Competition board rules TREB must release Real Estate Sales Data

[cet]

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Looks like someone has come out with an easily searchable database for this type of data in select cities, including Calgary. https://www.honestdoor.com/map
Had a little fun this morning clicking around my street. Still feel great about what I paid for my place.

That's pretty cool. I like how it shows any permits pulled as well.

[89coupe]

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Brad, but why bother accessing it through your website if it's a) no better and b) less convenient? I don't see the value when there's an easier alternative.

All I’m saying is it’s easy to access sold information anywhere. How you choose to use it is an entirely different subject.

[Buster]

that site is badass! great find.

RIP Jordan's pricing request thread, lol

[The BMW Guy]

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Looks like someone has come out with an easily searchable database for this type of data in select cities, including Calgary. https://www.honestdoor.com/map
Had a little fun this morning clicking around my street. Still feel great about what I paid for my place.

That's awesome. Don't have to bug my realtor at all. Now if I only I can just set up viewings without the realtor being present too. All the key boxes nowadays are all bluetooth/wifi anyway.

[89coupe]

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That's awesome. Don't have to bug my realtor at all. Now if I only I can just set up viewings without the realtor being present too. All the key boxes nowadays are all bluetooth/wifi anyway.

Huge liability there. I can’t imagine any home owner or builder allowing people to enter their property unattended.

[sabad66]

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All I’m saying is it’s easy to access sold information anywhere. How you choose to use it is an entirely different subject.

it's not about how to use the data, it's about how to much of a pain it was to get it in the first place.

i.e. before this site, you either had to ask a realtor, or go on your website and create an account, and it still was a pain to use. Now, go to this site and have much richer information with a great interface without having to create an account.

I understand how this is a negative thing for realtors such as yourself but at least be realistic here instead of implying nothing has changed.

[you&me]

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That's awesome. Don't have to bug my realtor at all. Now if I only I can just set up viewings without the realtor being present too. All the key boxes nowadays are all bluetooth/wifi anyway.

Working on it - https://www.bodecanada.com/howitworks

[89coupe]

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it's not about how to use the data, it's about how to much of a pain it was to get it in the first place.

i.e. before this site, you either had to ask a realtor, or go on your website and create an account, and it still was a pain to use. Now, go to this site and have much richer information with a great interface without having to create an account.

I understand how this is a negative thing for realtors such as yourself but at least be realistic here instead of implying nothing has changed.

It’s not negative at all, I think it’s great. The more information available the better.

[Chandler_Racing]

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Haha, so you want it for free but you don’t want to take a few minutes to setup an account that’s free?

Exactly.

[rx7boi]

@ExtraSlow

Neat site. Thanks for sharing.

Got to see what the house was worth when it was first built.

[CompletelyNumb]

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Looks like someone has come out with an easily searchable database for this type of data in select cities, including Calgary. https://www.honestdoor.com/map
Had a little fun this morning clicking around my street. Still feel great about what I paid for my place.

Amazing tool. Great post. But I'm beyond irritated that they chose to make their cluster colours the same as park colours. This is a colourblind persons nightmare haha.

[RedDawn]

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Amazing tool. Great post. But I'm beyond irritated that they chose to make their cluster colours the same as park colours. This is a colourblind persons nightmare haha.

The site is still a work in progress. Funny how it's already a better service than anything you'd get from the greasy realtors, despite the realtors being around for decades and charging thousands for their fake "help" when using their service. Realtors intentionally cripple all innovation so you an have an artificial reason to use a realtor...

[Darell_n]

Well, it only shows Calgary and Edmonton with no satellite communities. So not useful at all to many people.

[msommers]

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Looks like someone has come out with an easily searchable database for this type of data in select cities, including Calgary. https://www.honestdoor.com/map
Had a little fun this morning clicking around my street. Still feel great about what I paid for my place.

This is awesome!! Thanks for sharing. The condos don't seem as update-to-date but still for what it has right now, incredible!

[ExtraSlow]

TREB in the news again:
https://financialpost.com/real-estat...sions-go-ahead

Class action against Toronto real estate industry over commissions gets green light
Federal Court has granted approval for a class-action lawsuit alleging price-fixing and anti-competitive practices
Author of the article: Shantaé Campbell
Published Sep 26, 2023 • Last updated 2 hours ago • 2 minute read

After two years of deliberations, the Federal Court has granted approval for a class-action lawsuit alleging price-fixing and anti-competitive practices to proceed against the real estate industry in the Greater Toronto Area (GTA).

The lawsuit, filed in April 2021 on behalf Toronto resident Mark Sunderland and anyone who sold a home in the GTA after 2010, alleges misconduct by several of the nation’s leading brokerages, including Century 21, Remax and IproRealty Ltd. The Canadian Real Estate Association (CREA) and the Toronto Regional Real Estate Board (TRREB) are also named in the lawsuit.
On Sept. 25, Chief Justice Paul Crampton permitted the case to proceed, positing that there exists a plausible argument that rules put illicit restrictions on the pricing of buyer brokerage services. The respondents had petitioned the court to dismiss the claim, citing a lack of merit.
The lawsuit contends that the brokerages engaged in an agreement to artificially increase buyer brokerage commissions, which were shouldered by home sellers in the GTA. It is also alleged that CREA and TRREB facilitated and contributed to the execution of this arrangement.
Commission structures for real estate agents and their brokerages differ nationwide, usually involving a percentage-based commission derived from a home’s sale price. In Alberta and British Columbia, the commission structure is typically seven per cent on the initial $100,000 and three per cent on the remaining balance. Conversely, in Toronto, commission is five per cent on the entire amount of the sale.
Although the seller is responsible for paying the entire commission, it is divided between the brokerage representing them and the one representing the buyer.
According to Garth Myers, a partner at Kalloghlian Myers LLP — the law firm responsible for filing Sunderland’s lawsuit — the agreement to split the commission obstructs market competition by forcing sellers to shoulder costs that would typically not be incurred in the absence of such an arrangement, consequently restricting the ability to negotiate prices and leading to inflated brokerage commissions.
“What we’re hoping to achieve in this case, is to eliminate these rules, which will result in cost savings to real estate sellers and buyers in the Toronto market,” Myers said. “We think there’s massive public benefit if we are successful. And so far, the court has agreed with us.”
Kalloghlian Myers is pursuing compensation not just for Sunderland, but also for those who have sold residential real estate dating back to 2010.
“We won’t stop until we can get compensation for sellers who have been impacted by this,” stated Myers.
In an email, the Canadian Real Estate Association said, “we continue to believe the claims against TRREB, CREA and other defendants are without merit, and we will continue to defend our members in this case.”

[pheoxs]

5% commission on the entire sale is nuts.

[bjstare]

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5% commission on the entire sale is nuts.

Exactly my thoughts as I read that.

[benyl]

It's what buys Lambos and M5 Competitions.

[msommers]

It's almost as if price-fixing and anti-competitive practices strongly benefit a specific group of people.

[roopi]

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5% commission on the entire sale is nuts.

7/3 is also nuts.