Sold prices for listings from Greater Vancouver Realtors (GVR) are now available on Realtor.ca, marking a significant move towards data transparency.
Realtor.ca Interim CEO Patrick Pichette announced the update on Friday, highlighting the platform’s commitment to meeting the information needs of buyers and sellers.
Consumers are increasingly seeking this type of information and expect to find it on Canada’s top real estate platform,” Pichette explains. “Our research shows that providing more context, such as photos, virtual tours, property data, and sold prices, builds trust with Canadians and increases engagement with Realtors. This release aligns with that strategy.”
Source: Realtor.ca
A step towards transparency
The move towards increased transparency on the digital platform has been evident in recent years, with provinces like Nova Scotia leading the way. Previously, GVR (formerly known as REBGV) only shared historical home sale prices. Now, consumers browsing Realtor.ca can see the final sale price of GVR listings once the transaction is complete.
Other regions are also enhancing transparency efforts. In Saskatchewan, listings now indicate a conditional sale status when an offer is accepted but not yet finalized. Realtor.ca has also improved its search capabilities in the province, allowing users to search by more specific location data, particularly helpful for those interested in rural or lakefront properties.
Significant changes for consumers
The platform’s data model is shifting towards a “property-centric platform,” as described by Pichette in a June 2023 interview. While Nova Scotia was the first to make sold prices visible, there has been consistent demand nationwide.
Consumers are increasingly seeking more information, particularly regarding sold price history and comparables. The inclusion of sold prices on Realtor.ca reflects the platform’s need to remain competitive in a digital market filled with alternative property data sources.
Realtor.ca, now owned by CREA, can display sold data only when local boards and associations opt-in.
Real Estate Magazine has contacted Greater Vancouver Realtors for comment but has not yet received a response.
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