New Real Estate Agent Rules Kick In Monday

The process of making your largest investment just got a bit cheaper.

The Canadian Real Estate Association (CREA) agreed on Sunday to open up the Multiple Listing Service (MLS) to discount realtors, allowing them to pick and choose which services to offer. The majority of home sales across the country involve MLS.

Private companies like PropertyGuys can now list their customers’ properties on MLS.

The deal with the Canadian Competition Bureau approved by the CREA in Newfoundland this past weekend allows consumers to choose which services they want from a real estate agent and only pay for those services they want, effectively lowering commission costs.

The Competition Bureau had called the CREA’s previous policy “anti-competitive”.

The CREA has agreed not to deny or discriminate against realtors who offer only posting services.

The new rules take effect Monday, but don’t expect savings right away. Experts say it could be a while before cost changes take hold as the industry is still dominated by traditional agents.

The rule will remain in effect for 10 years.

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