Richard Silver

Real Estate Council of Ontario’s Web Site

In Ontario, those of us who are registrants are regulated by a body called the Real Estate Council of Ontario. It is this body that deals with complaints from the Public, Code of Ethics violations, etc. On their web site at www.reco.on.ca they state that "The Real Estate Council of Ontario (RECO) regulates the activity of trading in real estate in the public interest". They do so munder the auspices of the provincial government and they administer the Real Estate...Continue Reading...

Real Estate: Understanding Representation and Agency

Representation and Agency are not very well understood by the consumer public...but also not well understood by some salespeople. When a Salesperson is representing a product, whether it be a suit of clothes or a house, they are acting under Agency and their fiduciary duty belongs to the party paying for their services unless they have a contract that says otherwise. If you walk into my Open House and ask me questions about the property, like "what will they take?", it...Continue Reading...

Real Estate: Answering The Commission Question….

From time to time, and mostly from people who don't know me, I get an email or a phone call where the commission question comes up front and centre: "Can you tell me what your commission rate is?" I know that this consumer has decided that commission is the most important issue. It's not that I have not dealt with the question before but it seems that the consumer's assumption is clear that "all Realtors provide the exact service but for different...Continue Reading...

The Competition Bureau and the Canadian Real Estate Association.

A couple of weeks ago, the Government of Canada's Competition Bureau  sent a direction to the Canadian Real Estate Association  that CREA remove one of the requirements of membership: Agency or Representation. The media has jumped on this as being very advantages for Sellers and Buyers in that it would allow the Consumer more options. Ken McLachlan, Broker for Re/Max Hallmark Realty Ltd.  said it better than I ever could in this repost of his Blog: Competition Bureau and CREA (more...)Continue Reading...

Toronto Real Estate Board Releases Affordability Charts

Prices have risen in the Greater Toronto Area, however the cost of home ownership has dropped. This recent chart from the Toronto Real Estate Board shows how increased incomes and historically low interest rates have made home ownership more affordable. I think this bodes well for the Canadian economy: Renters who become Owners renovate, buy new furniture and appliances, adding related spending and stimulating the economy. Related Posts: Canadian Real Estate: Lack of Inventory Puts Upward Pressure on Pricing. Canadian Real Estate Association Releases New...Continue Reading...

Canadian Real Estate: Lack of Inventory Puts Upward Pressure on Pricing.

Here are some important statistics that were made available by the Canadian Real Estate Association that highlight housing inventory for sale in Canada, Ontario and within the Toronto Real Estate Board. These figures point to a distinct lack of inventory at present in all areas but especially in the Greater Toronto Area. It makes it a great time for Sellers to sell but conversely difficult for Buyers to find property. Hopefully this will loosen up over the next few months but...Continue Reading...

Canadian Real Estate Association Releases New Update

Here is the latest market report from the Canadian Real Estate Association. Take a look at the highlighted portion below as it points to a striking lack of inventory for Purchasers...but means it is a great time for Sellers to put their homes on the market. From my understanding, in a "Normal" market the inventory is about six months. OTTAWA – October 15th, 2009 – National resale housing activity climbed to the highest level of any third quarter on record. Actual (not...Continue Reading...

The Canadian Real Estate Association Upgrades Its Forecast

MLS® home sales forecast revised OTTAWA – August 27, 2009 – MLS® home sales were much stronger than expected in the second quarter of 2009, with activity having climb throughout the quarter and into July. The remarkable recovery of resale housing has prompted a change to the MLS® home sales forecast issued by The Canadian Real Estate Association for 2009 and 2010. The speed and magnitude of the rebound in sales activity to date has lifted CREA’s national forecast for the number...Continue Reading...

REALTOR.ca and why it is not an MLS System.

Over one year ago now, MLS.ca was replaced by a better product named Realtor.ca: Both are public-facing web sites owned and operated by the Canadian Real Estate Association. The reason for the name change was to help ease some of the confusion in the minds of Canadian consumers who thought that what they were seeing was an MLS system. Those systems are owned and operated by local Boards/Associations and only upload certain data that the local Multiple Listing System decides to...Continue Reading...

Canadian Real Estate: The New REALTOR.ca

A few years ago the Toronto Real Estate Board expressed a concern about the branding of the public-facing Listing site used nationally MLS.ca. The concern was a confusion in the Public that they were accessing an agent-to-agent Multiple Listing System that had all the information rather than a marketing product. It took a couple of years but the decision was made by the Canadian Real Estate Association almost one year ago that the better brand would be REALTOR.ca. (more...)Continue Reading...