Photo by Mr T in DC
Tomorrow, on June 23rd 2011, Toronto Real Estate Board (TREB) is expected to decide whether it will allow real estate agents in its jurisdiction to share more detailed listing data with their clients–buyers.
Getting over the hurdle
Until now, Realtors® in Toronto have been forbidden from ‘broadcasting’ certain information about their listings online. If a client had a question, she or he had to call or email her or his agent and ask it ‘in person’. For those reasons, Toronto MLS listings have never contained too many details about a particular property. This was partly historical and partly due to privacy concerns and regulations.
In the U.S., however, the law loosened a few seasons ago and thus made room for the creation of property listing websites such as Zillow.com or Redfin.com. This considerably transformed the way home buyers interact with the listings and even with their agents in the U.S.
The new rules by TREB are reportedly based on the U.S. model, although they implement a few changes so that they respect the Canadian laws and TREB’s long-term goals. The first detailed database should be operated by TREB itself, allowing access only to agents and their clients. Agents will be able to implement their own systems and databases, but will still need to restrict access only to signed-up buyers interested in home shopping.
This means that anonymous users will still not be allowed to browse the listings. Any buyer will have to be represented by an agent who will then give her or him individual access to the database in question and the freedom to browse it at her or his leisure. Despite the fact that the databases will still not be completely public, their existence will hugely facilitate the exchange of information between buyers and their agents and speed up the trading of Toronto houses and condos, which is primarily in favour of buyers.
If TREB actually passes this new law tomorrow, it will set a precedent and an example for all other Canadian real estate boards. That is why the attention of agents and buyers throughout Canada is now focused on this TREB’s decision.
Stay with us to learn more about enhanced listings and their impact on the real estate market!
What do you think about this opening-up and enriching of house and condo listings in Toronto? Do you think it is long overdue or would you rather stick to the old MLS? If you have bought or sold a house recently, please let us know about your experience in the comments.
