The national real estate association says in the new year, realtors will be required to post listings to their local Multiple Listing Service (MLS) systems with other realtors within three days of public marketing.
The Canadian Real Estate Association (CREA) says this new co-operation policy will increase professionalism among realtors and better serve consumers.
MLS systems are marketplaces, used by realtors representing buyers and sellers, which also provide data to the national platform realtor.ca.
In a statement Thursday, CREA said all boards and associations that operate MLS systems have until July 1 to adopt and enforce the policy.
Research commissioned by CREA found that the more comprehensive the MLS system, the better the value for homebuyers and sellers.
CREA says a working group established to review issues surrounding co-operation in the real estate industry recommended such a policy.
This report by The Canadian Press was first published Oct. 13, 2022.
The Canadian Press