Canada’s Real Estate Market Both Competitive and Secure

TORONTO, May 11, 2010 - REALTORS® polled in a recent cross-Canada survey indicated that the country's real estate market is both highly competitive and provides the necessary safeguards to protect consumers. Eighty-six per cent of real estate professionals said they worry that severe deregulation in the real estate industry would erode standards of customer service for Canadians who are buying or selling a home.

According to the online poll of 1,726 REALTORS® by Royal LePage Real Estate Services, the proposed changes to the Multiple Listing Service (MLS®) will do little to improve an already competitive industry.

In the survey, REALTORS® were asked to comment on the potential impact of ‘unbundling' real estate services and limiting the extent to which accredited real estate professionals manage the MLS® system, a listings database which holds detailed property information and is used by licensed agents in purchase and sale transactions.

Eighty-six per cent of agents surveyed said they are "concerned that the push to foster increased competition in the industry will result in lower customer service standards." When asked about the state of the marketplace currently, 76 per cent of respondents said the industry is "highly competitive." 
.
.
.

"Entering into a real estate transaction is often the largest financial decision a person or family will make, and government regulators and we in the profession have a responsibility to Canadians to ensure that the marketplace has proper safeguards in place," Soper said. "The critical elements in maintaining a fair and efficient real estate market include the need to ensure REALTORS® meet ethical and educational standards, to protect our clients' sensitive personal data, and to ensure the integrity of listings information."

Read the complete report