POST Online Media Lite Edition


Appeal upholds in favour of real estate innovation in Toronto

Staff Writer |
The Commissioner of Competition welcomes the Federal Court of Appeal's ruling in favour of competition and innovation in the Bureau's abuse of dominance case against the Toronto Real Estate Board (TREB).

Article continues below

Toronto is one of Canada's most expensive and least affordable housing markets. The average selling price of a home in Toronto has gone up from $485,520 to $780,104 since the Bureau commenced its litigation against TREB in May 2011. The average sale price of a detached home sold through the TREB MLS is now more than a million dollars.

The decision upholds an order issued by the Competition Tribunal in 2016 that requires TREB to remove restrictions on its members' access to real estate data - including historical listings and sale prices - for display online through virtual office websites.

This will allow home buyers and sellers to take advantage of a greater range of service options when making one of the most significant financial transactions of their lives.

Opening up access to real estate data will allow member agents to offer consumers the convenience of data-driven insights into home sales prices and trends via the web, and to improve the efficiency and quality of their services.

The 2016 order followed the Tribunal's earlier ruling in favour of the Commissioner of Competition when it concluded that TREB ‎has abused its dominant position in the Toronto residential real estate services market.

What to read next

Toronto and Vancouver luxury real estate sales to soar in fall 2015
Foreign real estate investors plan continued U.S. investment
Toronto house market sets new sales record in May