TOphotog
New Member
sepr, where are you obtaining this "sold" data from for Ontario?
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Should Sold Data be public?
- Thread starter Migos
- Start date
TOphotog
New Member
Well, not to be disagreeable but this information is ONLY available through restricted MLS databases as it is strictly private and not allowed to be released under the Privacy Act. After closing, only Teranet has the license to distribute the information and you must subscribe.
James
Senior Member
I believe, as TOphotog notes above, that the only legitimate source of sold prices is through the MLS database. Ultimately, I would imagine it'd be from a real estate brokerage who chooses to publish said information to an e-mail list of subscribers.
AndreaPalladio
Senior Member
You could always go to the registry office and physically search properties. Frank used to to this for Rosedale and Forest Hill with some regularity in the past, to the amusement of all.
TOphotog
New Member
sepr, you are publishing private information. This is not data on closed deals which you are publishing, these are pending sales and that information is most definitely private. Registry data only contains information on closed deals. Be prepared for a solicitor's letter and possible lawsuit.
Dal Kury
New Member
I think the value of having sold prices can only be an 'apple v.s apple' comparison. What's inside the home, surrounding amenities, etc, etc, can make up 10 or 20% difference in sold prices. Also, how bad 'someone' really wanted that house. So it may give you a ball park, but most agents being interviewed to represent you, can also give you that ball ball park answer.
As to how much an agent makes....I was thinking of selling my home myself, but thought, if a good realtor can get a bidding war started, and get me 20% more than I could alone, I'd gladly pay them 5% and even negotiate that, if it sold quickly, and pocket the rest.
As to how much an agent makes....I was thinking of selling my home myself, but thought, if a good realtor can get a bidding war started, and get me 20% more than I could alone, I'd gladly pay them 5% and even negotiate that, if it sold quickly, and pocket the rest.
TOphotog
New Member
^Smart person!
ponyboy
Active Member
Why doesn't the city's registry office make it easier for people to search their records? It is ridiculous that people still have to walk down there and physically search for records when this database could be digitalized and made available through an open data initiative. The city government could host an open-data site, or even charge a modest fee, to allow people to search public data from their registry records. Even better, they could allow app developers to port into their data and generate a consumer oriented service that includes all the other stuff like Trulia and Zillow. What is preventing this from happening? Isn't this a way around the Teranet issue?
Dal Kury
New Member
'Why doesn't the city's registry office make it easier......'
One more thing to pay city employees to do....and we have to pay for. I don't think it's really a huge deal in our society that prices for sold house's are not 'easily' found. Again...any good agent would give you that info when you need it, to sell your home. If you want to see what your house is worth, just for the heck of it....go do some leg work yourself.
Just say'n.
Dal
One more thing to pay city employees to do....and we have to pay for. I don't think it's really a huge deal in our society that prices for sold house's are not 'easily' found. Again...any good agent would give you that info when you need it, to sell your home. If you want to see what your house is worth, just for the heck of it....go do some leg work yourself.
Just say'n.
Dal
Migos
Active Member
Competition Tribunal rules against TREB in dispute over home sales data
http://www.cbc.ca/news/business/treb-housing-data-competition-bureau-1.3557504
"TREB "restricts how its member agents provide information to consumers, such as previous listings and previous sale prices, thereby denying agents the ability to introduce new and innovative real estate brokerage services using the Internet," is how the bureau put it in a release Thursday."
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FINALLY! Change may be coming.
http://www.cbc.ca/news/business/treb-housing-data-competition-bureau-1.3557504
"TREB "restricts how its member agents provide information to consumers, such as previous listings and previous sale prices, thereby denying agents the ability to introduce new and innovative real estate brokerage services using the Internet," is how the bureau put it in a release Thursday."
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FINALLY! Change may be coming.
James
Senior Member
I find the resistance to having sold information more readily available to be rather interesting, for the reason that I actually don't think it will affect the real estate market itself in Toronto or Vancouver a whole lot at all. I recognize that it would affect realtors as a profession, pushing them to have to focus more on service as opposed to mere data providing.
In the heated areas of Toronto, public sold data will reveal to prospective buyers just how much these homes are really selling for. Too often, potential buyers peruse previously sold house listings and see the asking price (which is obviously under market value) and then actually think that they can afford the next one in that neighborhood. If only buyers knew what properties are truly selling for, there will be fewer stories of disbelief when houses sell for "120% over asking!" when in reality, they're just selling for market value.
Conversely, for sellers, it'd also help them realize what other houses in their area are going for and what potential buyers are willing to pay for them. Since most go for over asking, it may actually raise their expectations when it comes to offers.
Both of these factors, IMO, will come into play and at the end of the day, I don't know that much will change as far as cooling the hot market. Buyers aren't going to be, all of a sudden, buying houses at under market value...and sellers aren't, all of a sudden, going to be selling at below market value. Having historical sold data is an invaluable tool for both buyer and seller so let's just let it be available.
In the heated areas of Toronto, public sold data will reveal to prospective buyers just how much these homes are really selling for. Too often, potential buyers peruse previously sold house listings and see the asking price (which is obviously under market value) and then actually think that they can afford the next one in that neighborhood. If only buyers knew what properties are truly selling for, there will be fewer stories of disbelief when houses sell for "120% over asking!" when in reality, they're just selling for market value.
Conversely, for sellers, it'd also help them realize what other houses in their area are going for and what potential buyers are willing to pay for them. Since most go for over asking, it may actually raise their expectations when it comes to offers.
Both of these factors, IMO, will come into play and at the end of the day, I don't know that much will change as far as cooling the hot market. Buyers aren't going to be, all of a sudden, buying houses at under market value...and sellers aren't, all of a sudden, going to be selling at below market value. Having historical sold data is an invaluable tool for both buyer and seller so let's just let it be available.
mig174
Active Member
I don't think the market will cool at all if this data becomes public. The availability of information is not what drives it.
But it will invariably mean that realtors' job will become harder. It's no surprise they're trying to resist change like this. can't say i feel sorry for them, they've had it way too easy in the past 20 years.
But it will invariably mean that realtors' job will become harder. It's no surprise they're trying to resist change like this. can't say i feel sorry for them, they've had it way too easy in the past 20 years.
Migos
Active Member
I don't know if the increased transparency will cause prices to rise or fall. I do know that increased transparency is good for any market. This is a win for every single Canadian.
ccdd
New Member
If we are in a seller's market, transparency would poke holes through the hype realtors employ to inflate the perceived state of the market. So yeah prices will fall
ADRM
Senior Member
Transparency would only poke holes and cause prices to fall if prices are indeed being inflated by realtors, and I'm not convinced that's the case to a significant degree (mostly because it's largely unverifiable at the moment). The fact that we're in a seller's market doesn't necessarily mean that prices are inflated—it's quite possible it's a straightforward matter of supply and demand.
Still, to echo similar sentiments on this thread, more data and transparency is almost always better for consumers, so let's have it.