Catharine MacIntosh, founder and CEO, Listed (supplied)
For half a year, Listed, a dynamic real estate platform headquartered in Toronto, has faced a critical challenge: the cessation of access to essential data. This sought-after information has been instrumental in the platform’s burgeoning popularity among consumers and its utility as a powerful sales and marketing tool for nearly 1,200 real estate agents across Ontario. Now, Catharine MacIntosh, the visionary Founder and CEO of Listed, is making a direct appeal to the Toronto Regional Real Estate Board (TRREB) to reinstate this vital data feed.
Listed distinguishes itself by powering bespoke websites and applications for individual real estate agents, boasting a consumer experience designed to be “as easy as scrolling through your Instagram feed.” At the core of its widespread appeal and functionality is the seamless display of Virtual Office Website (VOW) data. This invaluable data encompasses crucial property insights, including sold prices, detailed delisting histories, and possession dates, empowering both agents and their clients with unprecedented market transparency.
MacIntosh recalls the initial engagement with TRREB in June 2024, when the board first reached out to better understand Listed’s innovative application and operational mechanics. In response, MacIntosh promptly provided a comprehensive and detailed explanation of the platform. However, the dialogue continued, with TRREB sending further communication in November 2024, indicating persistent confusion regarding Listed’s operational model. MacIntosh recounts providing an extensive reply, which was hand-delivered to TRREB’s legal counsel’s office. Following this, a period of silence ensued, and the data continued to flow seamlessly. This continuity, however, was abruptly interrupted in June 2024, when TRREB communicated its decision to discontinue the data access, leaving Listed and its network of agents in a challenging predicament.
The Core of the Data Disconnect: Unpacking the Issue
MacIntosh emphasizes that throughout the preceding 18 months, Listed has maintained unwavering cooperation with TRREB. This commitment included furnishing complete technical documentation, detailed legal responses, regular operational updates, and even offering to facilitate an independent third-party audit of their systems. Despite these extensive efforts, MacIntosh expresses ongoing perplexity regarding the specific rule or regulation TRREB believes Listed has infringed upon. “TRREB’s data and technical teams have not identified any instance of non-compliance,” she asserts, underscoring the lack of concrete allegations.
A significant part of the misunderstanding, according to MacIntosh, stems from TRREB’s misconception about how Listed functions. “They thought data was going to this entity called Listed,” she explains. However, she clarifies that “Listed only exists like an empty shell, and doesn’t come to life until it’s got a real estate agent who wants to have it and has valid real estate agreements behind it.” Essentially, Listed operates as a design and technology platform, not a data holder in its own right. The proprietary rights to the data are held by its members – the licensed real estate agents and brokerages who subscribe to the service. These clients are rigorously vetted and must adhere to approved data agreements before gaining active membership and utilizing the Listed platform. MacIntosh details the process: “When those approvals of those data agreements come in from PropTx, then their Listed is filled with the data, and the site is made live.” Furthermore, consumers can only access the platform’s extensive features by signing in through their registered agent, reinforcing the agent-centric and compliant nature of its operation. “It’s just a modern way of having a website that’s available on the app store. It’s provisioned to the person who’s allowed to have the data,” she concludes, highlighting its adherence to established protocols for data distribution.
TRREB’s Official Stance: Confidentiality and Ongoing Matters
In an effort to shed light on the situation, Real Estate Magazine reached out to TRREB, seeking clarification on why VOW data access was terminated for Listed and inquiring about potential pathways to its restoration. TRREB responded with an email statement from CEO John DiMichele, which offered limited insight. The statement cited, “As this matter involves confidential matters involving legal counsel with a private company and which is ongoing, TRREB will not provide public comment out of respect for the confidentiality of our members, and contractual matters.” This response, while adhering to legal discretion, has left many within the real estate community, particularly those reliant on Listed’s services, seeking greater transparency and a clearer understanding of the underlying issues at play.
An Unexpected Turn: From Denial to Potential Partnership?
One of the most perplexing aspects of this ongoing dispute, as articulated by MacIntosh, is the surprising shift in TRREB’s approach. After initially being denied Affiliated VOW Partner (AVP) status, Listed received an unexpected invitation from TRREB to present a business proposal. This overture suggested the possibility of substantial business negotiations between the two entities, marking a significant change in dynamic. “We moved from four months of discussion with TRREB’s legal council and our legal council to them saying, ‘Hey, why don’t you bring us a business proposal?’,” MacIntosh explains.
In response to this invitation, a comprehensive proposal was meticulously prepared and submitted to TRREB on October 7th. This document outlines a spectrum of potential resolutions, ranging from the immediate restoration of VOW data, allowing Listed to continue its operations as before, to a more radical scenario involving TRREB’s potential acquisition of the Listed platform. MacIntosh expresses an open-minded willingness to explore any viable path forward: “We’re open to anything they want to do.” However, she stresses that the immediate and crucial first step towards any collaborative future would be TRREB’s official approval of Listed as an AVP and the prompt restoration of VOW data rights to the multitude of members utilizing Listed-powered single-agent websites and applications. She holds hope that this pivotal decision could be reached at TRREB’s upcoming board meeting. Once this essential foundation is laid, MacIntosh affirms, “we’re happy to work together.” It’s noteworthy that Listed is recognized as a comparable and even competing mobile-first product to “The Realm,” a similar tool made available to TRREB members through its for-profit technology subsidiary, PropTx, adding a layer of competitive intrigue to the situation.
