CREA Changes MLS Rules...

Well folks looks like Sellers can now pay a flat rate to put there homes on MLS. They will still be forced to sell it on there own however. What do you think about this? Good idea or bad idea?


Steve Ladurantaye
Globe and Mail Update Published on Monday, Mar. 22, 2010 2:36PM EDT Last updated on Monday, Mar. 22, 2010 7:18PM EDT
The Canadian Real Estate Association approved changes Monday that will give those who buy or sell their homes on its listing service more power to handle portions of the transaction on their own, but it was not enough to satisfy the Competition Commissioner.
In a move to cut off a challenge by the Competition Bureau, which feels the current system is too restrictive because anyone listing on the Multiple Listing Service must employ an agent through the entire process, the association's members voted at its annual general meeting in Ottawa to loosen its own rules.
Now, a consumer will be able to pay an agent a flat fee – zero is not an option – to list on the MLS, where about 90 per cent of all home sales are done. Agents must now pass along a seller's home phone number, if the seller chooses, directly to an interested buyer if asked.
“Through the proactive clarifications of the existing rules, CREA believes the concerns raised by the Competition Bureau are fully addressed,” the organization said in a news release. “At the same time, these amendments ensure the continued integrity of MLS systems and the accuracy of information on board MLS systems that Canadians have come to trust.”
The bureau disagreed, saying the change didn't go far enough because CREA could still change the rules at any point and place more restrictions on anyone who tried to offer innovative services.
CREA wouldn't provide further comment, with its legal counsel stating it would rather wait for the case to go before the Competition Tribunal. The association's president, Dale Ripplinger, said the changes “wouldn't make sense to anyone who wasn't a real estate agent,” before abruptly calling off a news conference.
The vote was seen as a way for Canada's real estate sales industry to satisfy concerns raised by the Competition Bureau, which has filed charges with the Competition Tribunal alleging the real estate association makes it impossible for any of its members to offer consumers fee-based services for particular portions of a transaction, such as listing on the MLS or negotiating a sale price.
This leads to higher prices for consumers, the Bureau says.
The proposed changes were a key pillar in the real estate organization's defence before the Tribunal. The association must submit its response to the charges by March 25 and the organization hoped a strong vote from its members on the key issues troubling the Competition Bureau would be enough to have the charges set aside.
The MLS has operated for more than 50 years and only registered agents are allowed to list homes on the service. The MLS trademark is owned by CREA, and each real estate board operates the service in its region. While anyone can sell their home on their own, having a listing on the service is seen as an integral part of achieving the best sales price.
A CREA spokesperson said the changes would be implemented “as soon as it is reasonable at each local board.”

HOUSING MARKET ON THE WAY UP!

A Great Start to 2010 for Ottawa’s Housing Market
March 5, 2010 : A Great Start to 2010 for Ottawa’s Housing Market
Members of the Ottawa Real Estate Board sold 1,118 residential properties in February through the Board’s Multiple Listing Service® system compared with 787 in February 2009, an increase of 42.1 per cent.
Of those sales, 323 were in the condominium property class, while 795 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
“Last month’s sales were near the top of the usual range for this time of year, as opposed to February of 2009, which was the end of the brief slowdown we saw in Ottawa’s resale housing market due to global economic conditions,” said Board President Pierre de Varennes. “So far in 2010, OREB Members have sold 1,838 properties, putting us well ahead of the 1,316 properties sold in the first two months of 2009. Inventory remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller’s market for the moment,” he added.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $317,030, an increase of 15.8 per cent over February 2009. The average sale price for a condominium-class property was $265,938, an increase of 30.3 per cent over February 2009. The average sale price of a residential-class property was $337,788, an increase of 15.6 per cent over February 2009. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of 2,540 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area and now online at www.OttawaRealEstateGuide.ca.

Preparing for an Open House.

PREPARING FOR AN OPEN HOUSE
The sale of a home can be a stressful and busy time for any homeowner which is why it is important to work closely with your registered real estate professional if you are planning an open house.
Your best approach is to ask as many questions as possible about what you need to do to prepare as well as making sure you understand what occurs during an open house.
While not exhaustive, below are some examples of questions you might want to ask your registered salesperson*:
Will your salesperson be present during the open house?
Will attendees of the open house be asked for identification?
Will all attendees be escorted throughout the home and will your salesperson limit the number of individuals in your home at any one time to ensure they are personally escorted?
Will your salesperson check all doors, windows and other access points prior to locking your home at the end of the open house?
Ask your salesperson for advice on whether you should allow photographs of your home to be taken by buyers or anyone else.
Below are some steps you can take to prepare for an open house:
Remove small valuables from view.
Remove medications from all rooms in the home including your medicine cabinet.
Keep your bills, credit card receipts, and bank statements out of view. You may want to store them with your other valuables.
Take inventory/pictures of your property and what was stored so you will know quickly if anything is missing.
Consider removing personal photographs that may be on display.
Take advantage of the registrant search feature to ensure you are working with someone who is registered to trade in real estate in Ontario.
*For the purpose of this document, a salesperson refers to both registered salespersons and registered brokers.
This article is for information purposes only and does not constitute legal advice.

