Today is the day for CREA’s vote on changes to satisfiy the Competition Bureau claims that the industry is a ‘monopoly’. Over 300 representatives are in Ottawa for the voting. If the boards line up along provincial boundries, which they often do, then a “No” vote by Ontario and Quebec could make for a quick vote. Because of their size these two provinces can control a CREA vote.

If there is a “Yes, to change” vote there will be a lot of changes… if there is a “No, to chaneg” vote there will probably be even more change in the long run. A “No” vote might get the Competition Bureau worked up and they might go for opening up Canadian real estate data.

Here are just a few article on the CREA vote with some interesting snippets take out:

Financial Post on the CREA vote

The measures, which ultimately give consumers some ability to decide how much they use a realtor on a deal and allow consumers to conduct parts of a transaction without using a realtor, are not expected to be enough to satisfy the Competition Bureau which has filed a complaint with the Competition Tribunal over what it says is anti-competitive behaviour.

CBC News on the CREA vote

The real estate association requires all sellers wanting to use the MLS to pay for a full suite of services, she told CBC News Network’s Lang & O’Leary Exchange in February, while some of its members are willing to sell only some of those services and charge a lower commission.

In the bureau’s view, this requirement interferes with competition, she said.

Globe & Mail on CREA vote shaking up the industry

The bureau also has something to prove. When Commissioner Melanie Aitken was appointed last summer, she promised to improve the bureau’s record of challenging organizations accused of anti-competitive conduct. By taking the case against CREA to a tribunal, the bureau will have to convince a specialized body that the association’s practices are limiting competition in the home-selling business.

CTV on the CREA vote give buyers some wiggle room

About 300 real estate agents from across Canada will vote on proposed changes that would give private citizens the ability to negotiate the sale of a home without the help of a registered agent while still taking advantage of the extensive database of MLS property listings

Which everway… there is going to be lots of fallout…hopefully all good!

This entry was posted Monday, March 22nd, 2010 at 2:34 pm and is filed under CREA, Real Estate Trends, Technology. You can leave a response, or trackback from your own site.