:09:55 AM