Welcome to 2010!

Well we are finally into the New Year. As many of you I am sure are hoping 2010 will be better then 2009 which for most was a really good year to forget. With the New Year upon us things are looking up in the Real Estate Market. I think this will be a great year for home sales. Bank of Canada however is discussing raising the mortgage rates. So now is the time to get into your mortgage broker and get your preapproval and locked in rate. This way for the next 5 years you can be one of the lucky ones who were smart and bought into the low rate market.

So basically if you are looking to upgrade to a larger home or buy your first home now is the time. You can still buy new homes with out worrying about the HST for a few more months as well. If you are considering purchasing a home or selling and upgrading to a larger house, or even purchase a new home build, give me a call.

Thanks everyone and may 2010 bring you great karma and luck!

BIG SALE IN CARDINAL!

WE ARE OFFERING A FULLY RENOVATED HOUSE AT 90,000$ DISCOUNT. COME VIEW THIS HOME THIS SUNDAY DECEMBER 13th FROM 2-4PM. DON'T MISS OUT ON THIS FABULOUS DEAL.

FOR MORE INFORMATION LOGON TO www.joeysells.ca

Why choose a Realtor?

Real Estate Agent Duties: What to Expect from Your Agent

Buying or selling real estate is a complex and lengthy process. It is therefore wise to enlist the help of a real estate agent. A real estate agent can provide many useful services and work with you in different ways.Very few consumers are familiar with the duties and responsibilities of their real estate agent or broker. As a result, a number of problems can arise during the various steps of a real estate transaction when consumers are not aware of their rights. This article addresses the various types of working relationships that may be available to you. It should help you decide which relationship you want to have with a real estate agent. It will also give you useful information about the various services real estate agents can provide buyers and sellers, and it will help explain how real estate agents are paid.In some real estate transactions, the agent works for the seller. In others, the seller and buyer may each have their own agent. And sometimes the same agent works for both the buyer and the seller. It is important for you to know whether an agent is working for you as your agent or simply working with you while acting as an agent of the other party.Listing AgentA listing agent is also known as a seller's agent because they represent the seller. A listing agent can be a real estate broker or a real estate agent. These types of agents owe a fiduciary responsibility to the seller under a listing agreement and must protect that interest.
The seller's agent helps determine the price of the home, suggests how to market the home, schedules advertising and open houses, shows the home to prospective buyers, and otherwise facilitates the sale.
Your property will be listed with the agent's real estate brokerage. You will be asked to sign a "listing agreement" authorizing the brokerage and its agent to represent you in your dealings with buyers as your seller's agent. Be sure to read and understand the listing agreement before you sign it.
For representing you and helping you sell your property, you will pay the listing firm a sales commission or fee. The listing agreement must state the amount or method for determining the commission or fee and whether you will allow the firm to share its commission with agents representing the buyer.
Buyer's AgentA buyer's agent is known as the "showing agent" and works with buyers to find a suitable property, contacts the listing agents, negotiates the best possible price and terms for the buyers, monitors the transaction, and sometimes help to obtain financing.
In most cases, the seller pays the sales commission that is shared by the two agents. However sometimes you may be required to pay your buyer's agent out of your own pocket if the listing agent refuses to pay. Whatever the case, be sure your compensation arrangement with your buyer's agent is spelled out in a buyer agency agreement before you make an offer to purchase property and that you carefully read and understand the compensation provision.
Buyer's agents may or may not require a buyer to sign a buyer's broker agreement, depending on local custom.
Dual AgentDual agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Dual agency can happen even if the there are two agents involved—a listing agent and a buyer's agent—if both agents work for the same broker. That's because it is the real estate broker who creates the agency.
It may be difficult for a dual agent to advance the interests of both the buyer and seller. Nevertheless, a dual agent must treat buyers and sellers fairly and equally. Although the dual agent owes them the same duties, buyers and sellers can prohibit dual agents from divulging certain confidential information about them to the other party.
Some firms also offer a form of dual agency called "designated agency" where one agent in the firm represents the seller and another agent represents the buyer. This option (when available) may allow each "designated agent" to more fully represent each party.
If you choose the "dual agency" option, remember that since a dual agent's loyalty is divided between parties with competing interests, it is especially important that you have a clear understanding of what your relationship is with the dual agent and what the agent will be doing for you in the transaction,

Real Estate Market Showing Large increases!

Ottawa, November 4, 2009 - Members of the Ottawa Real Estate Board sold 1,202 residential properties in October compared with 964 in October 2008, an increase of 24.7%. Of those sales, 270 were in the condominium property class, while 932 were in the residential property class.
“Once again we saw record-setting sales numbers for the month of October. This brings our sales year-to-date to four percentage points higher than the same period last year. Ottawa’s resale market has been buoyed by buyers taking advantage of low interest rates,” said Board President Rick Snell. “Listing inventory remains at a low level, and combined with brisk sales, indicates that we are still in a strong sellers’ market here in the capital,” he added.
The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $318,655, an increase of 13.6% over October 2008. The average sale price for a condominium-class property was $232,046, an increase of 14.6% over October 2008. The average sale price of a residential-class property was $343,745, an increase of 13.3% over October 2008.