STIFF COM­PE­TI­TION IN THE GTA

Richmond Hill Post - - Cover Story -

The Greater Toronto Area real es­tate mar­ket is about to get a bit more com­pet­i­tive af­ter the Supreme Court of Canada rul­ing an­nounced on Aug. 23 turned down an ap­peal by the Toronto Real Es­tate Board (TREB) re­gard­ing a Com­pe­ti­tion Bureau rul­ing over con­trols placed on cer­tain in­for­ma­tion.

The rul­ing in­di­cates that in­for­ma­tion, for ex­am­ple about the selling price and selling his­tory of homes, will be avail­able to pub­lish on sites such as Rea­los­o­phy that have a large on­line pres­ence.

In a state­ment, TREB CEO John DiMichele said, “TREB be­lieves per­sonal fi­nan­cial in­for­ma­tion of home buy­ers and sellers must con­tinue to be safely used and dis­closed in a man­ner that re­spects pri­vacy in­ter­ests and will be study­ing the re­quired next steps to en­sure such in­for­ma­tion will be pro­tected in com­pli­ance with the Tri­bunal Or­der once that comes into ef­fect.”

Al­though some sug­gest that the rul­ing will neg­a­tively im­pact re­al­tors, since buy­ers will be able to ac­cess in­for­ma­tion and make de­ci­sions on their own, good re­al­tors that do more than just pro­vide sales data will still be needed; al­though, they might have to work harder to prove their worth, ac­cord­ing to Toronto real­tor Jamie Demp­ster.

“I do agree that re­al­tors will have to demon­strate their value more than ever, which is a good thing,” said Demp­ster.

Re­cent rul­ings changes the law re­quir­ing pub­li­ciz­ing selling his­tory

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