The Toronto Real Estate Board has announced that it will appeal the Competition Tribunal’s decision to release data on homes sold and pending sales.
“This order provides little protection for the consumer and opens the door to misuse and abuse of their sensitive personal financial information and the content of an Agreement of Purchase and Sale contract that has not been closed,” said the Chief Executive Officer of the Toronto Real Estate Board, John DiMichele. The consumer has privacy rights and only the consumer should be the one to determine, with clear understanding, when and where their personal financial information is disclosed.
DiMichele continued, “The issue for TREB is about duty of care and professional responsibility. TREB has grown to more than 45,000 Members across the GTA and does not discriminate between business models used by its Members. In fact, we welcome and support all innovation and business models. Make no mistake, this decision should raise concern for all consumers about informed consumer content and disclosure of confidential content within an Agreement of Purchase and Sale contract that has not closed. TREB believes the case law is clear and the Digital Privacy Act and personal Information Protection and Electronic Documents Act are very specific on consent. TREB believes it’s the consumer’s information and they have a right to choose. Choice and consent with respect to personal financial information does not impede innovation.”
To read the full statement, visit the Toronto Real Estate Board website here.