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Competition Bureau vs. CREA
Federal watchdog challenges real estate MLS rules.
The Canadian Competition Bureau says it’s challenging rules imposed by the Canadian Real Estate Association, a body that represents more than 98,000 real-estate brokers, agents and salespeople. The federal agency says the CREA rules limit choices for consumers and force them to pay for services they don’t want, also stifling innovation in the market for residential real estate services.
CREA represents more than 98,000 real-estate brokers, agents and salespeople operating through more than 100 local boards and associations.
The Competition Bureau is challenging CREA rules imposed on agents who list properties on the association’s Multiple Listing Service, also known as MLS.
The agency says most real estate transactions in Canada make use of the MLS system, which includes information available only to CREA members.
But under CREA rules, according to the Competition Bureau, agents are forbidden from offering consumers the option of simply paying a fee to list a home on MLS.
February 8, 2010 in Competition Bureau / CREA | Permalink
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Comments
brampton real estate
One of the greatest and most obvious reasons to consider buying a home is the interest rates. Interest rates today, are some of the lowest rates that we have seen in years. It is possible that they will go even lower. You may think that getting a home loan in order to take advantage of these rates is impossible. Although credit standards and loan approval may be higher than before, obtaining a loan is well within the reach of homebuyers with a good credit rating and a steady income that can support the monthly mortgage payments.
Posted by: torontohomeandhouse123 | Jun 11, 2010 5:15:56 AM
A solution already being proposed by industry members in the event the Bureau persists is to vote to dissolve CREA completely, or, alternatively, to opt out of membership in CREA en masse. Many are preparing to do precisely this and are marshalling other boards and board members across the country to do the same pending the outcome of any tribunal.
Posted by: L Stebner | Mar 23, 2010 1:55:36 AM
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