STIFF COMPETITION IN THE GTA
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