Canadian Realtors Approve Changes to MLS Rules

As a result of concerns raised by the Competition Bureau, on Monday more than 300 representatives from real estate boards across Canada voted to allow homeowners list their property on the Multiple Listing Service for a flat fee. Up to now only licensed agents have been able to list properties. The change could effectively cut-out realtors from the sale process by allowing private sellers to negotiate the sale of a home on their own.

Toronto Sun report that several real estate agents have reacted angrily to the vote and see it leading to lawsuits as private sellers will be unaware of legal requirements relating to property transactions. Some also see it as unfair to their industry with the potential of causing chaos in the market which they say the MLS has largely helped to regulate.