Foreign Buyers Guide To How The Toronto Real Estate Market Works
From Licensed Agents To The Multiple Listing Service (MLS) In Toronto
The Toronto Real Estate Board is the largest real estate association of licensed REALTORS® in the world. In Toronto real estate agents must be licensed to sell real estate as Sales Representatives or Brokers. All licensed real estate professionals adhere to a code of ethics and must follow the law at both the provincial and federal levels.
As Toronto REALTORS® we operate under an organized system called the MLS or the Multiple Listing Service. That means that when a Seller retains a licensed realtor to sell their condo or house, the Seller’s agent posts the listing on the MLS database. It indicates to all real estate agents in Toronto that this property is for sale and that they will co-operate with other real estate agents from other real estate companies if they bring a buyer to the property. If it results in the sale of the property, the buyer’s agent is compensated through the listing broker for commission.
For the consumer, this eliminates the need to go from agent to agent or from brokerage to brokerage to see what listings they have because all that info is shared in one place on the MLS database. As real estate agents we are all looking at the same database of property information on the MLS. It is also beneficial for Sellers as their property is exposed to over 40,000 agents in the Greater Toronto Area as opposed to have it only sold exclusively through one real estate company or brokerage.
The Toronto real estate market moves quickly with good properties selling right away on the MLS. To help you stay ahead of the market, a Buyer’s agent can set up a customized home search for you and send you new property listings from the MLS as soon as they come up for sale. Retaining an agent to help you in the buying of your Toronto home or condo does not cost you anything as their commission is paid by the Seller through the Listing Brokerage.
Obviously buying a Toronto home or condo is not just about having an agent send you listings. A good real estate agent has many years experience in the Toronto neighbourhoods you are considering and can help you analyze the info so you can make a well informed purchase that will appreciate over time.
Chestnut Park Real Estate Limited Brokerage, independently owned & operated
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other
reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping",
"database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.
The information contained on this site is based in whole or in part on information provided by members of The Canadian Real Estate Association, who are responsible for
its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
This website is operated by a brokerage or sales person who is a member of The Canadian Real Estate Association.
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real
Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules and the
REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are
members of CREA.
The trademarks MLS®, Multiple Listing Service®, and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the
purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 10/22/2019 11:13:33 AM