October 24, 2010
Following a Special General Meeting earlier today, member boards of The Canadian Real Estate Association (CREA) ratified a settlement with the Competition Bureau to end the four year MLS abuse of dominance case.
In making the announcement, the Commissioner of Competition Melanie Aitken said:
“I am pleased that CREA members have voted in favour of this agreement,” said Melanie Aitken, Commissioner of Competition. “This resolution is welcome news for both consumers and real estate agents in Canada. For Canadian homeowners, it ensures that they will have the freedom to choose which services they want from a real estate agent and to pay for only those services. For real estate agents, it ensures that they will be able to offer the variety of services and prices that meet the needs of consumers.” See: Competition Bureau.
CREA’s President said:
“We are pleased that after careful consideration and reflection, real estate Boards and Associations from across Canada have endorsed the agreement. … This 10-year agreement brings a close to a long process of negotiation with the Competition Bureau and will allow CREA and REALTORS(R) to do what they do best – help people with the biggest financial decision of their lives, buying and selling a home in these challenging economic times.” See: CNW.
This settlement, and the ten year consent agreement that will be registered with the Competition Tribunal ends the four year dispute between CREA and the Bureau. The settlement will also be the most significant since the 1988 Prohibition Order involving CREA and a number of its member boards that ended another major investigation into organized real estate in the 1980s and reshaped the industry.
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