Will Sold Data Change the Real Estate Market?

16 October 2018

As of August 2018, the Toronto Real Estate Board announced that Brokers will now be able to post sold prices of properties online.

What's the big deal with making sold data available to the public? For years, good real estate agents supplied their clients with this information in making any real estate transaction. In the U.S., solds have been available to the public for several years. Now, the Toronto Real Estate Board wants people to view this information through a valid email address and a special website. But, now the Canadian Real Estate Association through realtor.ca will now make this information available without any checks.

What will be the end result?

More sales by FSBO (that's Sale by Owner) Properties? The U.S. experience says no. What does a list of solds provide to owners? Not much. These sales don't tell you what the interiors are really like, or what was next door to the property. For condos, units facing in one direction over another, can mean a difference of $50,000 for the same unit. The real value with good agents is in gathering the right information and interpreting it for their clients.

You get stock prices online every day, yet smart people still rely on stock brokers. No more needs to be said.

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