As advised last month in eMemo #4210, the Canadian Real Estate Association (CREA) announced that its Board of Directors had approved a new REALTOR® Cooperation Policy (RCP). At that time, CREA advised that this policy would come into effect on January 1, 2023.
Following REALTOR® feedback regarding the RCP, it became clear that further refinement of the details is needed – specifically around the explanation of “exclusives.”
While CREA considers the specifics of this policy, the association would like to hear from REALTORS®. Furthermore, CREA intends to bring this policy to a vote at its AGM in April, so the policy as originally circulated, may be subject to change – also requiring a new date of enforcement. If implemented, this policy would require Realtors across Canada to place their residential listings on their Board’s MLS® System within three (3) days of public marketing.
In early 2021, CREA established a REALTOR® Cooperation Working Group comprised of CREA staff and representatives from various Boards and associations across the country. The group was tasked with reviewing issues surrounding cooperation in the industry and creating effective solutions. The RCP was recommended by the Realtor Cooperation Working Group which consulted with Realtors and Brokers to develop this policy recommendation.
As you may know, in recent years, the practice of “non-MLS®” or “exclusive” listings has been the subject of debate. In 2019, the National Association of REALTORS® (NAR), in the US, passed its Clear Cooperation Policy, approved by its members, which requires all listings to be made available on MLS® within one (1) business day. It was in this spirit of cooperation that they determined that the withholding of listings from the MLS® System impacts sales data, undermines the value of MLS®, and further reduces transparency in the market. It is recognized that by cooperating, listings are marketed to the largest collective of potential buyers, further ensuring that all buyers are afforded equal opportunity within the market, with all inventory being made available to all realtors.
Residential listings only
The policy would apply only to any residential listings which Realtors advertise outside of their office. It would not apply to new construction listings with multiple properties such as condominium developments, rental units, commercial properties, or office exclusives.
We want to hear from you
We will be consulting with Brokers and Realtors to develop our position and represent your interests ahead of the vote in April. Please send your questions and feedback regarding this policy to: communications@fvreb.bc.ca.
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