3 brokerages that already provide home sales data

Shortly after the Competition Board ordered TREB to open up MLS access, brokerages got ready to go live

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(Andy Ryan/Getty Images)

(Andy Ryan/Getty Images)

Toronto homebuyers and sellers didn’t have to wait long. Less than a week after the federal Competition Tribunal ordered the Toronto Real Estate Board (TREB) to stop limiting access to home sales data, brokerages within the GTA went live with the coveted information.

In reality, however, some GTA brokerages never stopped publishing this data. 

According to CBC, at least two GTA brokerages and one Surrey, B.C. brokerage are primed and ready to release final sales data on MLS-sold homes. (Almost 90% of homes are listed on the Multiple Listings Service (MLS), which is a suite of services that enables a seller to market their property to multiple buyers in the open market.)

These potential early adopters, according to the CBC article, are:
Spring Realty
Realosophy
as well as, OneFlatFee (in Surrey, B.C.).

At the heart of the Competition Bureau’s argument is that TREB, the real estate board that represents more than 40,000 real estate agents and brokerages that work in the GTA, stifles industry competition by restricting who gets full, easy access to housing market data. To increase competition within the real estate market, the Competition Bureau argued for open, easy access to housing data—data that lives on the MLS.

Right now, the ruling for more access to data only applies to TREB, but any change forced upon the country’s largest real estate board will eventually prompt Canada’s remaining 90 or so real estate boards to follow suit. This would eventually make real estate data an open, competitive market, allowing consumers to get access to sales data that is more in line with what is recorded and reported on Zillow.com listings (Zillow is an independent, online U.S. real estate database company that provides previous sales data for more than 110 million American properties.

Read more on how this ruling will affect homebuyers, sellers and realtor »

In recent years, more than a few tech-savvy brokerages were fined or denied access to MLS because they were publicly sharing sales data; now, with the new ruling, any brokerage or salesperson who opted to share this information should no longer receive threats or fines for sharing this data.

While the current number of brokerages and agents sharing this data is small, the list is expected to grow even as TREB and the Competition Bureau continue to work at ironing out the details of how and what is to be shared.

Still, for those interested, there are a few sites that offer sold data in the GTA. These include:

Sold Watch (also known as TOSolds.ca)
Home Intelligence
Josie Stern Team

According to TREB CEO, John DiMichele, the board is in discussions with its legal counsel regarding the Competition Tribunal’s decision, however he is quick to point out that no order has been given, at this time. “The Tribunal has asked that both parties provide input to remedies,” explained DiMichele.

The impact of this data is considered, by some, to be a bit of a game-changer. Not only will homebuyers and sellers now have access to the sales data on their street and neighbourhood, but there’s a rumour that the public will also get access to how much commission was paid to each real estate sales agent that sold a home through MLS. Knowing how much other realtors are earning in your area may go a long way to helping a seller negotiate a lower sales commission when selling their home.

 

Read more from Romana King at Home Owner on Facebook »

4 comments on “3 brokerages that already provide home sales data

  1. Let’s hope we get a Canadian Zillow with nationwide data on selling prices very soon.

    Reply

  2. providing sales data is a good start, next take the commission money out of assignment contracts aka ‘shadow flipping’, then place a high speculation tax on foreign buyers of residential property and limit non-Canadians to 1 home in Canada, If you agree, please sign the online petition at:
    http://www.change.org/p/justin-trudeau-restrict-foreign-ownership-speculation-in-canada
    Lets ensure what made Canada great in the past will still be there for our children to be proud of into the future.

    Reply

  3. Housing is a very basic need in life and when people are suffering from housing affordability issues, their lives could turn into hell. The housing crisis in areas like Lower Mainland & Metro Vancouver areas is a disaster affecting the quality of people lives, health, performance at work and career , their families and the way the kids are raised. It is sucking people salaries, thinking, and their whole lives. Clearly, in the last few months, dirty practices like money laundry use of buying thousands of properties by foreign investors most of which are empty have contributed hugely to the crisis in Lower Mainland and Metro Vancouver areas in BC. This has caused skyrocketing home prices and rentals as well as huge shortage of homes. The bad thing is that the BC and Federal governments are very well aware of these dirty practices but don’t seem to care despite all the pressure from national and international media, social media, university and expert economists’ studies and reports addressing the housing crisis. This is very bad, irresponsible, dirty, and disgusting.

    http://www.nsnews.com/opinion/columnists/james-growing-housing-crisis-threatens-family-ties-1.2251432

    http://www.calgaryherald.com/business/foreign+buyers+crushing+home+dreams+vancouver+canada+study/11905004/story.html

    http://thetyee.ca/News/2016/05/02/Clark-Donors-Tied-Real-Estate/

    http://bc.ctvnews.ca/real-estate-loophole-lets-wealthy-buyers-save-millions-in-taxes-1.2874603

    http://vancouversun.com/opinion/an-affordable-housing-manifesto

    http://www.torontosun.com/2016/04/20/canadas-subsidizing-foreign-millionaires

    http://www.torontosun.com/2016/04/29/foreign-buyers-create-real-estate-bubble-risk

    http://www.moneysense.ca/spend/real-estate/8-factors-that-really-mess-up-vancouvers-real-estate-prices/

    http://www.macleans.ca/economy/economicanalysis/chinese-real-estate-investors-are-reshaping-the-market/

    Reply

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