The Canadian Real Estate Association (CREA) and the Toronto Regional Real Estate Board (TRREB) have implemented new rules targeting exclusive real estate listings. The Duty of Cooperation Policy requires realtors to list properties on the MLS within three days of public marketing, such as advertisements or open houses. This policy aims to increase transparency and cooperation within the industry.
Effects on the Real Estate Market:
- Increased Buyer Access: Buyers have greater visibility into available properties as more listings are funnelled into the MLS, offering a more equitable market experience.
- Reduced Seller Flexibility: Sellers who prefer discretion or exclusivity may find the new rules restrictive, as their properties are now subject to broader exposure.
- Market Competition: By curbing “coming soon” or exclusive marketing strategies, the rules promote a more competitive landscape but limit certain creative marketing techniques realtors use.
Ultimately, while the policy increases transparency, it has sparked debate over balancing seller rights with buyer opportunities and market fairness.
***Note: I have never been a proponent of these rules, as I see them as anti-competitive and a big opening for non-MLS Real Estate Companies to open as an option for those wanting privacy***
