Oct 2010 1

Real Estate Listings Rules – A Big Change Ahead

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Photo by Miss Turner Photo by Miss Turner

Canadian real estate service sector is close to one of the greatest regulatory reforms in recent years. Competition Bureau prepared new set of rules after extensive negotiations with Canadian Real Estate Association (CREA), which lasted for three years. The core of the idea is to open the sector to a much broader and flexible sets of services.

According to the proposal, consumers will be given much bigger freedom to choose the service they want, leaving the unwanted ones. For example, if a client wishes to list his home in MLS? only, he will be allowed to. Today, a client is required to purchase a larger set of services.

While CREA tried to implement some changes in March, the Competition Bureau rejected them. Now, 90 000 members of CREA are ready to vote on the issue at a meeting in St. John's. CREA president Georges Pahud said both organizations reached accord, but refused to disclose the details before the members' approval.

Competition Bureau has been criticizing the Multiple Listing Service, in which 90% of Canadian properties are listed" for restricting competition. The first parallel selling network has been already launched earlier this week.

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