Few notes about (GTA) MLS

The history

The history of MLS reaches some 50 years ago when the "database" were bi-weekly updated ringed binders by the local board of realtors.Real bound MLS books followed soon after.The system was membership-based, because the maintenance was quite costly.The 70s finally ended the age of printed books and brought up the computer database. It was still quite different to what we know today since the database was only accessible through so called dumb terminals and phone lines.Yet more modernization was about to come: the beginning of 90s, expansion of personal computers and the evolvement of the Internet finally established the system we are using now: web-based databases.


The basis

Multiply Listing Service is nothing less or more than a huge database of all property for sale, linking two agents - representatives of seller and buyer. It is region-based. It holds all the available information about the property in question (the owner, its address, footage, number of bedrooms  and so on). It also gives information on the neighbourhood and other information that the owner wished to present.

The main difference between this database of property and lets say property listing in your local paper is quite crucial. MLS has never been fully public, because it has been created by the realtors and for the realtors.The information on the available property on various real estate websites is not complete. You might get an idea about the property, but will always have to contact the realtor for more information in the end.


The fifth generation

You might encounter an opinion that the current version of the system isn't good enough because it's regional based, which isn't enough. Especially in the USA there's an excited discussion about so called MLS 5.0 based on the features of 'web 2.0'.
The new version should provide information on all the properties nationwide, not just those currently on the market (parcel based) and should be to some degree accessible also for customers, vendors and developers. No such system is currently being prepared in Canada.


Conclusion

At the moment about 75% of property is sold through the MLS. If you're selling a property, you need plenty of coverage for it. Without MLS you never get as much of it as you need. The buyers benefit as well - because of MLS, their broker have a complete information about the current supply on the real estate market. Thereby always make sure your realtor is a member of the local board of realtors and have the proper access to MLS where you intend to buy a property.