It is with hesitation that we announce today that we will be halting our Daily Solds Reports until further notice. We are taking this action as a direct result of some questions from the Toronto Real Estate Board (TREB), regarding whether or not providing this data via email is in violation of TREB rules.
It has never been our intention to break any rules and we continue to believe that our distribution of the Daily Solds Report is within the current guidelines. We are committed to getting further clarification from TREB so that we can once again offer the reports, but in the meantime, we cannot risk having our access to the MLS revoked.
Tomorrow will be the last Daily Sold Report.
It seems an opportune time to share our beliefs about making sold price data publicly available:
- We believe in the public’s right to access information to make them better informed Buyers and Sellers – and in a market as active as Toronto’s, sold prices are a critical part of that information.
- Sold data from unclosed transactions is already in the hands of hundreds of thousands of people. The GTA’s 40,000+ REALTORS have immediate access to sold prices and can provide that data to their clients. Every day we see stories in the media about sold prices for specific properties (and no, many of those publications do not seek permission from the buyer and seller before doing so). And for the last 3 years, many brokerages have been providing sold prices via email to their subscribers. Unclosed transaction prices matter: they are often the best comparable sales as they reflect the most recent sales activity.
- Sold price data is already public – and has been for MANY years, via MPAC. Any property owner in Ontario can search up to 24 properties (for free) through MPAC – it’s as easy as creating an account with your tax assessment roll number and access key (found on the bottom right side of your Property Assessment Notice). Price information has never been deemed to be private information in Ontario.
- We believe in transparency – and no industry needs more of it like the real estate industry. We applaud recent legislative changes to bring more transparency to the bidding war process and are hopeful that the Toronto Real Estate Board will support our quest to provide critical real estate data to consumers.
If you’re an existing (or future) BREL client, don’t worry: you’ll continue to receive sold price information from us.