Monopoly on real estate listings and data being broken up

A sold sign is shown in front of west-end Toronto homes Sunday, May 14, 2017. The end might be near for a seven-year battle that has kept the public from easily finding out online what homes in the Greater Toronto Area sold for.THE CANADIAN PRESS/Graeme Roy

The monopoly on real estate sales data that has limited options for listing properties and used for years to extract high commissions from sellers is finally being tackled in Canada and the US.

This after a Supreme Court decision in Canada and class action started in the US. Now they need to make this apply to the rest of Canada and the US.

Property title search and transfer fees also need to be made more reasonable. This service used to be government run and reasonable but fees were increased to became a cash cow and then in many jurisdictions it privatized for short term payoffs and even less control.

Why buying and selling homes in the GTA is about to get easier

Home sales data transparency will be a game changer for Canadian homebuyers
Aug 24, 2018 Aaron Hutchins – Macleans ca

https://www.cnn.com/2019/05/15/economy/real-estate-commissions/index.html

It is also affecting public listings of some luxury homes.
https://flipboard.com/@globeandmail/growing-number-of-luxury-home-sellers-opting-out-of-publicly-listing-following-2/f-8324b3fdd5/theglobeandmail.com

About Kevin Yaworski

I use my blog to write about things I find interesting or that I think are matter of public interest.
This entry was posted in Computers and Internet, News and politics and tagged , , , , , , , , , , . Bookmark the permalink.

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s