A local real estate brokerage is aiming to be the first in the area to release information on selling prices for houses to the general public.
Royal LePage Locations North announced today it will be offering consumers what’s called “sold data” on houses sold through the brokerage.
Desmond Von Teichman of Locations North said he and his team are releasing the data for one simple reason: “the consumer wants it.”
“I’m asked constantly for it,” said Von Teichman. Every realtor probably gets a call at least daily, if not weekly, from someone saying ‘I’m curious to know what the house beside me sold for.’”
The exclusive data was formerly only available to realtors, and only to be disseminated to clients. However, a recent Supreme Court decision not to hear a case by the Toronto Real Estate Board appealing the public dissemination of the information helped push Teichman toward making the data available.
“Organized real estate has tried to keep the data to themselves,” he said. “Data is becoming more and more open-sourced, and we wanted to be the first guys to give the consumers unfettered access to it.”
Teichman said he isn’t exactly sure why the data was kept so exclusive until now.
“I’ve always come from a standpoint where the consumer should have access to the data,” he said.
He also noted the Internet has helped change the way people access data, and given a more practical way of sharing data that otherwise would be difficult to distribute.
Teichman said the information - which includes sold price, list price, and days on the market - is strictly for educational purposes, and it will be useful to those who are buying or selling a house in the area.
“Any time you can educate a consumer about the status of the market it’s a win,” said Teichman. “We’re the only one in our area with a compelling sold data set that is disseminating it to the public.”
The portal – which requires the consumer to sign up with a user name and password due to regulations on the data – contains only the sold data on transactions completed through the Royal LePage Locations North brokerage. Teichman said they don’t have access to other brokerages sold data, but he hopes more local brokerages will get on board and start sharing similar data.
Locations North has offices in Collingwood, Wasaga Beach, Creemore, Thornbury, and Meaford.
Due to regulatory laws on the information, only information on transactions that have closed will be available.
The portal is live now at locationsnorthsold.com.