Catharine MacIntosh, founder and CEO, Listed (supplied)
For the last five months, Toronto-based real estate platform Listed has been cut off from sought-after data that’s helped make it popular with consumers, and a useful sales and marketing tool for nearly 1,200 paying agents in Ontario.
Founder and CEO Catharine MacIntosh is now making a plea to the Toronto Regional Real Estate Board (TRREB) to have the data restored.
Listed powers single-agent websites and apps, and touts a consumer experience that “makes real estate as easy as scrolling through your Instagram feed.”
Critical to its popularity is the display of Virtual Office Website (VOW) data, which includes nuggets of information like the sold price, delisting history and possession date of properties.
MacIntosh said TRREB first reached out in June 2024, wanting to know more about the app and how it works. MacIntosh said she then provided a detailed response.
In November 2024, TRREB sent another communication, saying it still didn’t understand how Listed was operating, said MacIntosh.
“We gave them this massive reply that was hand delivered to their legal counsel’s office, and then we heard nothing, and the data stayed on, and everything was perfect,” MacIntosh said.
“And then all of a sudden, in June 2025, they said they’re turning off the data.”
What’s the issue?
MacIntosh said that over the past 18 months, Listed has fully cooperated with TRREB, providing complete technical documentation, legal responses, operational updates, and has offered an independent third-party audit.
She said it still isn’t clear to her what rule TRREB believes Listed was breaking.
“TRREB’s data and technical teams have not identified any instance of non-compliance,” she said.
She said TRREB has had a misconception about how Listed works.
“They thought data was going to this entity called Listed,” she said. “But Listed only exists like an empty shell, and doesn’t come to life until it’s got a real estate agent who wants to have it and has valid real estate agreements behind it.”
She said Listed is a design platform, and doesn’t have rights to the data. Its members – real estate agents – hold the rights, she said.
She said her clientele of agents and brokerages are all subject to approved data agreements before becoming active members of Listed.
“When those approvals of those data agreements come in from PropTx, then their Listed is filled with the data, and the site is made live,” she said.
She said consumers can only sign in through their agent.
“It’s just a modern way of having a website that’s available on the app store. It’s provisioned to the person who’s allowed to have the data.”
TRREB’s response
Real Estate Magazine asked TRREB why VOW data was cut off from Listed, and if it sees a path toward restoring the data.
TRREB provided a statement via email from CEO John DiMichele, which said, “As this matter involves confidential matters involving legal counsel with a private company and which is ongoing, TRREB will not provide public comment out of respect for the confidentiality of our members, and contractual matters.”
A possible partnership in the making?
MacIntosh said another thing that is difficult to understand is how Listed went from being denied Affiliated VOW Partner (AVP) status, to then being invited by TRREB to present a business proposal that could set the table for potential business negotiations between them.
“We moved from four months of discussion with TRREB’s legal council and our legal council to them saying, ‘Hey, why don’t you bring us a business proposal?’,” said MacIntosh.
She said a proposal was prepared and sent to TRREB on Oct. 7. It lays out a range of options, from turning the data back on and allowing Listed to carry on as it was, all the way to having TRREB acquire Listed.
“We’re open to anything they want to do,” she said.
MacIntosh said the first step toward working together would be approving Listed as an AVP and restoring VOW data rights to members using Listed-powered single-agent websites and apps, effective immediately. She’s hoping that will happen at TRREB’s next board meeting.
And once that happens, “we’re happy to work together,” said MacIntosh.
Listed is a comparable and competing mobile-first product to the Realm, a tool available to TRREB members by its for-profit technology subsidiary PropTx.
Agent members paying the price
MacIntosh said some brokers have paid thousands of dollars to change all of their marketing to include Listed, and now some are pulling back and going to other apps. MacIntosh said agents have had a loss of business and even faced reputational harm
MacIntosh said Listed has about 1,200 active agent profiles. There are 3,000 agents in total, including active members, who are somewhere in the pipeline of the approvals process, she said.
Agents can get Listed for roughly $100 per month, or about $150 for the premium version.
Listed has about 25,500 consumer users accessing the platform through their agent, said MacIntosh.
Real estate community advocating for Listed
Richard Silver, a sales rep and Silver Burtnick & Associates team leader with Sotheby’s International Realty Canada, said Listed has helped him sell several properties. He said Listed has a better user experience and offers more features compared to similar platforms available.
“The clients loved it, and the clients still love it, except now they’re constantly saying, ‘Why is the data gone?’,” said Silver, a past president of the board.
“It’s much more user-friendly than the present Realm app that’s given by TRREB.”
