The Real Estate Board of Greater Vancouver (REBGV) is the latest board to offer historical home sale prices on Realtor.ca. Anyone can now see previous sale prices for active listings in the region, except those sold within 12 months of the listing date. Craig Munn, vice-president of communications at REBGV, says this helps realtors provide consumer transparency.
“Realtors believe in ensuring home buyers and sellers are informed when making their decision,” Munn says. When asked why sold data is withheld for properties sold within 12 months of the listing date, he said, “From the practical perspective of a real estate transaction, we wanted to ensure that any home sale displayed on the website has closed and that it’s been registered with the land title authority.”
Patrick Pichette, vice-president of Realtor.ca, says, “The consumer doesn’t value the realtor as a gatekeeper of information. They value the realtor for their expertise in the process, having a trusted advisor and partner to help you negotiate a price.”
Realtor.ca is owned and operated by CREA. Before the sold data can be displayed on the site, individual boards must request that information be added. CREA then works with boards, provincial associations, and regulators to ensure it complies with laws and regulations.
“I’ve noticed a big shift over the last few years, where more and more members want us to open up more information. They’re seeing there are a lot more sites in the ecosystem that are providing it,” says Pichette. “(CREA) members want the site to remain relevant with consumers.” He added, “We’re confident it’s only a matter of time before you’re able to get sold information in every market in the country.”
Pichette confirms Realtor.ca is having conversations with “all the boards” across Canada, insisting, “It’s not going to stop at Vancouver; we’re confident that there’s going to be others coming on board.”
REBGV joins all local boards in B.C., apart from the Fraser Valley Real Estate Board, in making sold data easily accessible to consumers. The information is also available on Realtor.ca for all four Atlantic provinces.
Pichette declined to comment when pressed on which real estate board could be the next to add sold data, only saying, “Some are closer than others.”