TREB looking to ‘protect’ home sales data
But despite board’s efforts, realtors already posting information
The Toronto Real Estate Board is studying ways to ensure Greater Toronto Area home sales data is “protected,” even as realtors are rushing to publish the numbers.
While citing privacy and copyright concerns, TREB fought the Competition Bureau for seven years to prevent the data’s online release for seven years at three different judicial bodies, but lost each time, including last week when the Supreme Court of Canada dismissed the case.
The dismissal caused a 2016 Competition Tribunal order that demanded the data’s release and gave 60 days for TREB to allow for its publication to come into effect.
The dismissal sent real estate companies racing to publish the numbers immediately, but also raised issues around permissibility because many didn’t dump the numbers online through virtual office websites (VOWs) — password-protected webpages that are open to a realtor’s clients and were the lone way the tribunal allowed for the data’s release.
TREB wouldn’t say if it will take legal action against companies that released the data but didn’t use VOWs. The board, which represents 50,000 realtors, also refused to answer questions about whether it is ready to give up its fight to let the data be posted online.
“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,” board chief executive John DiMichele said in a statement.
“(TREB) 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,” DiMichele said.
Because TREB appealed the order at least two times since it was released, there is debate over when the order and the 60 days of preparation time comes into effect. TREB believes the clock started running on Thursday with the Supreme Court decision, but the Competition Bureau told The Canadian Press it thinks the time ran out long ago amid TREB’s numerous appeals.
Despite repeated requests for comment, TREB refused to say what it believes the data needs protecting from, how it might go about protecting the numbers and whether it will try to modify the Competition Tribunal’s order.
Real estate experts said TREB has little, if any, chance of getting the order modified.
“I think this is the final round ... This should be it,” said Jonathan Bitran, a McCarthy Tetrault lawyer specializing in competition and antitrust cases. “There could be some esoteric angle (TREB is) thinking of, but it would be not a regular course type of thing.”
He said it’s possible that TREB will try to come to an agreement with the Competition Bureau on any outstanding concerns and they can ask the tribunal for modifications, but it’s unsure if even that would work.
Cameron Forbes, the general manager at the RE/MAX Realtron Realty Inc. brokerage, said he thinks TREB’s talk of “protecting” the data is probably just the organization wanting time to further consult with the 50,000 agents it represents. TREB could crack down on those posting the data, especially if it is not in compliance with the order, but it’s really anyone’s guess if TREB will chase companies who are complying with all aspects of the order except for the timeline, Bitran said.
“Are they really going to chase someone if they are going to be obligated to allow them to do that 60 days from now?”