Agents Bear the Brunt: The Real Cost of Data Disruption
The cessation of VOW data access has not merely impacted Listed as a company; it has sent ripple effects throughout the real estate agent community, with many paying a significant price. MacIntosh reveals that numerous brokers had invested thousands of dollars in re-aligning their marketing strategies to prominently feature Listed, only to now face the difficult decision of pulling back and migrating to alternative applications. The consequences for individual agents have been dire, manifesting as a tangible loss of business and, in some cases, even reputational damage within their professional networks. Listed currently supports approximately 1,200 active agent profiles, with a total of 3,000 agents, encompassing both active members and those in various stages of the approval pipeline. These agents typically subscribe to Listed services for roughly $100 per month, with a premium version available at approximately $150 per month, highlighting the consistent revenue stream and widespread adoption prior to the data cutoff.
Beyond the agents, the platform serves a substantial consumer base. MacIntosh estimates that Listed caters to about 25,500 consumer users who access the platform’s rich data and features through their respective real estate agents. This widespread consumer engagement underscores the platform’s value proposition and the broader impact of the data disruption on the Toronto real estate market’s transparency and accessibility.
Real Estate Community Rises: Advocating for Listed’s Future
The predicament faced by Listed has galvanized a segment of the Toronto real estate community, with prominent figures stepping forward to advocate for the platform. Richard Silver, a highly respected sales representative and team leader for Silver Burtnick & Associates with Sotheby’s International Realty Canada, is among them. Silver passionately attests to Listed’s efficacy, stating that it has directly facilitated the sale of several properties for him. He consistently praises Listed for its superior user experience and more robust features when compared to other similar platforms available in the market. “The clients loved it, and the clients still love it, except now they’re constantly saying, ‘Why is the data gone?’,” Silver laments, reflecting the frustration of both agents and consumers. He further emphasizes, “It’s much more user-friendly than the present Realm app that’s given by TRREB,” drawing a direct comparison to TRREB’s own technological offering.
Since September 11th, Silver has been relentless in his pursuit of answers from TRREB, engaging with various board members. “I’ve talked to members on the board and they say, ‘Well, we can’t say anything,’ and I’m going, well, that’s ridiculous,” he expresses, highlighting the lack of transparency. With 12 years of personal experience serving on the board, Silver finds this silence particularly baffling. “I was on the board myself for 12 years, and we could always discuss what the reasons were, or why things were not working out, and I haven’t really had any sort of clarification whatsoever,” he adds, underlining the unusual nature of the current situation. Silver has formally requested three specific pieces of information from TRREB:
- Identification of the precise policy, rule, or section within the VOW Agreement or MLS Rules & Policies that Listed is alleged to have violated.
- Confirmation that TRREB is consistently applying the same standards and enforcement protocols to all VOW providers, not exclusively targeting Listed.
- An estimated timeframe for when a definitive decision will be made regarding the reactivation of data access or the subsequent steps in the resolution process.
TRREB’s Continued Veil of Confidentiality
In response to Silver’s persistent inquiries, a reply was received on November 11th from Christopher Smart, TRREB’s general counsel. Smart’s communication reiterated that there are “several legal issues related to Listed and how it gained access to and made use of the VOW data feed.” The email further elaborated, “As you are aware, access to and use of the VOW data feed involves complex matters whereby TRREB must ensure strict compliance as well as maintain a level playing field in accordance with its obligations.” The message concluded by emphasizing the gravity of the situation: “The issues that arise in this regard are very serious, and accordingly, TRREB must maintain confidentiality for the sake of all parties involved. TRREB is still exploring possibilities but any discussion in this regard must also remain confidential for obvious reasons.” While this response acknowledges the seriousness of the dispute, it continues to withhold specific details, leaving the real estate community and Listed in the dark regarding the precise nature of the alleged infractions.
Listed’s Unwavering Resolve: A Future Beyond TRREB’s Data?
Despite the significant challenges posed by the data cutoff, Catharine MacIntosh maintains a resolute stance regarding Listed’s future. She firmly asserts that even if VOW data is not restored by TRREB, the Listed platform will continue to exist and innovate. However, she acknowledges that the absence of sold data – which is arguably the most frequently utilized feature of Listed by consumers and agents – will necessitate a strategic pivot. The company’s future growth, in this scenario, would hinge on aggressive expansion into other provinces across Canada and various states within the United States. “TRREB makes up less than one per cent of North American listings. We will thrive with the 550 other MLSes that are in North America and other places in the world,” MacIntosh states with conviction, adding a heartfelt sentiment: “We just want to (grow) in the city we love, with the people we know.”
MacIntosh reassures that her company boasts other robust revenue streams, ensuring its continued financial viability regardless of the outcome of the TRREB dispute. “It will be fine,” she says, reflecting a pragmatic optimism. Yet, she openly admits the tangible impact of the current situation: “this has certainly hurt us.” More importantly, she emphasizes the significant burden placed upon her client base: “Moreso this has hurt the agents who rely on us.” This sentiment underscores the core of the issue – not just a corporate dispute, but a challenge that directly affects the livelihood and operational efficiency of hundreds of real estate professionals and the consumers they serve in the vibrant Toronto market. The ongoing standoff highlights a crucial tension between established regulatory bodies and agile proptech innovators, ultimately impacting market transparency and consumer choice in a rapidly evolving digital landscape.