In a development that could drastically change the way Canadians buy and sell their homes, the real estate industry has reached a landmark agreement with federal competition authorities.
The legally binding deal will allow for home sellers to pay for only those services they want from their real estate agents. Previously, under the rules established by the Canadian Real Estate Association (CREA), consumers had to opt for an entire slate of services, a practice the Competition Bureau deemed anticompetitive.
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I think this is good news for everyone including realtors. For too long there has been an unfair monopoly in the real estate industry. Other industries have adapted and thrived like brokerage houses by adding a discount, self-service component while still maintaining a full-service component. It'll reduce the amount of agents meaning the good agents survive, the bad apples are eliminated. Realtors have a gotten a bad rap (a lot of it legit) due to high fees, no alternatives and some bad dishonest realtors. Competition and alternatives will change these views and allow the consumer the option of having more money in his pocket.