At a glance (2 minute read):

• CREA has proposed a new rule that would require Realtors across Canada to place their residential listings on their board’s MLS® within three days of public marketing.
• Real estate board and association representatives will vote on this proposal at CREA's Annual General Meeting in April 2023. 
• Send us your feedback on this issue - email communications@rebgv.org.

The Canadian Real Estate Association (CREA) announced last month that its board of directors approved a new REALTOR® Cooperation Policy (RCP). 

If implemented, this policy would require Realtors across Canada to place their residential listings on their board’s MLS® System within three days of public marketing. 

Representatives from real estate boards and associations across Canada will gather in April to vote on whether to approve this policy at CREA’s Annual General Meeting.

The RCP was recommended by a Realtor Cooperation Working Group that CREA struck a few years ago to review how Realtors cooperate on MLS®. The group consulted with Realtors and Brokers to develop this policy recommendation. 

In recent years, the practice of “non-MLS®”, “exclusive”, or “pocket” listings have been the source of debate. In the United States, the National Association of REALTORS® (NAR) passed a Clear Cooperation Policy that requires members to make all listings available on MLS® within one business day. NAR members approved this policy in 2019 after much discussion and debate. In the end, they concluded that keeping listings off MLS® System excludes valuable listings and sales data, diminishes the system’s value and reduces transparency in the housing market. 

Cooperation is a fundamental principle of MLS®. By choosing to cooperate, Realtors commit to make their inventory of homes for sale available to their colleagues and the home buying public. This ensures that listings are marketed to the largest pool of potential buyers. It also ensures that prospective buyers have equal opportunity within the market.  

CREA believes that adopting the RCP would make the MLS® System more comprehensive and valuable to Realtors and their clients across the country.

The policy would apply to any residential listing that Realtors advertise outside of their office. It would not apply to office exclusives, commercial properties, rental units, or new construction listings with multiple properties such as a condo development project.

We know this change would impact many of you. We’re consulting with Realtors and Brokers to develop our position ahead of the April vote.  

We’re also working to get clarity around this policy. To better understand, for example, how “commercial properties” or “exclusive listings” are defined within this policy.  

We’ll continue to do this research and share what we learn. We’ll also provide a variety of feedback opportunities in the months ahead to make sure you have the information you need and that you’ve had an opportunity to share your perspective.  

If you have questions or feedback about this proposed policy, please email us at communications@rebgv.org.