Festival condos . Why does the transaction price of millions of houses show only 1 yuan? Real estate agents were warned to report false data. A detached house in the Scarborough lakeside area priced at 3.1 million sold for 2.98 million, but was eventually sold for only 1 yuan on MLS.Please Visit: Festival condos to Get Your VVIP Registration Today!
According to the seller’s agent, the reason why the sale price of 1 yuan was logged into the database was that the seller was unwilling to disclose the transaction price. Under such a request, the broker had no choice but to input 1 yuan. In the face of such a situation, what should real estate agents do? Which party should the ownership of the sales data of the house belong to? Does the seller have the right to refuse to disclose information about his property to the public? The Sing Tao Daily interviewed real estate practitioners, regulators RECO and the legal profession on the matter.
Since the Supreme Court of Canada rejected the appeal lodged by the Toronto Real Estate Association on August 23, the Toronto Real Estate Association will no longer be able to monopolize the transaction price, transaction history and other information. Since then, the historical data of real estate sales are no longer the exclusive information of licensed real estate agents, but can also be obtained by ordinary people. The Sing Tao Daily has interviewed industry insiders on this topic earlier, although real estate agents are not worried that it will lead to mass unemployment, but the impact of the change on privacy is inevitable. Like the homeowners in the case, there are already people on the market who are concerned about privacy information.
After the “1 yuan transaction price” incident, the Toronto Real Estate Association (Toronto Real Estate Board,TREB) determined that this was a false sales data, and then warned the real estate agents involved. TREB also notified all registered real estate agents that they must report the exact sale price (sales prices) of the property sold by their agents so that the data could be accessed by the public. In a letter to members, the Real Estate Association wrote, “We have received reports that some real estate agents have reported inaccurate prices at which their houses are sold because of privacy issues raised by clients. Publishing false prices violates the rules and policies of TREB and may lead to disciplinary action, and licensees may be suspended or disqualified from practice. ” TREB CEO John DiMichele said in a statement that the board regularly updates and provides relevant rules and best practice recommendations to its members, and reiterates that inaccurate reporting of prices runs counter to TREB’s rules.
Ben Zhang, a full-time real estate agent in Greater Toronto, said in an exclusive interview with Sing Tao Urban Real Estate that the latest price of the house has been changed to 2.98 million yuan in the MLS system. But this incident has indeed brought influence and thinking to all parties in the industry. Will the data of 1 yuan have an impact on the sales of the surrounding houses? Ben says there won’t be much impact right now. “because under pressure from everyone, the real estate agent has changed the price back to 2.98 million. The accuracy of information is a requirement of RECO, and it is illegal to write 1 yuan. I have also talked to people in other industries about this. Sometimes the seller does not want others to know the price. Does the owner of the data belong to the seller or the real estate bureau? “
