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Author Topic: The impact of the Toronto Real Estate Board Supreme Court Decision This Week.  (Read 334 times)
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Dave2
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« on: August 24, 2018, 02:42:15 PM »

Bottom Line:     My belief is that in the next two years it will make one of the challenges of tax sales easier to solve as noted by Steve in another post.  

Background Summary:  One of the challenges we face in this industry is to determine how much of a bid we should make.
                                   The Toronto Real Estate Board like most real estate boards in Ontario restricts key sales information to their members
                                   unlike in other provinces like Nova Scotia.   The only information that is available for most properties is the tax assessment value
                                   which can be wildly inaccurate (both high and low)
                                   The competition board challenged the Toronto Board several years ago who challenged them in court.   The real estate board
                                    lost and took it for a court case and lost again and on appeal.   The supreme court refused to hear it on appeal so now the real
                                    estate board will have to let all sale prices publically be disclosed.  

                                    While technically the ruling applies only to the Toronto board the precedent has been set and I expect all boards in time to
                                    comply.      

Effect of Ruling:             The real estate industry calls them "COMPS" which is short form for comparables.  (i.e.  prices what comparable properties have sold
                                     for.)  Tax sale buyers have not had this information historically and it is one of the real risks of this industry.   If you think the
                                     property is worth X and you misjudge you can do an excessive bid. In time there will be intermediaries like in the United States that
                                     will gather and possible sell for a fee this information.  

                                      As I noted earlier in another post I am seeing the general real estate market start to head south.   Myself and some other seniors
                                      have been on the sidelines in the past couple of years because of too high bid prices.   As the seafarers say "A rising tide rises all
                                      boats when real estate prices are rising that provides some protection from a too high bid.    My own forecast is that protection is
                                      ending and now is the not the time for excessive bids.   In good times people tend to forget that tides go down as well as up.    

« Last Edit: August 24, 2018, 02:58:34 PM by Dave2 » Logged
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« Reply #1 on: August 26, 2018, 07:48:31 AM »

this is a interesting ruling ,the TREB is a private organization owned by it's members who pay dues to develop and maintain this system of compiling sales info for use by these members in their day to day business .for the tribunal to say this must be made public is no different than demanding that a private corporation publish their balance sheet or trade secrets and formulas it makes no sense ,not that the info is private (other than the issue of the privacy act)  it is the format and the compiling to a easy to use format. all of the mls sales information has always be accessable to anyone through the registry teranet or it's subscription partner geowarehouse however folks feel entitled to get all this for free even though the TREB members are paying the tab.
The issue of rising prices is all supply and demand goverment policy has made finding a building lot in many areas of the province impossible and the shortage a trades means that they can charge what they want, meaning the cost of new house suppy will go up and bring existing housing with it (as Dave said the tide raises all boats ) demand will only decline when interest charges are not affordable or there is a surplus on the supply end
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mountainman
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« Reply #2 on: August 28, 2018, 08:24:40 AM »

this is a interesting ruling ,the TREB is a private organization owned by it's members who pay dues to develop and maintain this system of compiling sales info for use by these members in their day to day business .for the tribunal to say this must be made public is no different than demanding that a private corporation publish their balance sheet or trade secrets and formulas it makes no sense ,not that the info is private (other than the issue of the privacy act)  it is the format and the compiling to a easy to use format. all of the mls sales information has always be accessable to anyone through the registry teranet or it's subscription partner geowarehouse however folks feel entitled to get all this for free even though the TREB members are paying the tab.
The issue of rising prices is all supply and demand goverment policy has made finding a building lot in many areas of the province impossible and the shortage a trades means that they can charge what they want, meaning the cost of new house suppy will go up and bring existing housing with it (as Dave said the tide raises all boats ) demand will only decline when interest charges are not affordable or there is a surplus on the supply end


I am Mountainman

So what if the Board is private

of the ruling, TREB will not survive it,

Our laws forbid a monopoly

the industry was very sloppy

It tried to shut down competition

next to go will be the exorbitant commission.

For I am Mountainman
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