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PUBLIC 1 CT--2011 -003 COMPETITION TRIBUNAL IN THE MATTER OF the Competition Act, R.S.C. 1985, c. C-34, as amended; IN THE MATTER OF an application by the Commiissioner of Competiition pursuant 1to0 section 79 of the Competition Act; AND IN THE 'MATTER OF certain rules, policies and agreements relating to the residential mulltiple listing service of the Toronto Real Estate Board. BETWEEN: THE COMMISSIONER OF COMPETITION AppI) lIi Cc:alInI t AND THE TORONTO REAL ESTATE BOARD Respondent AND THE CANADIAN REAL ESTATE ASSOCIATION and REALT YSELLERS REAL ESTATE INC. Intervenors UPDATED WITNESS STATEMENT OF TIlMOLEON SYRIlANOS - ULTIMATE REALTY INC., I, TIMOLEON SYRIANOS, of the City of Toronto, state as fo llows: I . I have been engaged full lime as a real estate broker in the Greater Toronto Area (U"GTA") since 1989. 2. Tn 2007 I became the principall owner and President of Ultimate Realty Inc which is a brokerage in the GTA that is a RE/MAX franchiisee engaged in the purchase and sale of
PUBLIC 2 residential properties on behalf of consumers. Ultimate Realty Inc. has three twe offices in the GTA, namely, 1739 . Bayview A venue ..- -fHtflldtl--I1272 Dundas Street West, and 128J St. Clair Ave. Westt. I am the broker of record for Ultimate Realty Inc. 3. I have been a member of The Toronto Reall Estate Board ("TREB") since I became a real estate professional in 1989. Over the last year IJ hav'loe beeRn a member ofTREB's VirttuuaaJl. GOf#fice Website Task Foree-:- As of Jully 1I, 220012 I was elected a director of TREB for the Central Area of the GT A. I was proud to be so elected and consider my mandate as a director to serve all members of TREB and to improve the professionalism of the real estate industry. I was reelected in July, 2014 and continue to serve as a director. 3.1 IJ was a member of TREB's initial VOW Task Force. My appointment with the ini tial VOW Task Force concluded when the mandate of that Task Force expired. I am not a member of the new VOW Task Force. Ultimate Realty Inc. 4. Ultimate Realty Inc. (hereafter "Ultimate") has some 23S+&G salespersons acting on its behalf. In addition, it employs three managers and office staff. All 23S+&G salespersons are independent contractors.. The managers as well as myself are tasked with providing the salespersons with cont inuous educat ional programs as well as educational materials and a weekly publication.. TheGne managerr§§--i-ts are in charge of areas relating to privacy and the Financial Transact ions and Reports Analysis Centre of Canada (FflINTRAC) and the others concentrate on matters arisiing under the Ontario Real Estatle and Business Brokers Act, 2002 a'nd its Regullations, including the Code of Ethics, and matters related to TREB. Ul timate considers the education of its sa lespersons to be a value propositiion that puts them
PUBLIC 3 I11I1I a position to advise an individual that consults them about a possible real estate transaction about matters such as market conditions, factors that in fl uence value, the manner in which a salesperson can faci li tate the entire transaction and the marketing of the propelr1ty. 5. The salespersons acting on behalf of Ultimate are remunerated in relation to the commissions paid to Ultimate on transactions completed by them. The salesperson may choose one of the following methods of compensation: 6. It is my experience that while people