Estate Agents Tip: Are Real Estate Agents Crooks?
There have been some major stories that have recently come out about the real estate industry. One of them is about how a website published a report showing that “a quarter of the units in a new Vancouver condo project were being flipped”. The reaction of the Real Estate Board of Greater Vancouver was to threaten them with legal action. So the thought is that the Real Estate Board doesn’t want the public to know about how much real estate flipping and foreign buying there is going on because they fear that it will spook the public.
Another story is about the Canadian Real Estate Association wanting people to dip into their RRSPs to buy real estate. The CREA wants the amount you can withdraw from your RRSPs increased by $10,000 to $35,000. So the Canadian Real Estate Association wants Canadians to compromise their retirement in order to buy more real estate.
The last story is about how the Federal Court of Appeal upheld a previous ruling be the Competition Tribunal that the Toronto Real Estate Board must allow its realtor members to make home sales data available online. So this is basically saying that the Real Estate Boards have tons of real estate information such as sales figures, pending sales and broker commissions that they want to keep hidden from the public. The Toronto Real Estate board has been fighting to keep the information to themselves for 6 years now. The idea is that the Real Estate Boards don’t want the information out in the public because it could make them look bad. The Real Estate Boards also cherry pick data to make the Real Estate Market seem healthy. With all the information public it makes it a lot harder to mislead the public.
One bonus example is that dual agency real estate deals will be prohibited in BC in the new year. Dual agency is where one agent represents the buyer and the seller. How this could possibly have been allowed for so many years is probably a testament to the power of the real estate industry.
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