04/25/2023
"The Canadian Real Estate Association has moved to force realtors with “off market” homes for sale to post those listing on its Multiple Listing Service within three days of making any public marketing moves. On April 18, delegates from the country’s major real estate boards at CREA’s annual general meeting voted 82% in favour of the measure. The three-day countdown would be triggered by any use of lawn signs, posts on social media, e-mail blasts or any mass form of communication. But agents will still be allowed to share exclusives within their own real estate office or brokerage, or in one-to-one dealings with outside agents without posting to MLS."
I think that this is a great thing for Canadians, especially those in markets like Toronto and Vancouver but I do also see the pro's and con's to this.
👍🏾Pros:
Firstly, this move could bring more transparency to the real estate market. Requiring realtors to post their listings on MLS would make it easier for buyers to access information on available properties, including price, location, and features. This would make the home buying process more efficient and transparent - transparency is the key word here.
Secondly, the move could level the playing field for buyers, who currently face stiff competition from investors and other buyers who have access to off-market listings. With all listings available on MLS, buyers would have more options and could potentially avoid bidding wars.
👎🏾Cons:
However, the move could have negative consequences for real estate agents who rely on exclusive listings as a means of attracting buyers and closing deals. Real estate agents who specialize in off-market properties may feel that this move is a threat to their business and could lead to a loss of income.
Moreover, the move could lead to an influx of listings on MLS, which could lead to a glut of properties on the market, potentially leading to lower home prices. I don't see this happening now, but potentially in the future.
Overall, the move by the CREA is a step towards greater transparency in the real estate market. However, it remains to be seen how it will affect real estate agents and buyers in the long term. The individual boards will have until January 2024 to create policies to enforce the new rules, and it will be interesting to see how they adapt to this change.
What are your thoughts?
The Canadian Real Estate Association is forcing realtors to post ‘off market’ listings on MLS within three days of any public marketing
