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CREA Will Post Sales Data without Password

by Yvonne von Jena | October 6, 2018


The Canadian Real Estate Association (CREA) says it will soon be adding historical sales data to its realtor.ca website without a password.

On the Heels of the TREB Ruling

This is on the heels of the seven year legal battle between the Toronto Real Estate Board (TREB) and the Competition Bureau, whereby the Supreme Court sided with the Competition Bureau and requiring that TREB release data about houses that it had kept off of listings, including sold prices. As a result, TREB is permitting home sales data to be published by TREB members on the password-protected websites. The ruling was expected to have nationwide ramifications given the Supreme Court's decision not to hear the case and that the Competition Bureau is federal, and many are expecting more ramifications to arise in the coming months. Although some in the industry may have been expecting realtor.ca to make the sold data available, it did surprise many, including that the data is being made available without a password.

Dependencies

There are dependencies to CREA making the sold data available, including the following:

  • Subject to regional real estate boards’ approval: The data will only be posted if the regional real estate board requests that it be uploaded. Several boards have already expressed interest, but no timeline has been provided on when this information will be online. TREB has not requested for its information to be shared said CREA’s spokesperson Pierre Leduc.
  • Limited to sales data: Other data will not be provided by realtor.ca, such as conditional sale prices, withdrawn, expired, suspended or terminated offers or whether a property was purchased through a co-operating commission.
  • Compliance with provincial real estate laws: CREA says it still needs to ensure that the move complies with each province's real estate laws, including whether the latest sold prices can be posted without a password.

CREA’s Stated Rationale

"Realtors, brokers and boards have been asking us to add this information to realtor.ca property listings," Mr. Leduc said in an email. "There are other sites in Canada and the U.S. that currently offer this information. In the past six months we have added information to property listings such as neighbourhood and school catchment areas, and we're launching the latest iteration of realtor.ca in a few weeks."


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