interested in purchasing or selling a residentiall property may initially turn to the internet for general informatiion, they most often complete their search in the office of a real estate brokerage.. At that stage, Ultimate's salesperson confirms the nature of a brokerage and how it operates to them and then notes the wants and needs of the individual all with the view to haviing the indiividuall execute a li sting agreement, a customer service agreement or buyer representation agreement. It is common for individuals to be concerned abolult privacy and as a consequence Ultimate's salespersons have been trained to explain the provisions of a li sting agreement and a buyer representation agreement as they pertain to privacy and to explain to a potential purchaser how privacy relates to a purchase. 7. The sale or purchase of residentia l real estate is the type of tur·ansaction/linvestment that requ ires a human touch. Searching the internet for information is one thing,
PUBLIC 4 implementing what in W~R 2015 can be ~ complex transaction is another. 8. Salespersons with Ultimate often prepare a comparati ve market analys is ("CMA") [or a client that provides a range of values. However, that cl ient is never provided with fu ll TREB Multiple Listing Service print outs. 9. In my experience there is no "normal" listing commission.. Today it ranges from 0.5% to 5.5%. The compensation offered a cooperating broker ranges from 1.5% to 3.0%. 10. Competition among brokerages and brokers in the GTA is fierce,, and in my view it has only incrcased since the initial hearing. Ultimate not only competes with other RE//MAX franchisees but with brokerages carrying on business under other banners and many non-branded brokerages. Commissions "·H' (}}'-".!!I.I...!I!..I.~~A"",t--t-_"t"hh!"!c,--,i"!,!n",it!.!i"-aall!!.....!!II!"!,.ca"!a.!!.r-!"ri-n"i"ng"-,g,","-,-,-a!,a.!.t!-t--'-!"tthh""e,e""-r.r.,,cc""g"gu""u,"e,"es"st"-t,!-o,!.!fo.!..!tf".h."!et'"-h-e."J'T-l-1.,!Jl!T·1i,",·bi,",u,,b!,!,uI,I,",u",u,,I,,LI.,.L!.i.-!-I--,-!,p!P.!!..!·,"·o"-ov-''v"!i!di"d"'e'c""d!!.....!!r"re""e'"p''p-'o\-"\or""r"ttss detailing the commissions charged by Ultimate agents during the months of January 201t1J ,• .•J une 2011J, and .lJune 2012. These reports were marked as exhibits at the hearing, lllld for ease of reference are attached to my witness statement as Exhibit "A", Exhibit >llB" and Exhibit ">ClC"", respectively. 12. Attached to my witness sta tement arec updated commission reports for Janualr)y' 2014 (Exhibit ">lD"), June 2014 (Exhibit "liE"), and January 201t5 (Exhibit (>IIF")., The ch:aIIr't below compares the average commission charged by Ultimate agents in 2011-2012 (calculated as a percentage of the purchase price) to the percentage of commission chlalrged by Ultimlalte agents in 2014-2015.
PUBLIC Commissions charged by Ultimate Agents (% of purchase price) Jan 1~-31,, JUunII 1-30, 201l1l 201l1l Listing Sidce • • • • • • {Sellcr} Scelling Side • • • • • • {Buyerr} Sharing and Adverl,ttising Sold Information -1l-1h.113 _ Ir testified at the initial hearing that our brokerage rcequests the consent of buyers and sellers to a transaction to advertise or otherwise market information about a sold property., This consent is requested using a form titled "Consent to Advertise Sold Propertiies",. This document was entered as a~lnU exhibit a~,t the initial hearing and is ;~'Ittt:lacched to my witness statement as Exhibit " G" ., Ultimate still uses this form, which is presented to the buyer and the seller by the agent at the time the Agreement of 5 June 1-30, Jan 1-31 , Junc 1-30, Jan 1-31 ., -201 -2 2014 2014 2015
