Make the real estate sales process more efficient
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Metro Vancouver home prices have risen to the point where 81% of homes are only affordable to the wealthiest 17% of households and 55% of buyers are involved in bidding wars.
Part of the problem is that the MLS system and real estate practices haven't kept pace with changes in the market and are out-of-date. Sign this petition to support two types of improvements that can be quickly implemented:
- The MLS system should be made accurate and complete.
- Real Estate practices should be more transparent.
Read the report "Empowering Homebuyers" for more details of how this affects the market.
Recommendations to Modernize the MLS system:
Modernize MLS to provide complete and accurate market information.
- Add all pre-sales into MLS so that all the supply data is accessible from one source.
- Raise ethical standards for canceling/re-listing of listings.
- Modify MLS so that if a home was listed within 9 months of a new listing, the original list date and days on market is presented.
Recommendations to bring Real Estate Practices Up-to-date:
- Additional guidelines for realtors prohibiting market manipulation. (e.g., staging bidding war)
- Require a mandatory minimum of 10 business days to secure financing and obtain property inspection
- Additional guidelines for realtors prohibiting promises of guaranteed or high certainty of returns.
We need you. These changes along with measures targeted at the right supply, and speculative demand will help bring about a shift to affordability. Please sign and share this petition to bring these changes to British Columbia!
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