Oct 2, 2010

University of Victoria business professor Saul Klein says the new rules for the housing market may force real estate workers to quit the sector.

CREA and the Competition Bureau reached a tentative agreement allowing sellers to post their property on the Multiple Listing Service for a fee and if they wish, conduct the sale without the help of an agent.

“What this could do is lead to a shake up in the industry in that a lot of the people who aren’t really making a living will feel even more pressure and will get out of the business altogether,” said professor Klein.

In BC, opinions about the effect of the agreement are conflicted – some experts think that because B.C. already permits alternative sales model, there should be no local effect.

“I think what this will do [is] encourage more competition,” Klein said. “Because it still keeps the MLS as a closed shop, it is not going to have as dramatic an impact as many consumer advocates would have liked.”

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