“The ruling is certainly good for the industry and good for everybody,” Fraser Beach, broker of record with Select Plan Real Estate,” told REP. “This is a step in the right direction and I think it will lead to more options for homebuyers.”
The Competition Tribunal ruled in favour of the Commissioner of Competition in its abuse of dominance case against the Toronto Real Estate Board (TREB) Thursday. It remains unclear what impact this will have for homebuyers and, indeed, agents, as the Tribunal has not yet detailed how it will remedy TREB's anti-competitive conduct.
Those details, however, are expected to be released in the near future.
“Those details are confidential at this time,” Phil Norris, senior communications advisor with the Commissioner of Competition, told REP. “It will be (released) in the near future.”
The ruling could force TREB to make its sold data public or punish it for refusing to do so.
And while many agents fear public info will erode their competitive advantage, Beach argues they should adapt to the change.
“(Many are against it) because they are still in the old mind-set of being gatekeepers and people being required to use an agent to get real estate information.”
Many agents may not agree, but one industry veteran argues the recent sold data ruling will help improve the industry.