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CREA’s REALTOR® Cooperation Policy is coming January 3 – what you need to know

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CREA’s REALTOR® Cooperation Policy is coming January 3 – what you need to know

The Canadian Real Estate Association (CREA) is putting a new policy into effect on January 3 that requires REALTORS® to place their residential listings on the MLS® System within three business days of public marketing, with some exceptions.

 

What's considered public marketing?

  • Emails or phone/video calls to more than one recipient

  • Posts to private social media groups
  • Mass-mailed brochures
  • “For Sale” signs

What’s exempt?

  • One-to-one direct marketing, like
    • Realtor-to-Realtor
    • client from the public
    • developer client
  • Rental property listings, like
    • rental apartments
  • Commercial property listings, like
    • offices
    • agricultural land
    • retail space
  • New construction with multiple properties/units, like
    • condo buildings
    • townhomes
    • residential developments

What if my seller doesn't want to list on the MLS®?

 

If your seller decides they don't want to market their listing on the MLS®, you must receive written confirmation of this decision.

 

This written confirmation from the seller must include a clear instruction not to engage in public marketing of their property, and an acknowledgement that declining to place their property on the MLS® may:

  • result in reduced exposure to the pool of potential buyers;
  • result in a lower number of offers received; and
  • limit the seller’s ability to receive the most favorable offers in terms of price or other terms and conditions of sale.

CREA has developed the REALTOR® Cooperation Disclosure and Consent form to help you comply in this situation. This form will be available on WEBForms after January 3.

 

Info resources

Our Rules of Cooperation will also update on January 3 to align with the Realtor Cooperation Policy.

 

Background

 

Elected representatives from real estate boards across Canada, including REBGV, voted to approve CREA's Realtor Cooperation Policy and establish a new Duty to Cooperate into the REALTOR® Code at their AGM in April. 


The Realtor Cooperation Policy was a recommendation from a CREA working group, which concluded that such a policy would make the MLS® more comprehensive and valuable to Realtors and their clients over the long term.

 

Learn more.

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