Real Estate Association Settles with the Competition Bureau

Following the earlier E-TIPS® article (“Competition Bureau Challenges CREA over Real Estate Listings”, February 10th, 2010, Volume 8, Number 16), the Canadian Competition Bureau and the Canadian Real Estate Association (CREA) have settled the proceedings brought by the Competition Bureau challenging CREA’s rules for the listing of real estate properties on the ubiquitous Multiple Listing Service (MLS). CREA has agreed not to adopt or enforce any rules against realtors that inhibit a realtor from posting a real estate listing on MLS without providing any other services. Realtors can now offer a flat rate service for MLS postings - apart from the commission-based services realtors traditionally provide. However, the story may not be over yet. The Competition Bureau is said to be continuing to investigate how CREA uses and discloses historical data regarding property listings. This is not surprising since the use of historical listings data was at issue in the complaints and court cases that prompted the original Competition Bureau investigation. Historical data is available to CREA realtors, but is not available to the general public. In this respect Canada has lagged behind developments in the comparable US sector. Click here for the Competition Bureau Release and the Consent Agreement between CREA and the Competition Bureau, respectively. Other news articles on the settlement can be found here: http://tinyurl.com/35ro4v7; and http://www.torontosun.com/money/2010/11/10/16068046.html Summary by: James Kosa