An important court case involving the Toronto Real Estate Board (TREB) could have big benefits for consumers when it comes to sold house prices.

For nearly seven years, TREB has been trying to keep sold house prices private — meaning only real estate agents or other mortgage professionals could access those figures.

But on August 23, 2018, the Supreme Court of Canada turned down TREB’s appeal to keep home price data private.

This means that consumers may be able to see historical sales listing data and prices online, whereas before that data was only available to real estate professionals.

How does this affect the average consumer? It could be a big help. Consider the following:

• With access to historical sales data, you’ll be able to see how much your house has sold for in the past.
• You’ll be able to see how many times a house has sold in the past.
• You’ll be able to see how much houses in your neighbourhood sell for to get an approximate idea of your home value.
• If you’re considering putting an offer on a home, you’ll be able to see how much it has sold for in the past.
• There will likely be greater competition and innovation in the Greater Toronto Area (GTA) real estate market, which could have a positive affect for consumers.

This decision only affects GTA home data currently, but it may spread to other Canadian cities. Many real estate boards were watching the TREB court case to determine their own action. Now that a legal precedent has been set, it’s likely that other boards will follow suit.

Similar real estate data has been available publicly in the U.S. for the past 10 years.

As Canadian interest rates increase and new mortgage stress test rules are in place, it’s more important than ever for homeowners or potential homebuyers to understand the real estate market. This could help you decide whether you should keep or sell your home.

Time will tell how exactly the court order plays out, but we are calling this a victory for consumers.

Interested in buying a home or selling your house? DebtCare Canada can help. We offer first mortgages, second mortgages, home equity loans, and more.

Contact us today for a free consultation. Call 1-888-890-0888 or visit https://www.debtcare.ca.