GTA home buyers have a reason to celebrate
The Supreme Court of Canada just made home buying decisions easier.
For years, the Toronto Real Estate Board (TREB) has had exclusive access to home-sale data. This included past house sales, new home sale prices and more. Information vital to making an investment decision before making an offer. The realtor trade association established how their members showed home sale prices in Multiple Service Listings (MLS).
If you were a home buyer in the GTA, you had to go to a real estate agent, a broker or a local land registry office to request information from the database.
Some were concerned that this move harmed innovation and competition in the industry, and took the issue to the Competition Bureau's attention.
Then in 2011, a long legal battle started, and it finally came to an end.
The Supreme Court has sided with the federal Competition Bureau. The sales data will now be available 60 days after the verdict, which is a cause for celebration for homebuyers and real estate alike.
Purchasing real estate is the most significant investment anyone will ever make. Now thanks to the Supreme Court, the data is now public for any home buyer looking to make a smart decision.
Start your search with Homicity.