August 16, 2018

Hot Off The Press!! Access To Real Estate Listings

Are you looking to purchase or sell your home or maybe you are just interested in what the real estate market is doing and want to do some research?  Here are 2 great resources where you can check house prices or current listings.  HouseSigma and MongoHouse are Real Estate information sites that show list or sold prices for the GTA.  This is all thanks to a ruling last week by the Federal Court of Appeal.

This information from the Multiple Listing Service used to be kept secret by the Toronto Real Estate Board (TREB), which said only its agents had the right to share that information with their clients.

Last Friday, the Federal Court upheld a previous decision in favour of the Competition Bureau, which had argued that TREB’s practice of keeping information about home sale prices and real estate agent commissions secret is anti-competitive and bad for consumers.

TREB plans to appeal that ruling to the Supreme Court of Canada and is seeking an order to stay the decision in the meantime. TREB CEO John DiMichele argues that is personal financial information that should be kept private.

Meanwhile, MongoHouse, HouseSigma and Sold.Watch (emails you listings or solds every day) have rolled out websites with the information and consumers have been flocking to them.  HouseSigma also has a mobile app, as does Blue Pages.

The court ruling last Friday opens up the door for more innovation in the real estate sector, including discount real estate brokerages and online services. Information such as commission rates, previous listings or sold prices on the same property and transactions that haven’t closed can be made public.

The consumer is going to be more educated and be able to make better decisions. I think that’s the wonderful thing!!

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville, Mississauga, Burlington and Toronto and offering all mortgage related services such as 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406

http://www.cbc.ca/news/business/court-ruling-house-sales-data-1.4434251?cmp=news-digests-canada-and-world-morning