Many of us have heard about the recent “discussions” that have been going on between CREA (Canadian Real Estate Association) and the Competition Bureau. We are keeping a close eye on this as it does have the potential to drastically change the way the Canadian world of Real Estate is handled.
Not only may discount brokerages be able to access the MLS system (a system that is owned by CREA), but the public may be able to pay to add their own home to it as well! I’ve heard many different arguments about this situation and I am still not exactly sure where I stand. We all know that a house on the MLS system has a FAR greater chance of selling then one that is not (I’m sure many For Sale By Owners can agree with this). But CREA owns it and its members pay HUGE amounts every year to maintain and access it. Years ago the public had zero access to the MLS, there was no internet, there was no www.realtor.ca, and there was no easy way to find a home on your own. That is not the case today – anyone can search for a home via this website. It is by far one of the most viewed websites in Canada.
What would happen if CREA decided instead of finding a common ground with the Competition Bureau…they shut off the public’s access? CREA does own it and can change it so that it is once again for Realtor®s only. This would solve the issue from the Realtor®s perspective.
And, if they do find a common ground that would allow discount brokerages and the public access to upload homes, what would that mean to the Real Estate world? Would everyone start selling their own homes (I doubt it, who wants the hassle)? Would commissions change?
At this point we don’t know any of these answers…but over the coming weeks/months we will slowly find out how they are sorting through all of this – Realty Boost will be here, watching, listening and passing all the news on to you!