The Federal Court of Appeal has ruled in favour of the Competition Bureau against the Toronto Real Estate Board in the long-standing struggle over the public release of TREB’s housing market sales data. With today’s ruling, real estate agents are now allowed to publish data on exact home sale prices.
What does that mean for the industry?
Over the past thirty-forty years, TREB has compiled comprehensive residential real estate market data, including final sold prices for individual properties. Previous to this federal court ruling, Toronto real estate agents were barred from publishing exact homes sale data, with many individuals and some companies receiving cease-and-desist notices from TREB when they tried to bypass the rules. The Competition Tribunal recognized that TREB was hindering competition in real estate and took action. To be honest, it’s a long time coming.
At Condos.ca, we believe that all real estate data will one day be easily accessible to the public. Right now, people can access all the data that TREB has for a small fee through Terranet, a service that holds land registry data on historical sale prices. We respect that TREB wants to protect the role of the real estate agent and safeguard privacy but the truth is, the information will find its way to the consumer one way or another.
Condos.ca believes in empowering consumers by providing them with the tools and data they need to make informed decisions. This is important for both the consumer and for market research companies so they can innovate, create stronger market analysis and ultimately empower buyers and sellers with new insights.
“Change is a good thing,” says Andrew Harrild, Condos.ca Partner and VP of Sales.
“Specialist REALTORS like we have at Property.ca have a far stronger value proposition than simply being the gate keeper of historical sales. This is another opportunity to provide innovative tools and analysis on behalf of our customers to make sure all of our clients are making the most informed decisions.”
We look forward to seeing the opportunities today’s ruling brings to the industry.