CREA Ratifies Competition Consent Agreement

ST. JOHN'S, Oct. 24 /CNW/ - The President of the Canadian Real Estate Association (CREA), Georges Pahud, today welcomed the decision of delegates to its Special General Meeting to approve CREA's consent agreement with the Commissioner of Competition regarding the case before the Competition Tribunal.

"We are pleased that after careful consideration and reflection, real estate Boards and Associations from across Canada have endorsed the agreement," says Pahud.

The agreement was approved by CREA's Board of Directors and the Commissioner of Competition on September 30th and was in escrow pending today's vote. It confirms CREA's commitment to a competitive real estate services market.

The Commissioner and CREA have agreed that its rules as well as those of its members should not deny or discriminate against REALTORS(R) wishing to offer mere posting services. CREA does not believe that such rules exist today, but if they do, they must be repealed or Boards will lose their license to operate under the MLS(R) trademarks. Board MLS(R) Systems remain a member to member service designed to provide accurate and timely information critical to the delivery of professional real estate services to Canadians.

"This 10-year agreement brings a close to a long process of negotiation with the Competition Bureau and will allow CREA and REALTORS(R) to do what they do best - help people with the biggest financial decision of their lives, buying and selling a home in these challenging economic times," says Pahud.

CREA believes the agreement reflects both current practices and intent regarding posting to Board MLS(R) Systems. Buying and selling homes is an incredibly competitive business, with 100,000 REALTORS(R) working through thousands of brokerages. Business models are diverse and CREA members offer a variety of services.

MLS(R) Systems are co-operative marketing systems used only by Canada's real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade Associations, representing more than 100,000 REALTORS(R) working through more than 100 real estate Boards and Associations.

For further information: Linda Kristal, Director, Communications, The Canadian Real Estate Association, P: 613-237-7111 or 613-447-4532, E: [email protected]