Appeal upholds in favour of real estate innovation in Toronto
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. ■