Real estate association plans rule changes | Saturday, February 13th, 2010

Canwest News Service

The Canadian Real Estate Association’s overhaul of its rules added a stipulation allowing local boards to install their own set of regulations on realtors, the key sticking point that prevented the group from reaching an agreement with regulators.

The Financial Post reported yesterday that the Ottawabased agency, which represents about 100 boards across the country, is now proposing amendments to its own rules following a decision by the Competition Bureau to file an application with the Competition Tribunal.

The MLS system, which handles about 90% of the realestate transactions in Canada, is at the heart of a dispute CREA is having with the Competition Bureau. The Bureau wants to stop CREA from placing any restrictions on the MLS system when licensing it to local boards.

Under the amendments CREA is presenting to its member boards on March 22, the group is proposing changes that could give consumers some ability to decide how much they use a realtor on a transaction and allow consumers to conduct parts of a transaction without using a realtor.

But CREA also included a stipulation in its so-called three pillars, the rules that control use of the MLS and which rankled the Bureau and caused its officials to walk away from negotiations, according to a source.

The three pillars said only a realtor can place a listing on MLS, only a listing realtor can act as an agent for the seller of the property and assist them during the entire time of the listing contract and a listing realtor must agree to pay the co-operating realtor compensation that must be more than zero.

CREA added a clause to the second pillar that made it subject to “the rules of CREA and boards and associations.” The clause might allow local boards to enact their own set of interpretations which would negate any opening up of the MLS at the national level.

Such a move by local boards would be even tougher for the Competition Bureau to police because the watchdog would be faced with going after boards individually right across the country.

Posted via web from Toronto Real Estate News | Blog

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

2 Responses to Real estate association plans rule changes | Saturday, February 13th, 2010

  1. A house generally means a dwelling place. But housing means to provide people with sub dwelling place. Men live in houses to protect themselves from heat & cold rains & storms. Houses also protect us from wild animals.

  2. Pingback: Quick Roundup « An American in China

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