Since Sept. 11, Silver has been pressing TRREB for answers.
“I’ve talked to members on the board and they say, ‘Well, we can’t say anything,’ and I’m going, well, that’s ridiculous,” he said.
“I was on the board myself for 12 years, and we could always discuss what the reasons were, or why things were not working out, and I haven’t really had any sort of clarification whatsoever.”
Silver has asked TRREB to provide three things:
- The policy, rule, or section of the VOW Agreement or MLS Rules & Policies that Listed is alleged to have violated.
- Confirmation that TRREB is applying the same standard and enforcement to all VOW providers, not only Listed.
- An estimated timeframe for when a decision will be made regarding reactivation or next steps.
TRREB says it’s confidential
Silver received a reply from TRREB’s general counsel Christopher Smart on Nov. 11, which said there are “several legal issues related to Listed and how it gained access to and made use of the VOW data feed.”
“As you are aware, access to and use of the VOW data feed involves complex matters whereby TRREB must ensure strict compliance as well as maintain a level playing field in accordance with its obligations,” reads the email.
“The issues that arise in this regard are very serious, and accordingly, TRREB must maintain confidentiality for the sake of all parties involved. TRREB is still exploring possibilities but any discussion in this regard must also remain confidential for obvious reasons.”
MacIntosh says Listed will continue on – no matter what
MacIntosh said if VOW data isn’t restored, Listed will still exist. But without sold data – which is what Listed is most commonly used for – the company’s growth will hinge on expansion in other provinces and states, she said.
“TRREB makes up less than one per cent of North American listings. We will thrive with the 550 other MLSes that are in North America and other places in the world,” she said, adding: “We just want to (grow) in the city we love, with the people we know.”
Her company has other revenue streams, so “it will be fine,” she said, but “this has certainly hurt us. Moreso this has hurt the agents who rely on us.”
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.
Trreb is hurting financially. They didn’t get their bylaw changes they wanted in order to have carte blanche over annual board fee increases, now they want money from anyone else who they can try to bully. How many agents are getting the daily berage of emails regarding 2026 due payments? 6 weeks to go still and it’s non stop…Dimichele, Baron and Crigger need to go….
We stand with Listed 100%. This blackout has been a five-month gong show, and TRREB yanking VOW data is a slap in the face to every agent trying to give clients real, transparent information. Consumers deserve sold data. Agents deserve tools that actually help them do their job. And platforms like Listed—who play by the rules and innovate—deserve better than a mystery-box shutdown with zero explanation.
Do the right thing, TRREB. Put the data back where it belongs. The market works best in the daylight… not in the dark.
There are so many companies accessing sold data including many generic website providers. Whats the difference between house sigma and listed ?? Trreb is being a bully and arrogant for not even providing a reason. Sounds like Trreb doesnt remember they lost the case to keep sold data private. I’ll bet they want fees for the access.
Not having listed has been beyond frustrating those of us who subscribe to this excellent app. We have signed petitions, contacted Treb directly and made videos asking Treb to please return sold data to the Listed App. This product is far superior to the Realm App and more enjoyable for cliets to use. I understand Listed has complied with all the rules and regulations that are required. As a Treb member, I have no idea why we are not allowed to use this excellent product which makes our clients so happy. this has definitely had an impact on the customer service I can provide.
Such a SHAME on TRREB. Picking a closing who to sell our data to. This is corruption at the highest level. Nothing less. An error is fixed in 5 days. Incompetence in 5 weeks. 5 months and going, it cannot be anything else but corruption. It’s a shame that we allow our organization to be run this way. Listed should sue TRREB and have a judge do a proper enquiry which will hold leadership accountable. It should have been done long ago. This is costing hundreds of thousands of dollars in real clients to the realtors who fund TRREB, just to have TRREB turn around and directly and arrogantly affect our ability to conduct business. Now there is only 1 other app who gives what Listed was giving. Can you guess which one it is and how it affects the clients?
Agreed. We are so poorly represented by the governing bodies we fund.