PUBLIC 6 Purchase and Sale is executed. If the buyelr' and seller both provide their consent, the broker is permitted limited usc of the sold information. Specifically, the broker is permitted to advertise photos of the sold property, the address of the sold property, and the price or percentage of list price to sale price of the sold property. ·1-2"':"-1,-=4." __II "nIe. I_mm=y,y-- ,e"xe",xp"pe"re",riic"en"nc"cc~,e_e," v"ee"nv,-e-,n,,v ",iwt,,ih,t-h-,l ",th"hc,e-" li"ln"iImI""ti"te<e"Id-" -scs"oc",op"p,e,e-, o",of,f-- ,p"pc"er.r,nm"li"iss,,sSIi,b,"bl"el" e--u"us",escs", s,-o-,of" f--t"hthe=c information, only about 50% of clients will allow their information to be shared in this way. i~-~,1-~5~c'"c---~"A~d~"d~"i~"tli~o~"n~a~"1l~y~,~U~lItI~"i,fhl~ln~~,a,"~ttee~~hh,~,a.~~ss~~1l~"nn~~oo~~dd~~iiffii~"llcc~~dd~~ii~"tt~~ss~~SS~~cc~~hh~~ee~~dd~"uu~~ll~"ec"c--~"B~B"~-",-t,ol"o-"t-~lh"~he"Cc2Cs2~st~at~.n~nd~da~.r~rd~d~~fo~or"r""f"Iml Agreement of Purchase and Sale, which previously contained a clause permitting the brokerage to :~IIdverrttisec the sale of the p!)rroperty. This clause, among others, has been removed from the updated version of Schedule "u8B". The revised Schedule "B" is attached to my witness statement ~aIsS Exhibit "H". As a result. Ultimate now reliecs exclusively on the separate consent form to advertise sold properties. . .+J4.4:.-. Web Based Sernv,ices 16. Ultimate continues to operate its website, www.torontohomesforsale.com. and its website has undergone a redesign since the iniittii~all hearing. Ultimate's website offers :~1I number of helpful fe~alttuurees for prospective clients,. including the ability to search listings online, detailed neighboudrhlOood information, and access to reports and statistics on the value of home prices and number of days O01i1l a market. Ultimate obtains the listing information that it uses on its website from TREB8's IDX d~aIta feed and CREA's
PUBLIC 7 Data Distribution Facility data feed.. Samples of excerpts from Ultimate' s website arc attached to my witncess statement as Exhibit "J". 17. I testified at the initial hee~alriinng that Ultimate uses a VOW feed to offer mobile a<plpp services. Ultimate continues to usce the VOW feed for its mobile ap!>. but has not adopted the VOW for use on its website, as we prefer to work with the lTOX and DDF 18. Since the initial hearing, Ultimnate has continued to innovate and improve the quality and features that offers to its agents, .laind to its clients. For example, Ultimate now offers an online version of almost all of the standalr'd OREA forms (e.g. the Listing Agreement, Buyer Replr'esentation Agreement. etc.), and saves those documents using cloud based software. This service allows the client to complete the forms from anywhere in the world, and to access electronic versions of thesce documents from anywhere. Ultimate also offers IaI live chat feature on its website. Upon visiting the website, an agent will connect directly with a website tlser to assist him or her in obtaining information and navigating his or her search for properties in the GTA. 19. Ultimate agents also take adv~alnUtaage of the new Collaborate service that is being provided by TREHB. SIGNED lhi s __ day of May, 20115 Ultimate Realty Inc.
