Statement on Agreement with Competition Commissioner

The Board of Directors of the Canadian Real Estate Association (CREA) today entered into a consent agreement with the Commissioner of Competition regarding the application before the Competition Tribunal, subject to ratification by the CREA membership at its Special General Meeting in St. John’s on October 24, 2010. The agreement will be held in escrow pending ratification by CREA members. “CREA has always been committed to ongoing dialogue with the Competition Bureau. This agreement is the result of extensive negotiations between CREA and the Competition Bureau,” says CREA President Georges Pahud. “Both sides gained a better understanding of their respective concerns through our discussions. We are pleased that a resolution has been reached, subject to member approval.” CREA has always been of the view that its rules regarding member board MLS® systems do not in any way prevent or restrict a broad range of business models. In CREA’s view, the consent agreement reflects this reality and would avoid unnecessary and expensive litigation proceedings. The Special General Meeting is a yearly event held every fall for members of the Canadian Real Estate Association. CREA will make no further public comment in advance of its upcoming Special General Meeting.