All the data on this site are based on the sales and listings in the MLS database. There are just under 6000 of those sales in a slow year, and over 10,000 in an insane one.
Thing is, while most sales happen on MLS, there are quite a few that are not captured there. For new builds, only a small fraction are ever listed on MLS, and none of the private sales would show up there either.
How many sales are happening outside the MLS system? Well one side effect of the province publishing foreign buyer data is that they are also publishing the total number of land title transfers every month. Now that we have a full year’s worth of that data we can get a sense of the number of these dark sales. Because sales are recorded when the contract goes unconditional, and title transfers happen on closing which is usually a couple months later, I’ve advanced the title transfer data to best fit the seasonal pattern.In the 12 month period from August 2016 to July 2017, there were 9240 MLS sales, and 11358 title transfers. In other words, around 2100 sales or about 19% of all sales happened outside the MLS system.
Most of those sales would have been condo and other new construction pre-sales. With the strong pace of construction in the area those sales are likely quite a bit higher than usual.
The rest would be private sales and inheritances. Impossible to tell how many transactions are conducted privately every year without access to the land title data and cross referencing that with MLS data, but that would be an interesting area to explore in the future. Would it be 1% of sales? 5%?
We bought our house without a REALTOR® back in 2013, but that was only on the buyer’s side so it was still registered in MLS. Anyone here sold their house privately before? How did it go? How did you market it? Any advice on how to make it go smoothly?