The MLS under seige

It’s not just buyers who want a better system than the MLS. – a group of large brokerages including Century 21, Royal LePage and ReMax are meeting with the intent of building an alternative to realtor.ca that is more technically advanced.

The meeting comes a day after Yahoo Canada announced it will offer listings on its main search page using database and real-time search technology from Toronto-based Zoocasa.com.

Zoocasa has been criticized by the industry for scraping listings off the MLS, but Zoocasa president Butch Langlois said it is operating within the industry’s rules, with each agent voluntarily offering to post their listings in exchange for the advanced features offered on the site.

It’s a slick offering that is comparable to services in the United States such as Zillow, which has become a major hub for listings and a major headache for the brokerages that used to control the flow of information. “People have embraced the site but we need to increase awareness that Realtor.ca isn’t the only place to go when looking for a home,” Mr. Langlois said.

While Zoocasa, backed by Rogers Communications Inc., (RCI.B-T37.52-0.19-0.50%) is the highest profile competitor to take on the MLS to date, there are several private networks under development across the country that want to compete with MLS.

The brokerages intend to build their own site that would run parallel to Realtor.ca and be governed by the same rules, using listings from their offices across the country. They would be able to control what features are offered, and upgrade the technology as they see fit without having to go through CREA, the trade association that represents the country’s 100,000 agents.

“We support organized real estate and this has nothing to do with pulling out of what they are doing,” Mr. Lawby said. “But the consumer wants to see as much data as they can and we want to make sure they are able to do that effectively.”

Will the MLS be overturned as the dominate listings engine in Canada? Read the full article over at the Globe and Mail.

Thanks ready to pop for the link.

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Inventory
Inventory
10 years ago

Unit sales August 2009 = 2010 = %change = area 5 = 4 = -20% Bowen Island 38 = 40 = +5% Burnaby East 195 = 118 = -39%% Burnaby North 189 = 137 = -27% Burnaby South 290 = 130 = -55% Coquitlam 7 = 7 = 0% Islands-Van. & Gulf 36 = 22 = -38% Ladner 196 = 109 = -44% Maple Ridge 133 = 84 = -36% New Westminster 234 = 143 = -38% North Vancouver 41 = 23 = -43% Pitt Meadows 117 = 59 = -49%% Port Coquitlam 84 = 54 = -35% Port Moody 480 = 336 = -30% Richmond 37 = 31 = -16% Squamish 77 = 57 = -25% Sunshine Coast 39 = 36 = -7% Tsawwassen 388 = 229 = -40% Vancouver East 801 = 512 = -36% Vancouver West 80… Read more »

Inventory
Inventory
10 years ago

August sales down -36%

Aug

1994 = 2159

1995 = 2326

1996 = 2141

1997 = 2096

1998 = 1589

1999 = 2002

2000 = 1805

2001 = 2659

2002 = 2558

2003 = 3413

2004 = 2570

2005 = 3800

2006 = 3092

2007 = 3493

2008 = 1611

2009 = 3496

2010 = 2236 down 36% ***Aug 31

Anonymous
Anonymous
10 years ago

@Anonymous: “This was from 2006: Bernanke: Housing market is headed for a soft landing” In fact, Bernanke co-authored a paper in which he said FED should not care about house prices. read more – This Time Is Different: Eight Centuries of Financial Folly by Carmen M. Reinhart and Kenneth Rogoff reviewed by Dr Winfried Fruehauf: “The book “This time is different” is well-researched, so well that it could be viewed as a scholarly entertaining, educational textbook. It is not easily read cover-to-cover in one or even a few sittings. Indeed, it is very demanding on the reader. The book identifies excessive use of debt as the root cause of some of the most severe economic and financial ills of governments, societies and the business-world over many centuries. Lack of spending discipline, caused by ignorance, greed, lack of foresight, massive governmental… Read more »

Renting
Renting
10 years ago

@rp1:

"Among the people spending $1.8M for 1300 sqft 2 bedroom apartments, who cares about a reduced price?"

I am sure the seller will care when he finally sells the place for $600K after completion. I doubt he could get anymore than 50 cents on the dollar today even before prices really decline. I hope the developer got a hefty deposit.

rp1
rp1
10 years ago

#121 @Renting: “REDUCED PRICE”

Among the people spending $1.8M for 1300 sqft 2 bedroom apartments, who cares about a reduced price?

Mike
Mike
10 years ago

@KopyrightKlepto: Couldn't agree more. Over half the comments I've scrolled through are the trolls are responses to the trolls.

Please stop feeding them people…

Just ignore!!

KopyrightKlepto
KopyrightKlepto
10 years ago

With all trolls lately, I though it would be worthwhile to share how to hide “foreclosed” posts.

For anyone who wants to automatically ignore these, I have posted instructions in the forums at http://vancouvercondo.info/forum/topic/how-to-hide-forclosed-comments#post-811

I think this will help make the blog more usable for many, and likely help steer the trolls away.

Jimmy
Jimmy
10 years ago

Housing will be banks' next sore spot

http://www.financialpost.com/news/Housing+will+ba

The good news for the banks is that their riskiest mortgages are insured by the Canada Mortgage and Housing Corp. so even if there is a rise in default levels the federal government takes the loss.

But, at the same time, they are highly motivated to prevent that from happening because borrowers who stop paying their mortgage typically abandon other obligations as well, including everything from car payments to lines of credit. And any spike in home foreclosures would probably spark a broad decline in prices, which in turn would affect the value of bank collateral.

jesse
10 years ago

@rent-o-rama: "the early 90’s slow deflate/stagnation as an example of what can happen and that is certainly possible"

And what did the '90s have that this decade doesn't? And no it's not rich immigrants. Let's assume there's still lots of those around.