PUBLIC 8 CT-201U1-003 COMPETITION TRIBUNAL THE COMMISSIONER OF COMPETITION Applicant - and-THE TORONTO REAL ESTATE BOARD Respondent - andd-THE CANADIAN REAL ESTATE ASSOCIATION and REALTYSELLERS REAL ESTATE INC. . Intervenors UPDATED WITNESS STATEMENT OF TIlMOLEON SYRIANOS, ULTIMATE REALTY INC. AFFLECK GREENE McMURTRY LLP 365 Bay Street, Suite 200 Toronto, Ontario M5H 2V 1 Donald S. Affleck, Q.c. LSUC#: 10420B David N. VaiUllancourt LSUC#: 5696911 Fiona Campbell LSUC#:: 60383V Tel: (416) 360-2800 Fax:: (4116) 360-5960 Counsel forr The Toronto Real Estate Board ,
PUBLIC RE/MAX Ulf lte Realty Inc. Manager's Trraa!""O, .... -·r~ieppoorrtt·· All Offices From January 01,. 2011 To January 31 Statuses: Closed, Open Firm, Open Conditional REDACTED 10 , 2011 Page: 1 o01 f:33
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PUBLIC 50 ---... " .... -------- ---"ULtimate Agentss, Ultimate Results" Consent to Advertise SOLD Properties (To be completed at an acceptance of Agreement of Purchase and Sale) The Privacy Act and Real Estate Council of Ontario's Code of Ethics require Realtors to obtain written consent from Buyers and Sellers to advertise or otherwise market any information about a property an Agreement of Purchase and Sale has become fiirm.. The Listing Broker ___________ _______________- :-_aand The Co-operatiing Broker _________ ___ ____ ___________ Hereby request your permiission to advertise or othervvise market the Sale of Property known as: Both Brolkwers will limit their Advertising/Ma rketing to include only: • A photograph of the property • TlhJe address • The price or percentage of list to sa le priice Such promotions shall not include mention if the names of the Seller or Buyer, save and accept for th e listing information published. Buyers Consent: Sellers Consent: (print name) (print name) _________ _ _ _ Date ____ c-::---:,----_ ______ Date ___ _ Buyer Signature Seller Signature _ _ _ _________ Date ___ _ _ ____ _ _ _ _ _ Date _ ___ Buyer Signature Seller Signature 10267/1
PUBLIC Thr5Qo2nto Schedule B Realll!i:>state Agreement of Purchase and Sale Board This Schedule is aottached to and forms poart of the Agreement of Purchase and Sale between:: BUYER, .......... . . .... .". ........ , and SELLER, ............ ...... . for the property known as .. . .. ..................................... .. . ............... dated the .... .. ........... .. ... . . ........ .. day of ..... ....... ...... . .. .. .... .... .. . , 20 .... . ..... . The parties to thi s Agreement of Purchase and SallcJAgrcecemcnl lloa Lease hereby acknowlledge that the Deposit shall be a Certifi ed Cheque or Bank Draft.. The parties 1to0 tbhis Agreement of Purchase and Sale hereby acknowledge and agree that REIMAX Ultimate Realty Inc. shall place the deposit in its interest-bearing Real Estate Trust Account, which earns interest at a current rate of Priime less 2.50% per annum based on the monthly average ba lance. REiMAX Ultimate Realty Inc. shalll pay any interest it cearns or receives on thec deposit to the beneficial owner ofr tthe trust money, calculated on thce net average daiily credit ba lance at a rate of 0.25% provided the amount of the interest that RE/MAX Ultimate Realty Inc.. earns or receives on thce decposit is greatecr than $ 1] 00.00 (administration frcec). The partiecs to Ithi s agreement of Purchase and Sale hcerceby acknowledge and agree that REIiMAX Ultimate Reallty Inc. shalll be entitl ed to retain any interest earned or retained on the deposiit wh ich is less than the adminiistration free detailed above. The Buyer agrees to supplly a valid Social lInsuranece Number as requirced by the Income Tax Ace t fror any interest payments to be received. For all purposes of this noti icec, the terms "banking days" andl/or "business days" shall mean any day, other than Saturday, Sunday or Statutory holiday in the Province ofr Ontario.. This form must be initialed by all parttiies to the Agrreemen t of Purchase and Soale.. INITIALS OF BUYER(S): C) INITIALS OF SELLER(S): C) IB C0 201 •• aOr-oo;r.io, Roeoal! E_ _ rCfftt.A.1 . .... '~+''<'' ','.'-''.'.'d''.' "'" "I"c'"r ..m.,. ~..,.~ by O'!EA b--Iht.ou uo>o .<.r.<JI <~t!pfO<idoro col/ 1;1j> ,~.....t.n oarn.d.t k~on>om .. ~, .. .a"o.I.y, .. .oM...yya"h"o"r' ... "'~;~,pp«o>ohOoIboitde"d".".":"aWpillwhifp>rpir<.::r. . ......r .i. .... """_""c"lc(llOE'A!EOA."~nnotII ....... .w.h..o.n..~ ~"'",'e,p-~oIchIuoc.r.g.t..o"."x".*"-".':.,t..,....."."."."'."~'. Faorro,n 105 Revised 2008 Pcoge 1 011 INNIF=AAF"I"'II. ."..". ~"f~)® N,",",r,/>?nfl1"1.
