The theory was people would simply go online and find

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Unformatted text preview: 4 Chapter 16: Analysis of Firms with Market Power (this version 2012-2013) University of Toronto, Department of Economics (STG). ECO 204, S. Ajaz Hussain. Do not distribute. The internet was supposed to make the real estate agent redundant. The theory was people would simply go online and find a home for sale. But even today, estimates are that at least 90% of all real estate transactions go through an agent connected to the MLS, which s erves as the central system for real estate listings. There is no question the publicly accessible site of the real estate industry is much better than it used to be at providing consumers with information. When the site first opened in 1996, listings were protected with such zeal that you could see a home but not the address. The Canadian Real Estate Association owns the rights to the multiple listing service, which has been around since the 1950s. When an agent gets a listing, he or she collects data on the property and then puts it on the local board’s system. CREA represents more than 97,000 real esta...
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