In another push toward data transparency, sold prices for listings from Greater Vancouver Realtors (GVR) are now live on Realtor.ca.
The update was announced Friday in a LinkedIn post by Realtor.ca Interim CEO Patrick Pichette, who emphasized the platform’s evolving role in meeting the information demands of today’s buyers and sellers.
“Consumers are actively looking for this kind of information, and they expect to find it on Canada’s leading real estate platform,” Pichette writes. “Our research has consistently shown that the more context we provide (photos, virtual tours, property data, sold prices, etc.) the more trust we build with Canadians, and the more likely they are to engage with a Realtor. This release is another strong step in support of that strategy.”
Source: Realtor.ca
A move towards transparency
The digital platform has moved towards enhanced transparency for consumers in recent years, with provinces like Nova Scotia leading the charge. Previously GVR—formerly known as the Real Estate Board of Greater Vancouver (REBGV)—only shared historical home sale prices. For consumers browsing Realtor.ca, the change means they can now view the final sale price of GVR listings once the transaction is firm and keys have changed hands.
Other regions are also stepping up their transparency. In Saskatchewan, listings now include a conditional sale status when an offer has been accepted but the deal hasn’t yet firmed. Realtor.ca has also upgraded its search features in the province, allowing users to search by more detailed location data—especially useful for those seeking rural or lakefront properties.
Big changes for consumers
The platform’s data model is shifting from a listing-focused site to what Pichette called a “property-centric platform” in a June 2023 interview, and while the Nova Scotia Association of Realtors was the first in Canada to make sold prices visible, Pichette said there has been consistent demand across the country.
“When you talk to consumers, the top thing that they ask for is more information, specifically when it comes to sold price history. They want the comparables. They want more transparency of information,” he told REM at the time.
The inclusion of sold prices also reflects growing pressure on Realtor.ca to remain competitive in a digital marketplace filled with alternative platforms offering similar, or even more, detailed property data. “We need to stay relevant,” Pichette noted. “All of this is Realtor-generated data in the first place.”
Realtor.ca, now a wholly owned subsidiary of CREA, can only display sold data when local boards and associations opt-in.
Real Estate Magazine has reached out to Greater Vancouver Realtors for comment but did not receive a reply in time for our deadline.
The guise of providing “Data Transparency” and “The Professional Sharing and explaining of information” are two different experiences for the Buyers and Sellers.. The General Public want everything… right now… with no conversation… no explanation… and with out obligation. Disruptors and Competitors to our Industry will continue to want our data and will choose to use it… manipulate it and present it as “Their Truth” to Regional Market Values…market Trends and Changing Conditions.
As REALTORS we have earned the right to have this information and received permission from our clients to share with each other in the spirit of MLS as well as retain this information to be used by REALTORS to assist buyers and sellers in the future.
Our Associations need to be reminded who their client is… CREA ‘s clients are Associations… Our Associations clients are Area Boards… Area Boards clients are Brokers… Brokers clients are REALTORS and the REALTORS clients are the buyers and sellers that we serve daily.
Boards and Associstions should serve their client and allow REALTORS to do the same.
Agreed, “Boards and Associations should serve their client and allow REALTORS to do the same.” They need to be reminded -Real Estate Agents are their clients.
Sold prices should not be publicized on an open forum for the world to see. Sellers do not want that. If the public wants to know a specific sold price individuals can speak with a real estate professional without any obligation to work with that professional. Otherwise, if a member of the public wants to know a sold price they can go to a land registry office, pay a fee and find out for themselves what was the selling price of a property after it closed.
Al use of data is analytical, manipulated often providing many distorted untruthful results in various areas of business (such as real estate) where there are “many variables” affecting the sale price of a property, for which Al has no knowledge and is unable to take into the equation. Thus, resulting on the public getting a false & distorted news interpretation of the trends, market conditions and values.
This is the end, is not disclosure to the public, and it benefits no one except companies selling their Al systems.
Realtor.ca is in need of a larger overhaul to remain relevant in the face of growing competition and AI. For example, their basic search still is missing a feature to choose house size and lot size – something which is a standard offering on many other platforms/search features. I hope they start looking at those key features and more to given the user greater control over their search options. But with the roll out of these added data point are they going to allow consumers to pull any reports targeting data for regions with properties selling at X% over/under list? What is the benefit if you cannot benefit from the analytics. If you cannot build a report then the data has less meaning.
Don’t realtors pay for, with their hard earned money, the data systems – is it fair to give it away for free? Is food free? Is TV free?