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PUBLIC 56 R~ Mar1l.ett Trends By Total Volume Sold - prepared for REJIMAX Ultimate Realty Inc . STI\TS Solld D.'le From Apr 01., 2014 To Marr 31., 2015 navrigator F<o><r Atleea, De" lliimiitleood By Crtly COXfTo"<, ont!o 3,.O000,OOO,OKO,O--K--, -------------------------------------------, 18600 ()()OK J~ ! j 1.200,OOOK i~ 6Q00O,O, OOOOK O~~,,=."~~',O~OH~~H'~='~.~='~='"='"==..--,,==""""==,,==""''=~..--:c''""~=,,,,==,",'==..'~~"==O,~=,;,o==,,==..~~,,==,,,,~~,,==,",'==..==Oo~="a==,'==Oo==H,-.C~""OO..==~~,'OO=~HH~~OO.=="'~=,,=O,=,,==..==,,,=='O"=~,,==""','=~=,~=~,,==",'==",'=~,O-~=",-.:"==,'~=o"~~"" Monot~h Report produuccee<d! on May 14., 1015 by R E Sltats In c ... laUstI update: Apr 19. 2015. Numbe rs may vary by 2.5%
PUBLIC 57 R~ Market Trends By Average Oays On Market - prepared for REI/MAX Ultimate Realty Inc:._ STI\TS Solld D.'le From Apr 01., 2014 To Marr 31., 2015 navirgator Fo<><r Atleea, De"lliimiitleodo By Crrtly COXfTT(o}f<oontto .',r-----------------------------------------------------------------, '"~~~'~;'o"~H~~'"="~=~c;'=~""''=~..--cc;,""="~~";~o'=",~~,.~-.c-;c"~~~,,,~="'~=.-,~c~="O,~,;=~"'=~.-c,,..~~OO~~'"O~=HC-~o'~~a;~~"O~=HH~~"'==WW=~';~="'~=.-~o,o..=~',~~";~oH=C,-."~=;"='~"'=;"='"~',~-,o-,o=,",'==,~,;==""''~~,,--:=",~.,=~;'~"o~" M<~>n~th Report prodduuccee<d! on May 14. 1015 by R E Sltats In c .. laUstI update: Apr 19. 2015. Numbers may vary by 2.5%
PUBLIC 58 ~ 1I \'\IK<'\~~"' I" TorontoHomesForSale.com H-.o.m.e. s_..1.rc.;..1 ..>.._ _., BaIutye<.s. SIdd.... _ .. - Age"m'"o I1.O.0e<lIIlBI0us--ln..e..u.. . 'IlIto IIlOl)MI['S> Ill'l{R ~AAIIII Toronto Neighbourhoods ,~<~ -..;:,r.- _ II ,' : '"~' a. .-- -- . I ~ Yoo _ _ .,... l~'-!: ......~ . . -. -_. " ! !l .I ," , . "... '-. - ~" , ~,, ,"". j1 •· .",.- . " " , j" . ," . ! p! . : ,I ..I ,',j '.I.t. .... "i , l l . . . !~ :~ " . :, II , " .. ,, ' ~". . ~ , . . . ...~ ..., . . \ \ .I , . " . ~:;.~;. --Villll!M. .._ +It 1_ ____________~ o~, 1 Q,s."m,-
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