This is such a fantastic app. It makes no sense why it isn’t allowed sold data. This is something the public has access to through many other channels. This seems totally unfair. Give her back her data TREB
I was told by a colleague about the Listed app and the advantages that it provides with the VOW data feed in the spring this year, after our Board transitioned to PropTx and their offerings and the REALM app were not providing the data that I and my clients expected. I signed all the necessary paperwork to operate a VOW through the Listed app which, when they saw how powerful this app is, my clients absolutely loved, and used it to it’s full potential, all the while MY name and contact information remained prominently displayed which, for me, was a very big selling feature and I believe a strong competitive advantage in a very competitive industry. I had previously subscribed to a VOW with my local Board, and that VOW was connected to a well-known lead generation site, branded for my business, but operated through another company, and it still didn’t provide the data my clients were looking for and who, in fact, were often getting it from House Sigma whose sole purpose in operating their VOW is to capture leads and possible client contacts for their agents. The Listed app provides the agent’s contact information, and is specific to that agent and their clients. I was happy to share the Listed app with MY clients who followed the registration and signing-on protocol as prescribed in order to operate this VOW. I am a Brokerage owner, Broker of Record, and I was not able to have the data feed on the Listed VOW – my data license was declined, without any reason provided, and yet House Sigma has the data that very clearly clients want. What is the difference between Listed and House Sigma? Why are we, members of PropTx being discriminated against in this fashion? Why can’t I have what I have paid for – willingly – for me and why not for my Brokerage if I choose to go that way? TRREB will not provide any reasonable details about why this is happening. Your article says it is because of legal issues, but TRREB won’t elaborate on what they are. That’s outrageous! Many, many VOWs exist without any problem — why not Listed? It seems to me this is about the MONEY, it is ALWAYS about the money when you peel back all the layers. Why is TRREB unwilling to allow Listed to function as another option for TRREB members that users would pay for? I want the data feed from TRREB/PropTx to be turned on again. What really is the issue here? Transparency is the word of the day.
Well said, Wendy. If everything is done for the right reason, there is no need for secrecy. It only breeds suspicion.
As a FULL TIME TRREB member for the past 33 years who relies on transparent, accurate data to properly advise my clients, this entire situation has been incredibly disappointing.
TRREB keeps insisting they’re acting in members’ best interests, but pulling VOW access from a platform that clearly meets compliance standards does the exact opposite. It limits our tools, disrupts our workflows, and ultimately undermines the service we’re able to provide our clients. I have spent thousands of dollars to promote this app to my database and have over 100 past buyers and seller clients subscribed to it.
They are just as disappointed as I am and now rarely login to use it.
What’s most frustrating is the complete lack of communication. Months have passed, and there’s still no clear explanation, no timeline, and no accountability. Meanwhile, countless other platforms continue accessing sold data without issue.
We deserve consistent standards, not selective enforcement. We deserve technology partners who can innovate without being punished.
And as paying members, we deserve an organization that is transparent, collaborative, and focused on supporting us—not creating barriers.
TRREB needs to course-correct and restore access. This blackout helps no one—not the agents, not the consumers, and certainly not the reputation of the board itself.
If TRREB is acting in the best interests of its members, then removing VOW access to sold data for the Listed app is difficult to understand. Listed was an excellent product, and we paid a subscription fee specifically to ensure our clients had access to the most user-friendly, up-to-date tool available—one that kept them informed and kept us connected. TRREB needs to act on behalf of their membership and restore access to this important tool.
Are they worried that the LISTED platform is better than REALM’s? It is definitely more user-friendly.
The LISTED app is an intuitive and user-friendly tool for mobile use. Our team became subscribers to the platform in March 2025, after our Broker of Record signed the required VOW agreement. TRREB reviewed, accepted, and approved that VOW in the same month.
Throughout this year, my husband and I — a team of two licensed REALTORS® — have provided our buyer clients with the option to use either the REALM app or the LISTED app. Approximately 90% of our clients have consistently preferred LISTED. I personally use the app on my own phone every day and find it exceptional.
I am very disappointed by TRREB’s recent cancellation of the VOW they had previously approved. This decision is especially difficult to understand given that REALTOR.ca already displays sold information. We are operating in an age where consumers have unprecedented access to data; buyers and sellers increasingly arrive well-informed and eager to analyze information on their own.
However, REALTORS® remain essential as consultants and advisors. We help clients interpret the information they see, provide context, and guide them through the complexities of buying and selling real estate. As a realtor using both TTREB’s Realm software and LISTED, I call on TTREB to provide OUR sold data to LISTED – a 100% Canadian start-up innovative company competing against multi-national brokerages and American tech corporations.
Anne Scharf
Beyond pathetic that TREB does not allow this to go through, how much more proof do they need to see that this is a tool that works and is backed my some of the best agents in our industry. A truly groundbreaking tool that the consumers also benefit from. If educating the consumer is not a goal of TREB then they should really assess their mandate. I am a big fan of listed and since the data has not been allowed it has negatively impacted my day to day interaction. Truly the ease of use with this app exceeds any of the poor tools that TREB has issues for its members to date. Why not innovate instead of being in the Stone Age.