Home sale prices in Canada will now become public knowledge, and we believe this benefits both Realtors and buyers and sellers.
This past August, the Supreme Court of Canada ruled against the Toronto Real Estate Board’s refusal to release home sale data, and I think this is great news—the more informed a consumer is, the better the choices they’ll be able to make with their assets.
Reactions from others in the real estate industry have varied. Sotheby’s International Realty Canada CEO Brad Henderson, whose company still doesn’t plan on releasing these prices for the time being said, “Why should I know the value of your home any more than your income tax or your stock portfolio?”
On the other side, Desmond Brown of Royal Lepage was quoted as saying, “For some reason (TREB has) this prehistoric notion that a Realtor’s value ties into information, and the more that we hold back this information, the more value a Realtor will have.”
It’s 2018 and the internet has been a part of real estate for over 20 years. We believe that information helps people make proper choices, and a Realtor’s value doesn’t diminish just because someone knows their neighbor’s sale price. It might help you decide your listing price, but it doesn’t put a sign in your yard or help you market your home.
A Realtor’s value lies in how we can understand real estate information and disseminate that information to everyone else. Information is part of the process of marketing your property, bringing in a buyer, and negotiating on your behalf.
This ruling also opens up more opportunities for buyers and sellers because they’ll have a better idea of where properties are selling. For years, we’ve been using our own personal virtual office websites when working with buyers, so this is nothing new for us. We at 2 Percent Realty Solution brand ourselves as the evolution of real estate, and we hope to bring everyone else along with us.
We’re not alone, though. There’s a new real estate company called Purplebricks that’s challenging the conventional agency market, and they conduct their business the same way we do—they focus on providing a high level of service at a low cost and passing on savings to the consumer. The more people who challenge the conventional ideas of how real estate works—that you have to pay to put more money into your pocket—the more receptive people will be to what we offer.
As always, if you have any questions about this topic or you have any other real estate needs, don’t hesitate to give me a call or send me an email. I’d be glad to help you.