Thursday, March 22, 2007

Wolf guarding the sheep....

And real estate boards guarding the statistics of their own industry. An interesting practice of repricing sold homes is exposed by an excellent globe and mail article.
(I found the link to this article in comments section of another blog. The article is a bit dated-from last year-but just as relevant).
If it's happening in Toronto, it is most certainly happening in rest of Canada as well.

While those who question the credibility of the real estate boards' numbers are labelled as paranoid, such an article in MSM really illustrates the inherent problems of this arrangement.
If consumers are given 'cooked up' numbers, how can they make wise investment, especially when they are bombarded by the non stop 'priced out forever', 'good time to buy', 'immigration increases', 'blah', 'blah' pitches.

What can be done to have at least accurate reporting of numbers:

  • Force opening up of MLS database to a few unbiased individuals/organizations
  • Let an independent organization keep track of stats-something like statscan.
  • Local city councils should publish such numbers.
What do you think is the best way to get accurate and 'uncooked' numbers from real estate industry?
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