While the average price of a Canadian home rose 8.9 per cent in July over year-ago numbers, according to CREA, the average price – excluding Toronto and Vancouver – saw a more model climb of 4.1 per cent over the same period.
That slowing has reignited the concerns of some agents worried the industry may see an uptick in unethical practices, all in an effort to meet client expectations based on the more-active market of early 2015.
“Some agents will encourage multiple offers before the offer date, then there’s sometimes not enough time for other agents to come in for an offer,” Marie Natscheff, an agent with Bosley Real Estate, told REP. “When the date gets accelerated, there’s not enough time to pull everything together to put in an offer.”
There are other concerns; namely, those selling agents buckling to client pressure and omitting key information about a property in an effort to reduce days on the market and win asking price despite a slower market.
It’s a temptation Natscheff is assiduously avoids.
“If it was something that a client didn’t want me to disclose, we would discuss it and go through the pros and cons,” she said. “We’d mitigate the situation. If the client still insisted that he didn’t want something disclosed, we’d walk away from that situation.
“As we say: disclose, disclose, disclose!”
There’s fear a cooling market may place more pressure on agents to skirt the margins of ethical practice.