You need a real estate agent to post the home you're selling on the industry's Multiple Listing Service - The Peterborough Examiner | Canada News Media
Can I list my home on an MLS without a real estate agent?
The short answer is no.
You cannot post a property on a Multiple Listing Service database — more commonly known as MLS — without the help of a real estate agent who has access to this system.
However, you can decide how much or how little you want an agent’s involvement in the sale of your home. Let’s dive into this a bit more.
Known as “mere postings,” some agents post listings on MLS under limited-service agreements. Although they can do so without providing extra services, or representing your interests, agents are still obligated to ensure that any information presented in the listings is accurate.
Typically costing a flat fee, a “mere posting” is usually a “for sale by owner (FSBO)” property, except it appears on an MLS listing service.
Having said that — and while selling a home privately is certainly your choice — I would like to flag that selling your own home is a substantial undertaking that requires significant time, effort and expertise. If you choose the FSBO route, you will be responsible for everything, including setting the listing price, getting the property in “sell-ready” condition, advertising, managing showings, reviewing offers, negotiating terms and managing the paperwork once an agreement with a buyer has been reached. So, before you move forward, assess your circumstances and priorities to make sure you are comfortable with this approach.
If you change your mind and decide to have a full-service arrangement with an agent, they are then obligated to represent your interests. Agents offer a broad range of service options, including monitoring market trends, property staging and preparation, offering strategic advice, arranging showings, negotiating, and managing paperwork on your behalf.
All agents in Ontario have to be registered with the Real Estate Council of Ontario (RECO) to trade in real estate. Before applying for registration, they must complete a comprehensive education program and pass a series of exams. They must also comply with a code of ethics.
And, to better serve clients, they are required to take additional courses every two years, and continue to update and hone their knowledge and skills.
Keep in mind that agents’ offerings vary in terms of their knowledge, experience, fee structures and services. It’s always wise to interview and assess a few agents before choosing the one who can best help you.
Whatever you decide, given that real estate agreements are legally binding contracts, I strongly encourage you to discuss the sale of your home with a lawyer who is insured to practise real estate law. They can provide counsel, review the documents, and take the necessary steps to complete the transaction successfully. Good luck.
If you have a question about the home buying or selling process, please email information@reco.on.ca.
Joe Richer is registrar of the Real Estate Council of Ontario (RECO). This column is for general information purposes only and is not meant as legal or professional advice on real estate transactions. Follow RECO on Twitter: @RECOhelps
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
