If the federal Competition Bureau has their way, Canadians in the housing market will have to pay less in realty commissions and fees.
In a landmark investigation, the Competition Bureau has found that the Canadian Real Estate Association (CREA) has anti-competitive rules and must change its ways.
The details concerning the settlement have yet to be decided upon, but the findings by the Competition Bureau are expected to have a huge impact on the real estate industry.
This will be done by permitting more innovative discount brokers into the real estate market, allowing sellers to list their properties less expensively on the Multiple Listing Service (MLS).
This investigation was launched in 2007, and after 2 years of hard work, the results are about to show.
CREA has decided to pursue a settlement, and it should be made soon.
The Competition Bureau wants to change CREA rules pertaining to those saying that the listing realtor must act as the agent of the seller and receive and present all offers to the seller, also property information cannot be posted on the MLS without an agent representing them.
With these rules changed, it means that offers can be sent to the seller without any involvement of the listing agent.
Consumers can possibly even post their own listings on the MLS for a small fee.
This can have a profound impact on the real estate market, and it can go either way.
With CREA agreeing to reach a settlement, it is as if they are accepting all charges against them, however it was noted that CREA does not agree with the Competition Bureau’s findings.
CREA has called for an emergency meeting for all member boards in December to discuss rule changes that have been demanded by the Competition Bureau.
Nelson Goulart
Broker of Records with Signature Service GMAC
www.ssgmac.ca
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