Members of the Toronto Regional Real Estate Board (TRREB) have voted against a proposed $60 increase in membership dues for 2025, according to sources.
The decision followed a virtual vote during TRREB’s annual fall meeting on Wednesday morning.
Reasoning behind the proposed Increase
In an email to members obtained by Real Estate Magazine, TRREB explains that the proposed increase was intended to help fund the expansion of its PropTx MLS platform amid a decline in revenue.
The board cited an 8 per cent membership decline at the start of 2024—the largest drop since 1991—as a key factor. TRREB says this decrease is largely attributed to Realtors no longer needing multiple memberships to access various MLS systems.
TRREB noted several other contributing factors including market conditions, a slowing pace of new registrants, and a reduced need for interboarding listings, which it projects will result in a $500,000 loss annually.
Fee increase would have generated $4.5-million for the TRREB
With a membership base of over 75,000, TRREB remains the largest real estate board in Canada. The proposed fee increase would have generated an additional $4.5-million for the organization.
REM reached out to TRREB for comment but did not receive a response in time for publication.
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