The Canadian Real Estate Association and the Competition Bureau entered into an agreement in 2010 that would allow a flat-fee listing on Multiple Listing Service, which is owned by CREA. It's also where all but about 10 percent of the real estate transactions occur. Many people in the past few years have started selling their homes themselves in order to avoid paying the usual 5 percent fee for the realtor's commission.
After the agreement was signed, though, the Competition Bureau implemented new rules that would not allow the seller's contact information to be posted by agents. The reasoning behind this was so buyers could not directly contact sellers and exclude the agent.
The Competition Tribunal heard a complaint from an agent on April 30 about the new rules. The tribunal is a court that rules on and regulates competition practices and laws. It dismissed that complaint, saying, "The Tribunal is not satisfied, on a balance of probabilities, that the Rules discriminate against members who offer mere postings."
As for making sellers' information available on Realtor.ca or other websites, the Tribunal says that competition regulations do not conflict with such actions by agents. This will make it more difficult for home owners to use the do-it-yourself technique when selling or buying their home.
Before entering into any contract, it's important to ensure that your rights and assets are protected. A thorough review of any paperwork pertaining to a real estate transaction by someone who understands the legalese and knows what options are available to you as either a buyer or a seller.
Source: Huffington Post, "New Ruling Is Bad News For Home Owners Looking To Sell Without An Agent," Sunny Freeman, May 1, 2015
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