We’ve all heard plenty of stories about how the housing market in Toronto is basically out of control. Not as bad a Vancouver’s, but it still seems like it’s basically impossible to actually afford a house in the city.
But, people looking to get into the housing market just got a major tool to help them get a fair price on a home.
The Supreme Court of Canada has denied an appeal by Toronto Real Estate Board (TREB), which wanted to prevent realtors from posting data from house sales online.
Realtors across the GTA are now free to post home sale data on their websites, giving people much more information about house prices and what they should actually be paying for a home.
The release of the data online will help people from paying ridiculously high prices for houses when they don’t need to.
The ruling by the court could have implications for real estate boards across the country and allow realtors nationwide to post home sale data online, giving people much more knowledge about why a house costs what it does.
The ruling by the court marks the end of a 7-year legal battle the TREB fought to try to avoid having its members post data online.
Canada’s Competition Bureau argued that, by not releasing the data, it stifled competition and made it harder for people buying houses to get a fair deal.
So if you’re in the market for a house in Toronto or will be in the future, you’ll now have access to data that can protect you from paying above market value for your future home.
Maybe you'll even be able to negotiate the price of the most expensive house in Ontario right now.
Source: Global News