About The MLS System
The MLS (Multiple Listing Service) system is a broker-to-broker co-operative
property selling system operated by the Toronto Real Estate Board. The key to
the success of the MLS system is that brokers who list properties for sale and
place their properties on the MLS system agree to follow a stringent set of MLS
rules and policies which include: - agreeing to pay a portion of the listing commission to a co-operating broker (the agent representing the buyer)
- a guarantee of the accuracy of the information provided on the MLS system about the listed property
- a commitment to follow the rules of fair play as set out in the MLS rules and policies
An exclusive (non-MLS) listing is not allowed to be placed on the MLS system
as there is no implicit agreement to co-operate or to pay a commission to a co-operating
broker.
It is estimated that more than 95% of all sales of Toronto's real estate brokers are through the MLS system. The Toronto Real Estate Board is comprised of over 20,000 members who sold approximately 75,000 properties through the MLS system in 2003.