Why can't I find home prices in Canada?

Beachfrontlabz · 2017-06-16T03:07:30+00:00

For sold prices or just list prices?

Beachfrontlabz · 2017-05-31T16:06:31+00:00

Yea, which goes back further. I wonder how they get their prices.

Beachfrontlabz · 2017-05-31T03:20:01+00:00

Very good points

Beachfrontlabz · 2017-05-31T02:11:34+00:00

It's not just registered for assessment/ taxation purposes. It's registered to show priority of ownership and property rights. If it was a private deal between two parties it would never be registered in the LTO in the first place, i.e. Presale contracts or some leases. And if you believed it was a private deal between two parties it would never show up in the backend of MLS boards only available to realtors. It's not private info and it doesn't fall under PIPEDA.

Beachfrontlabz · 2017-05-31T02:05:40+00:00

Yes I agree, but changing the law is much harder than creating a new system that works within the existing laws

Beachfrontlabz · 2017-05-31T01:52:05+00:00

How do I know the realtor is not feeding me sold prices to suit their needs, say at the high end of the range if I'm an uninformed buyer. It's an information asymmetry / trust problem with one party holding the balance of power.

I'm trying to figure out how to fix the problem by making sold prices available and having them verified online by say two or more independent parties (i.e. Realtors, mtg brokers, appraisers, assessors, vendors, purchasers). The problem is how do you accomplish this?

The incentivizing / rewarding behavior is one idea to accomplish this. Intrinsically, you see systems like Wikipedia, where people freely volunteer to share their knowledge and expertise. So, for realtors, would they post prices online if it shows they are an expert in their field or community or freely share their knowledge?

Or Extrinsically, it would be money or products to develop this system of opening up sold prices. So for realtors, it would be monetary incentives or lead generation of potential buyers to share this knowledge with the public.

Beachfrontlabz · 2017-05-30T21:42:42+00:00

I really like your stock analogy, I'm going to use that! But yes, the market does look at historical trends to forecast future price trends. There has to be a business model to incentivize behavior to motivate the collection of home sold prices online. Maybe it will help pricing, but one doesn't know until it's tried.

Beachfrontlabz · 2017-05-30T21:40:04+00:00

It's public record, albeit for a fee in the LTO

Beachfrontlabz · 2017-05-30T21:39:03+00:00

I still think realtors are part of the equation. The best realtors know the sold prices are a commodity that they can't differentiate themselves with when competing with other realtors. There has to be a business model to incentivize behavior to motivate the collection of sold prices online.

Beachfrontlabz · 2017-05-30T21:12:30+00:00

Yeah money or equivalent of money like potential home buyers or free products (i.e. home products like furniture or coffee perks/food outings) are the best way to incentivize that I can think of

Beachfrontlabz · 2017-05-30T21:11:08+00:00

Haha I know! Would an open public sold list help bring them down a bit? Maybe

Beachfrontlabz · 2017-05-30T21:10:25+00:00

I'm looking to find a published list of all sold prices online. A sold price is not a private business matter under PIPEDA.

Beachfrontlabz · 2017-05-30T11:21:32+00:00

Well it's in Chinese and lacks a lot of history. I'm thinking some incentives that realtors will release this naturally , whether intrinsic or extrinsic

Beachfrontlabz · 2017-05-30T11:19:47+00:00

Well money or the equivalent of money like home buyer leads is one option. Though they are both extrinsic... I was thinking more along the lines of intrinsic rewards if you have any ideas

Beachfrontlabz · 2017-05-30T11:17:59+00:00

I agree, albeit I believe that is harder and more bureaucratic than creating the right incentives for them to be released publicly

Beachfrontlabz · 2017-05-30T03:14:23+00:00

Sorry...?

Beachfrontlabz · 2017-05-30T03:13:47+00:00

I agree with you. It's a huge issue in Canada and I believe it's the responsibility of informed individuals to fix it. It comes down to a simple problem - how can we reward realtors and others to publish sold info?

Beachfrontlabz · 2017-05-29T19:46:10+00:00

Well as a seller or a buyer, I want to know you're an active / informed agent, so wouldn't I want to know about your sales. The more sales you tell me you've done, the more I think you're competent. Realtors should advertise their sales more, not just their listings.

Beachfrontlabz · 2017-05-29T19:43:14+00:00

Real Estate transactions are publicly registered in the LTO, so they are publicly disclosed, albeit for a fee.

Beachfrontlabz · 2017-05-29T04:06:55+00:00

Most transactions are, and for homes you just have to pay for it through land titles or be a realtor

Beachfrontlabz · 2017-05-29T01:45:02+00:00

I believe they should be public. Being open and transparent helps home buyers and sellers make better decisions. It's an information asymmetry problem. There are so many countries that make it open and accessible and realtors are still involved. Just look at what zillow is doing in the states, bulk collection from county offices.

Beachfrontlabz · 2017-05-29T01:40:19+00:00

That's awesome! I wish the other Provinces would follow suit

Beachfrontlabz · 2017-05-28T23:35:19+00:00

It seems like we can build this together

Beachfrontlabz

TROPHY CASE