A for sale sign is displayed outside a home in Toronto. On Jan. 3, the new ‘cooperation policy’ formulated by CREA came into effect, forcing any realtor to add an exclusive listing to the MLS within three days of doing any public marketing.CARLOS OSORIO/Reuters
This year, Canadians will see the effective end of the so-called “exclusive” real estate listing amid a crackdown on the sales tactic by the Canadian Real Estate Association (CREA). But some realtors are asking whether it truly is the end of the exclusive, or just the opening salvo in a bigger fight over organized real estate.
“CREA is being protective for no valid reason,” said real estate lawyer and registered realtor Mark Morris with Legalclosing.ca Professional Corporation. “They are over-stepping their bounds in a significant way. … What we’re doing now is limiting what they [sellers and buyers] can do in the free market.”
At issue is a method of selling a home that has become more common in recent years. These “exclusive” listings, sometimes also called “pocket” or “off-market” listings, are properties put up for sale but not entered on the Multiple Listings Service. Local real estate boards rely on the MLS to share both broker-only information among members and to publish public data on the realtor.ca national website.
On Jan. 3, the new “cooperation policy” formulated by CREA came into effect, forcing any realtor to add an exclusive listing to the MLS within three days of doing any public marketing. Marketing would include everything from a “Coming Soon” sign on a lawn to Instagram posts about a new property.
The vast majority of residential real estate transactions in Canada involve MLS, but there are significant exceptions. Most commercial properties are not listed for sale on MLS, and large
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