The Candian Competition Act and I as a Real estate salesperson.
To say that real estate is an easy money making business would be laughable if it weren't so deadly serious. As a real estate salesperson, I have a fiduciary duty to serve the public to the best of my knowledge and ability (and more), so that the public is always protected. The Canadian Competition Act keeps me and all other real estate salespeople/brokers/brokerages in check from taking advantage of the real estate market.
For example, as a real estate salesperson, if I were to have 2 or more bids from different clients for the same property and if I were to prefer one to the others, I should never push the one over the others. I should never use inside information to help the prefered one at the detriment of the others. I should never tell someone to abstain from bidding because I know that the price will come down due to the other's circumstances.
Competition Act Part VI: Offenses in relation to Competition 45. (1) Every one who conspires, combines, agrees or arranges with another person,(a) to limit unduly the facilities for transporting, producing, manufacturing, supplying, storing or dealing in any product, (b) to prevent, limit or lessen, unduly, the manufacture or production of a product or to enhance unreasonably the price thereof, c) to prevent or lessen, unduly, competition in the production, manufacture, purchase, barter, sale, storage, rental, transportation or supply of a product, or in the price of insurance on persons or property, or (d) to otherwise restrain or injure competition unduly, is guilty of an indictable offence and liable to imprisonment for a term not exceeding five years or to a fine not exceeding ten million dollars or to both.
If I were to advertise a property situated in one area, but the same road also exists in a better neighborhood of another area, I should be extremely carefull that the correct area is represented so as not to mislead the public. If for any reason whatsoever, the public will be misled by either the wording or the intent of my advertisement, I could/would be charged with a criminal offense under this said Act.
Competition Act Part VI, 52. (1) No person shall, for the purpose of promoting, directly or indirectly, the supply or use of a product or for the purpose of promoting, directly or indirectly, any business interest, by any means whatever, knowingly or recklessly make a representation to the public that is false or misleading in a material respect.
This practice sometimes "happens" in offices to attract unsuspecting prospective buyer clients. That is a potentially prosecutable anti-competitive practice and should not be tolerated at any level. If you wish to know more about the Canadian Competition Act which affects all businesses in Canada, please go to: http://laws.justice.gc.ca/en/ShowFullDoc/cs/C-34///en
For all your real estate needs, give me a call at 613-314-0700 or visit http://brunasapochetti.point2agent.com