The deadline has been pushed further by Canada’s Federal Court of Appeal in order for the country’s largest real estate board to make home-sales data more widely available online.
On Thursday, the Federal Court published a decision note on their official website. It read that the Toronto Real Estate Board would not be required to meet an Aug. 3 deadline issued by Canada’s Competition Tribunal to ensure that the prices of homes are available to the general public.
Greater Toronto Area’s resale housing market was severely affected by the Tribunal ruling in April, as the real estate board’s placed some restrictions on how it’s members’ ability to share electronic home-sales data from the Multiple Listings Service. Toronto’s real estate board, on the other hand, had allowed clients to share their details at free-will and weren’t obliged to publish their listings.
As of June 3rd 2016, the Tribunal gave Toronto’s Real Estate Board 60 days to ensure that all its members, especially those in the Greater Toronto Area, publish the necessary information online. Consequently, the deadline is to expire next week Wednesday.
An appeal has been made by the real estate board urging the federal court to stay the June 3rd order until the court could rule on its appeal. Fortunately, for them, Justice Gleason granted a temporary stay until the court can formally hear TREB’s request.