As of January 3rd, 2024, the Canadian Real Estate Association (CREA) is rolling out a new policy that affects how exclusive property listings can be marketed. Here’s a breakdown in simpler terms:
The Basics:
You can still have exclusive listings, but once you start telling people about them, you’ve got to put them on the MLS within three days.
What’s “Telling People” Exactly?
- Sending emails or making calls to more than one person
- Posting in private social media groups
- Mailing out a bunch of brochures
- Sticking up a “For Sale” sign
Sellers also need to sign a form saying they understand the limitations of keeping their listing exclusive, and this form will be available on January 3.
What’s Exempt from the Rules?
Certain types of listings are exempt from these rules. You can still market these without rushing to put them on MLS:
- One-on-one communications, like between realtors or with a specific client
- Rental properties, like an apartment building
- Commercial properties, like offices or retail spaces
- New constructions with multiple units, like condo buildings or townhomes
In a nutshell, CREA’s new policy aims to make sure everyone knows about properties for sale, promoting fairness and transparency.
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