TREB Loses Supreme Court Bid – Independent Sellers Acquire Sold Information
The Toronto Real Estate Board (TREB) did not get its appeal heard from the Supreme Court of Canada.
The decision may mean an end to a long fought battle about whether buyers and sellers should have access to property information such as sale price and house history. The TREB was keeping this vital information locked up and was only accessible to its real estate agents.
Why This Matters
Having public access to a properties complete history will put the power into the hands of the consumer. Buyers and sellers will be armed with crucial knowledge about their real estate market.
For sellers, pricing a property is one of, if not the most important aspects when listing. Sellers will be able to examine what properties with close characteristics to their own are selling for in their area.
Independent sellers in the Toronto area are now armed with sale data when pricing their property.
Brokerages are quickly responding to the Supreme Court ruling and have begun releasing Toronto sales data.
Zoocasa has begun publishing sales data including properties that sold over the last 6 months. Additionally, all the listings on their site include 10 years sales data history.
When making decisions consumers can now rely on themselves, not an agent, to give them important information. This should give consumers a greater degree of security when buying and selling.