A home that recently sold in Toronto was posted as selling for just $1. Of course, it is too good to be true. In response, the Toronto Real Estate Board (TREB) issued a warning to agents to not enter “inaccurate sold prices” of real estate transactions.
Clients may not want the selling price listed for privacy reasons. But the rules of TREB for reporting sales data are clear – rules which the Supreme Court decided on in a recent case in late August.
The Supreme Court decision ended certain data restrictions. Now individual home sale prices can be made public.
The new rules on publicising sold prices will enhance competition in the GTA real estate market, according to industry commentators. As a result, consumers will have access to more transparent sales data that will help to inform real estate purchase decisions. This is critical as home purchases are one of the biggest investments decisions an individual can make.
Selling prices have be available in the US for a long time, and this has been found to stimulate sales. We’ll see if the new rules will have an effect on sales here in the GTA.