CREA Announces It Will Post Sold Data on Realtor.ca but it Will Take Time
With the Toronto Real Estate Board’s appeal being denied by the Supreme Court, there has been a rush of news and confusion among Realtors about how to change their business model to accommodate this open data share.
The Toronto Real Estate Board’s stand has always been to protect the information of homeowners, and so continue to allow the data to be shared through a password protected VOW “Virtual Office Website”.
In keeping with the change, CREA “Canadian Real Estate Association”, announced that they will publish Sold Data on the national site Realtor.ca with out password protection (Read the REM Article Here). At first glance, this seems like huge news, but under further scrutiny, we realize that CREA does not own the rights to the data. They can push, but the local boards across the country own the rights to the data. They can decide to push the sold data to Realtor.ca or pull their feed completely.
As the Toronto Real Estate Board is the largest in the country, and represents the most searched city on Realtor.ca (source: 2017 Realtor.ca Insights); all eyes will be on TREB and how they work with CREA. This fact alone may either slow the Realtor.ca process or expedite it, only the following days will tell. Either way, we as Realtors and the Public are in for a change, and we cannot expect it to be business as usual.
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