Nosey Neighbours Rejoice! Sold Data Going Public

According to the Competition Tribunal, the Toronto Real Estate Board prevented competition and stifled digital innovation by prohibiting its realtor members from posting sales data on their websites, which it said in a decision that could have reverberations throughout the country.

The quasi-judicial tribunal further added it has partially granted an application made by the federal commissioner of competition in 2011 that sought to have Canada's largest real estate board prohibited from engaging in certain anti-competitive practices.

During hearings in Toronto last September, the Competition Bureau argued that the real estate board acted with "malice and forethought" because it feared that competition from online startups could result in lower commissions for its member agents.

The board's practices prevented agents from being able to introduce new online services, the bureau argued.

Hottest Housing Markets Currently Driven By "FOMO"

Many would-be homebuyers in Canada’s hottest urban markets are rushing in to buy homes without knowing whether their finances can handle it, a new survey suggests.

Nearly one in five respondents in the survey from TD Canada Trust showed signs of “FOMO,” or “fear of missing out” on the large price gains seen particularly in Greater Vancouver and Greater Toronto.

Twenty per cent said they were worried they rushed the buying process in order to secure a home, while 13 per cent said they rushed out of fear they would get priced out of the market.

Those fears could be creating a feedback loop for house prices, with home buyers rushing in ahead of further price hikes, thus putting more demand on the market and creating more upward price pressure.

That could help to explain why home sales in Toronto and Vancouver hit record highs this year, with sales up 27.4 per cent in Vancouver in March, and up 16.2 per cent in Toronto.

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Meet Our Team

Maison Valley consists of Mase Dhirani and Sam Valimohamed, two top-producing RE/MAX Ultimate agents, who specialize in the various aspects of both residential and commercial real estate including selling properties, acquiring for buyers, investments & property management.

Broker, RE/MAX Ultimate
Broker, RE/MAX Ultimate