Tony Danza
Tony Danza
10 years ago

@Patiently Waiting: Exterior painting in the rain? Hopefully it warms up tomorrow or that pig's lipstick will look like Paris Hilton's after fleet week!

Tony Danza
Tony Danza
10 years ago

@rent-o-rama: Either way, why buy a house under either scenario?

So SSB can get a commission cheque and save the Bimmer from the repo man, or snort it up his nose.

rent-o-rama
rent-o-rama
10 years ago

@SuperSmartBull: Nice post SSB. You were on a roll until the part about interest rates and prices never dipping to 3x price to income. Perhaps you meant to say "as long as rates stay low, prices will not dip to 3x price to income". Surely you didn't mean that rates will stay low forever and therefore prices will never go to 3X price to income.

You cite the early 90's slow deflate/stagnation as an example of what can happen and that is certainly possible. It is also possible Vancouver gets what Toronto got in the early 90's which was a massive haircut. Either way, why buy a house under either scenario?

jesse
10 years ago

@SuperSmartBull: "For the prolonged low rates expected, we will never dip to 3x price to income." Depends on the property. I'll be watching condo prices with keen interest. 3x median income in Vancouver? $200K. Just saying. We have a good look at what prices in Japan did in the face of low interest rates. They kept declining because low interest rates meant rents and incomes didn't go up. I remember a story my grandfather told me about the Great Depression. Through most of the '30s nobody had money to spend. Rates were low but then in a very short amount of time near the end of the decade, money started flowing again. He said it was almost overnight — one day nobody was spending the next the retailers couldn't keep up with demand. Will rates stay low forever? I highly… Read more »

Anonymous
Anonymous
10 years ago

@Junius: Bulls right, Junius wrong for so long it is not funny any more. Unstoppable trend. Scared to bet bear? Jizz on Junius' copy of "Greater Fool"

Anonymous
Anonymous
10 years ago

I'm betting 75% of the bears here live on commercial drive… maybe clark. No wonder they are so bitter.

coastal
coastal
10 years ago

@SuperSmartBull:

Make all the excuses you want fool, the psychological shift has begun and this pig is taking on water like the Titanic. You can't change psychology with fundemental BS. The next downward phase will be faster and more painful than you can ever imagine. When the CHMC says it's game over you know it's all she wrote.

Patiently Waiting
Patiently Waiting
10 years ago

Why do I have a feeling that if this was an image board we'd all be looking at engorged baboon asses about now?

Anonymous
Anonymous
10 years ago

@Anonymous: Maybe they have shitty credit or don't make enough money. If they only qualify for a 300K mortgage, they would have to put down 25% to buy a 400K place. A few years ago, the same place would cost 330K so they would have only needed a 10% dp

SuperSmartBull
SuperSmartBull
10 years ago

@McLovin: I am sorry that you need to be coddled and re-assured with only views that match your own bitter bear view and need to resort to silly insult. Fact is Vancouver is much better positioned than bears like to admit. Does that mean prices will continue to rise 10% YOY? No, of course not. Only crazy chicken bull say that. But there is difference between gleeful mindless cheering for complete 70% collapse to 3x price/income and a more likely outcome of stagnation or slow grind back to 'fundamental'. Bear say impossible, but look at early 1990's. Bear compare Vancouver to Phoenix, Las Vegas, Daytona Beach, Dubai and All of Europe (80% off). Reality is Vancouver experience will be different. Vancouver very well positioned for reasons listed below. It is a not a mirage built in the desert. Except for… Read more »

Patiently Waiting
Patiently Waiting
10 years ago

The people behind us are still DIY painting the exterior of their house at this time of night and in the rain (granted they are under an overhang, but they are getting wet). This isn't renos for the fun of it 😛 RUSH TO MARKET

Anonymous
Anonymous
10 years ago

Vancouver real estate 'bubble' an 'accident waiting to happen': report

30-year-high brings warnings of potential correction

"The hottest six real-estate markets could be in for a correction at best or, at worst, a bubble burst," writes David Macdonald, author of the report. "Rate setters at the big banks are in the driver's seat now as mortgage rates inch up. They need to hit the breaks lightly."

http://www.vancouversun.com/technology/Vancouver+

Anonymous
Anonymous
10 years ago

South Surrey’s South Point Exchange mall sold for $91 million

“When you talk about the shape of the recovery, [Metro Vancouver] continues to be a bit of a V [shape],” George Carras, RealNet’s president, said in an interview. “Most others, as I call it, turn into a square-root sign.”

rest here: http://www.vancouversun.com/business/South+Surrey

BadNewsBears
BadNewsBears
10 years ago

@EveryBear on this site – You are a complete joke. For a while you were amusing but now your constant posts about nothing are just clutter. You are not a troll you are just a pathetic loser who can’t even make people mad anymore. You should just go away or only post when you actually have something useful to write.

Seriously buddy just go away.

elvis has left the b
elvis has left the b
10 years ago

Johnny Horton killed realestatetalks.

SSB killed VCI.

The last one out, please turn off the lights. G'nite!

BadNewsBears
BadNewsBears
10 years ago

@Canook You think you so so smart with crafty writing but the same could be said for dumb bears on this forum. You go on and on angrier and angrier, not because fantasy bubble pop but because fantasy bubble never exist and you are sad. Wah! Wah! Why don't prices come down? Wah! Wah! Mommy, need bottle.

Dumb Bear.

See stats today from PaulB(ear)? Must make all bears cry. Very high sales. What is that? 85% S/L? Ha!

Dumb Bear.

And Garth Turner? Puh-lease! That guy is nothing but bleeding headlines. He can't hold job so writes fear. Like Steven King he is best seller but sadly people think Garth is non-fiction. He is King Dumb Bear.