Alex  Lui

Alex Lui

Sales Representative

Right at Home Realty, Brokerage*

Email Me

My Two Cents On Sold Price Data Disclosure

On August 23, 2018, the Supreme Court has refused for an appeal from Toronto Real Estate Board in blocking the public publishing of sold property price.  What it means is that in about 60 days from now, the Order of the Tribunal will take effect unless modified that sold price data will become public knowledge.

This whole event of why the Competition Bureau decided to investigate the practice of TREB withholding sold price data from public started about 7 years ago when a certain reatlor push for a different model of real estate brokerage in which no service is provided and only posting service in the TREB MLS system.  This type of no or minimal service real estate "service" is nothing new.  Most buyers and sellers do realize the value of using a full service real estate practitioners to represent them in real estate transaction.  The safeguard in place through full real estate service outweighs the risk of buying and selling real estate either privately or through no or minimum service.  As real estate transaction is the business of conveying ownership of very high value transaction, when things go wrong, it's also a very high value risk.

Moving forward with the change in sold price disclosure, it will not be of adverse effect to real estate practisioners in their day-to-day operation.  In fact, it may benefit the full service practisioners with more educated buyers and sellers who now understand why their realtors are helping them in setting their price target at a certain value.  However, it can be detrimental to buyers or sellers who do not know how to interpret the sold data available and affect the outcome of the real estate tranascction.

Another important point which TREB stands to block the disclosure of sold price data publicly is that about privacy.  Buyers and sellers who want to keep their purchase or sold price private can no longer have any control over their private information.  Although it is true that the sold price will eventually be public knowledge once a real estate transaction is closed and registerd in the land registration system, but there's a waiting period and it will also take some effort and cost to obtain the same information.  With the new ruling, the sold price information will be published the moment a property is sold firm without condition.  

It's again a matter of perspective with this ruling!