The Competition Bureau, an independent law enforcement agency focused on protecting and promoting business competition in Canada, has announced a consent agreement with the Yukon Real Estate Association (YREA) to address concerns with its membership practices.
The Competition Bureau charged the YREA with anti-competitive conduct by adopting a requirement that certain prospective members must live in the Yukon for a year before they can become a member of the YREA. In a press statement, the Competition Bureau claimed the trade group created “barriers to new forms of competition, especially for services offering consumers choices and fee structures that differ from traditional full-service real estate brokerage services.”
As part of the agreement, the YREA will not adopt or enforce residency requirements and will ensure non-discriminatory access to the market for future competitors. The Competition Bureau recently signed a consent agreement with the Northwest Territories Association of Realtors addressing similar conduct.
“Competition in the real estate sector is of critical importance to Canadians,” said Matthew Boswell, commissioner of competition. “It stimulates innovation, lowers prices and improves the consumer experience. Protecting competition in the real estate sector remains a top priority for the Competition Bureau.”