The Canadian Real Estate Board (CREB) was about to propose key rule changes at its March annual general meeting, which they hoped would be able to satisfy the Competition Bureau and avoid any meetings with the Competition Tribunal.
One of the big changes included the deletion of a controversial rule which has said that listings could not be posted without having a realtor represent the seller for the entire transaction.
This posting rule, was controversial because it means that sellers could not simply list their property without paying for a filler basket of services.
According to CREA, a mere posting occurs when the listing agreement relieves the listing member of an obligations under the rules include the obligation that the listing realtor remain the agent of the seller throughout the term of the contract.
By removing this rule it would theoretically allow agents to post listings for a cheaper fee, as it did not require the agent to represent the seller through the entire process.
It has been said that the changes still do not go far enough. The suggestions have yet to solve the principle concerns in regard to consumer choice and flexibility for agents and introcuing competition to the markets.
Rita Baxter
Broker of Record with Town and Country Realty
www.lloydminsterrealestate.ca/
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