To publish or not to publish? This is the primary issue currently at the forefront of Canadian real estate. Pressure continues to mount in allowing property sold data to become more publicly accessible. However, the Toronto Real Estate Board refuses to budge – maintaining that this data should remain protected from public access.
As the issue continues to make headlines, many prospective buyers are trying to determine the importance of publishing this type of information. Will sold data harm the real estate market? Should the public have a right to see this information while they’re evaluating a potential property purchase?
While there’s no easy answer to these questions, the facts behind each perspective can definitely help clarify the issue.
Data Publishing a ‘Blip in the Radar’ for Real Estate
One of the arguments in favour of making this data public rests in connecting Canadian real estate practices with other areas like the U.S. According to a recent news post from thestar.com, the U.S. has made this type of data public to consumers via online avenues for years. Sites such as zillow.com make it easy to check all the pertinent public information related to sold price, former listings, valuations and more.
Additionally, supporters of the publication of this data say that the U.S. demonstrates that changing the standard will not harm the market in any way. Making real estate information more accessible won’t interfere with a property’s potential. Instead, it will give buyers even more information to arm themselves with. In many cases, this could lead to a boon in property sales.
Edmonton Realtor Bill Zotzman echoes the call to make the information more public. Part of his reasoning relates to the Canadian market itself falling behind changing trends that are being forged by the U.S. “Catching up will not be easy,” Zotzman recently mentioned. “What is there to hide by publishing this data?”
Overcoming the Fear of Public Knowledge
Part of the fear related to this change comes down to the market itself. Many Canadian real estate professionals fear that publicly posted information will eliminate the need for their services. They say that it could cause immense setbacks for professionals within the industry. And these setbacks could cause a trickle-down effect that may negatively impact the market as a whole.
However, as the above-mentioned post from thestar.com continued, the need for real estate agents has not diminished in the U.S., where this knowledge is publicly available. Buyers still need the help from trusted, experienced professionals. The difference is that they’re armed with more knowledge to make a potentially better decision for their purchase.
Getting Over the Confusion
Another issue within this debate rests in how public data could fuel consumer trends and demands. In many cases, sold data does not paint a comprehensive picture of a listing. In fact, this information could be misleading to buyers who don’t understand the market.
According to real estate agent Jennifer Perdicaris-Kennedy, this data itself could be extremely misleading for the public without an expert opinion on what it means. As she recently discussed, “I don’t know if we would ever want to make this information public. When I do a market evaluation for someone, I explain the sold data. If that information were just available en masse, it may not service the public with accuracy and value. It could actually be misleading.
Perdicaris-Kennedy’s last point is especially important in this debate. If the information causes more confusion than clarity, is it worth making a push to have it available for anyone to see?
Why Realtors Will Always Be Important
Whether TREB decides to publish sold data or not, one conclusion is already perfectly clear: realtors are still extremely important. Sold data is simply information to people who don’t know what it means – or how it relates to the actual real estate market.
Buyers need experienced professionals to guide them through the process from start-to-finish. As the United States shows, having this data online certainly won’t disrupt the need for real estate agents. Instead, it will likely increase the need for agents to help clarify confusing or misleading data – and give buyers a feasible approach to buying and selling their property. To put it simply, online publication of data will never be able to achieve this type of service for buyers.
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