The Fraser Valley Real Estate Board (FVREB) is the final board in British Columbia to make historical home prices available on Realtor.ca.
As of Nov. 7, consumers can access sold data on Realtor.ca for active listings in the region, except those sold within 12 months of the listing date.
The news of the move came with little fanfare from the industry. “It doesn’t really affect the market,” says Michael Trites, managing broker of Royal LePage Northstar Realty in South Surrey, B.C. “Whatever someone paid for a property five years ago, three years ago, a year ago, is immaterial in the sense of what market value is today. It really is not going to change anything.”
Sellers can opt out of sharing the data through a written request to the board. FVREB did not respond to Real Estate Magazine’s request for comment in time for the deadline.
“Realistically, the data (Realtor.ca) will publish is not current. Historical data versus current data are two different things,” says Trites. “If the consumer thinks they’re better served by getting information directly…fill your boots. Get the information you think is important to make the decision,” Trites adds.
Sold data has always been accessible to consumers in the province if they know where to look. A home’s sales history is readily available online for a small fee through B.C. Assessment, a government website.
FVREB joins the Real Estate Board of Greater Vancouver in making the data available, the largest board in Canada to offer historical home prices to the public.
Realtor.ca is owned and operated by CREA. Before sold data can be displayed on the consumer-focused website, local boards must request it be added.
In an interview with REM in September, Patrick Pichette, vice president of Realtor.ca, said the national association is having conversations with boards across Canada. “(CREA) members want the site to remain relevant with consumers,” Pichette said. “We’re confident it’s only a matter of time before you’re able to get sold information in every market in the country.”
Jordana is the editor of Real Estate Magazine. You can reach her by email.
