The Canadian Real Estate Association’s Board of Directors has reached a deal with the Competition Bureau that would end the Bureau’s challenge to CREA’s MLS rules.

The deal would allow agents to list a property on MLS for a flat fee. Vendors would be free to choose from a variety of real estate services, or sell the home on their own.

The agreement is subject to ratification by the CREA membership at its Special General Meeting in St. John’s on October 24.

In a statement, CREA says the agreement will be held in escrow pending ratification by CREA members.

“CREA has always been committed to ongoing dialogue with the Competition Bureau. This agreement is the result of extensive negotiations between CREA and the Competition Bureau,” says CREA president Georges Pahud in the statement. “Both sides gained a better understanding of their respective concerns through our discussions. We are pleased that a resolution has been reached, subject to member approval.”

The statement says, “CREA has always been of the view that its rules regarding member board MLS systems do not in any way prevent or restrict a broad range of business models. In CREA’s view, the consent agreement reflects this reality and would avoid unnecessary and expensive litigation proceedings.”

Watch REM for full details.