On Friday December 1, news broke that the Federal Court of Appeal ruled that members of the Toronto Real Estate Board (TREB) will be allowed to publish details about a home’s sold price, the realtor’s commissions and historic sales.
The court ruling stated that there are no privacy concerns that restrict publication. However, TREB has been battling for a long time that personal financial information about homebuyers and sellers must be safely used and disclosed. The Toronto Real Estate Board has filed an appeal to the Supreme Court of Canada based on the court’s ruling.
The decision to provide sales data will not only assist the public, it will assist other private multiple listing service companies such as Zoocasa to distribute this information. These public companies will be able to provide more analytical data to the public, in a more sophisticated platform and enhance the overall shopping experience for today’s public looking to buy and sell real estate.
The ruling will also make it easier for those individuals who wish to list their homes on their own, as sold data will be easier to obtain. Don’t anticipate seeing an increase in people selling their homes themselves. The US has been providing sales data the public for a number of years and this has not been the case. People still prefer to work with an agent for other reasons than access to data.
What Does This All Mean?
We believe that this is positive news for the consumer because they will be able to do more in-depth research online and have the tools necessary to make an informed real estate decision. In today’s digital age where the majority of business is being done online the pressure will be on real estate agents to deliver more value to the consumer with one less tool (sold data) in their bag. Ultimately, a higher level of competition is good for the public as it will enhance the real estate agents value.