So your neighbours down the street sold their home, and you’re wondering what the sale price was. Of course, you’ll need sold data for real estate in Canada for that. But obtaining that information isn’t easy and is part of an age-old debate about access to information versus protecting individual privacy.
Neighbourhood sold data is an essential part of homebuying. First, it helps you understand your local neighbourhood’s market conditions, especially if bidding wars are common. For example, suppose homes in your area routinely sell for thousands (or tens of thousands) over the list price. In that case, sold data is the only way to set a realistic homebuying budget.
Why isn’t this data available in most provinces? Access to this information infringes on a person’s privacy rights. You don’t have the right to know the selling price of your neighbour’s home. These privacy rights vary from province to province and are usually decided by the courts.
Some Provinces Allow Access to Sold Data
Not every province in Canada prohibits the release of sold information. For example, Nova Scotia has made this information publicly available for at least nine years. However, as far as other provinces are concerned, that data can still be spotty. Our list of where to access sold home prices in Canada is a good starting point.
We aren’t the first country to tackle this thorny issue. Legal changes have been made in the United States, the United Kingdom, Australia, and New Zealand, allowing greater access. As a result, previous home sales data for a property, among other information, is available to the public without the need to go through a gatekeeper like a licensed real estate agent or land registry office.
That said, if you’re looking for sold data for real estate in Canada, you have options. The easiest and cheapest way is to work with a real estate agent. Another option is to pay for a search at the land registry office or hire a lawyer, but that’s expensive. That said, sold data is available in select regions (like Nova Scotia), so try searching the internet for information in your area.
It’s been a decade since websites and apps like Zillow, Trulia, and New Zealand’s Trade Me Property began offering more data on individual properties and deeper insight into each neighbourhood. Yet, in Canada, limitations still exist on what data can be released publicly.
The Supreme Court has Upheld Challenges to Canada’s Restrictive Laws
In early 2018, a Federal Court of Appeal upheld a decision that would force Canada’s largest real estate board, the Toronto Real Estate Board (TREB), to make historical sales data available to the public. The data they would need to release includes historical sales information on individual properties. This information helps homebuyers make informed decisions when purchasing a property.
TREB appealed this decision to the Supreme Court of Canada. However, in August of 2018, the Supreme Court declined to hear the appeal, and the lower court ruling was upheld. That said, three years after the verdict, TREB continues to pursue legal action against companies that it accuses of illegally accessing its MLS system. Unfortunately, the best way to access this critical data is still through real estate agents due to these mixed signals.
In today’s hot housing market, proponents of shared sold data argue that this information is essential for homebuyers to make informed decisions about their home purchases. If that’s true, how do Canada’s rules measure up compared to other countries with competitive housing markets? We examine how real estate transactions are handled in other developed nations like Australia, New Zealand, the United Kingdom and the United States. Here’s what we found.
A Global Summary of Sold Data Availability
Australia, New Zealand, the United Kingdom and the United States have several factors in common with Canada’s housing market. First, their markets are developed and considered expensive, just like Canada. As a result, each country is listed near the top of the International Monetary Funds Price to Income Ratio report, meaning that homebuyers in each country need to dedicate a significant portion of their income to homeownership costs. Second, each country’s government has been compelled to take corrective action to disseminate sold data to their citizens. Here’s how each country compares.
United States
- Population: 329,500,000 (2020)
- Median household income: $67,521 (2020)
- Average cost of a home: $389,400 (2020)
- Where to find sold data: Zillow, Trulia
In 2008, the United States Department of Justice settled with the National Association of Realtors, allowing all real estate data to be shared online with consumers. Their real estate market has been reasonably well balanced ever since, although some may argue that is due in part to the 2008 housing crisis and subsequent market meltdown.
United Kingdom
- Population: 67,260,000 (2020)
- Median household income: £29,900 (2020)
- Average cost of a home: £249,633 (2020)
- Where to find sold data: nethouseprices.com
In 2011, the UK government ordered all housing data to be published as a part of their initiative to increase economic growth and improve data transparency. As a result, homebuyers have access to data dating back to 1995.
Australia
- Population: 25,690,000 (2020)
- Median household income: $95,732 (2020)
- Average cost of a home: $852,940 (2020)
- Where to find sold data: realestate.com.au
In 2011 the Australian government ruled that citizens would have access to real estate data like sold prices, recent sales information, and even home inspection results – all without using a real estate agent. In addition, Australia has taken other steps to cool the housing market, like banning blind bidding, which is the practice of bidding a bid for a home without the seller disclosing the details of other competing offers.
New Zealand
- Population: 5,084,000 (2020)
- Median household income: $85,041 (2018)
- Average cost of a home: $749,000 (2020)
- Where to find sold data: OneRoof, homes.co.nz, trademe.co.nz
In 2010, all councils throughout New Zealand agreed to provide data for all sold properties beginning in that year. Homebuyers can now use apps and websites to view historical data as necessary to their home purchasing goals.
Does Sold Data Result in Lower Home Prices?
The premise behind making sold data available to the public is that it allows homebuyers to understand the market better and helps them avoid overpaying for homes by making offers to purchase based on actual sold prices. So has the availability of sold data helped make housing more affordable? The answer is, not really.
Although making sold data available helps homebuyers make informed decisions, many other factors influence home prices. For example, nearly all countries we examined continue to post record price growth. In addition, home prices have risen precipitously since the onset of the global pandemic, further illustrating that a wide variety of factors drive home prices.
