It is with hesitation that we announce today that we will be halting our Daily Solds Reports until further notice. We are taking this action as a direct result of some questions from the Toronto Real Estate Board (TREB), regarding whether or not providing this data via email is in violation of TREB rules.
It has never been our intention to break any rules and we continue to believe that our distribution of the Daily Solds Report is within the current guidelines. We are committed to getting further clarification from TREB so that we can once again offer the reports, but in the meantime, we cannot risk having our access to the MLS revoked.
Tomorrow will be the last Daily Sold Report.
It seems an opportune time to share our beliefs about making sold price data publicly available:
- We believe in the public’s right to access information to make them better informed Buyers and Sellers – and in a market as active as Toronto’s, sold prices are a critical part of that information.
- Sold data from unclosed transactions is already in the hands of hundreds of thousands of people. The GTA’s 40,000+ REALTORS have immediate access to sold prices and can provide that data to their clients. Every day we see stories in the media about sold prices for specific properties (and no, many of those publications do not seek permission from the buyer and seller before doing so). And for the last 3 years, many brokerages have been providing sold prices via email to their subscribers. Unclosed transaction prices matter: they are often the best comparable sales as they reflect the most recent sales activity.
- Sold price data is already public – and has been for MANY years, via MPAC. Any property owner in Ontario can search up to 24 properties (for free) through MPAC – it’s as easy as creating an account with your tax assessment roll number and access key (found on the bottom right side of your Property Assessment Notice). Price information has never been deemed to be private information in Ontario.
- We believe in transparency – and no industry needs more of it like the real estate industry. We applaud recent legislative changes to bring more transparency to the bidding war process and are hopeful that the Toronto Real Estate Board will support our quest to provide critical real estate data to consumers.
If you’re an existing (or future) BREL client, don’t worry: you’ll continue to receive sold price information from us.
Barbara Lach says:
I feel the TREB is tying people’s hands and not giving us the right to information that is mandatory in this day and age. They want to keep the public in the dark and that is not acceptable! Please restore this service that is fantastic and needed!
Lisa Bednarski says:
So incredibly disappointing and, in my opinion, very short-sighted of TREB. In this market, and with media eyes so closely watching that market, they should be more, not less transparent. That’s my personal opinion, but also my professional one as a public relations professional.
Melanie Piche says:
We agree! Let’s hope we can bring the Daily Solds back soon.
Nina S. says:
I hope you fight the TREB to the core on this …..there must be more transparency in the housing market!! We need more reports of this nature. Your team has been doing an amazing job on these.
Honestly, I’ve met realtors who don’t do their job on providing me with good comparables in the area or the building and that is a huge factor in making an offer. I’m at a major disadvantage versus other buyers that have better price knowledge. I could have spent tens of thousands of dollars more than I should have on property without having a true gauge for what is occurring.
There are agents who offer up free information to their friends, coworkers, families about sold prices on properties, so why shouldn’t EVERYONE have the same information! These listings must continue, as there must be fairness for everyone involved.
Also, I agree that I always see postings and news/media articles regarding sold and listing prices and a number of real estate agents even post on their personal websites! Sometimes it even seems agents take advantage of buyers/sellers without providing full knowledge, and try to get a deal on property for someone they know.
Please keep fighting this issue with the TREB and I hope to see the sold listings again sometime in the near future.
Ryan says:
As a recent homebuyer in Toronto I am incredibly frustrated by the inherent lack of fairness and transparency in the process. Access to meaningful sales data makes for a more efficient market right? So why should it be restricted?!? Your daily sold reports were a huge help to us. We are very happy with our recent purchase, despite paying over listing, because we had some independent trust in market trends and direction. Given the distrust generated by aspects of the real estate process (conflicts of interest, blind bids, etc) you would think TREB would be supporting those who promote transparency. I think sharing real data gives you credibility.