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Bureau: Change real estate rules

TORONTO - The Competition Bureau is pushing for changes in how much Canadians pay in realty commissions after an investigation found the country's largest realtor association was operating with anti-competitive rules.

The decision could open the market to cheaper listing alternatives or result in lower listing charges on the Multiple Listing Service, or MLS.

An internal memo from Ottawa-based Canadian Real Estate Association to its members said that the federal bureau has told it that its rules block competition within the industry, and that it has recommended changes.

"The bureau is concerned that CREA's rules have restricted consumer choice and limited the scope of alternative business models," according to a memo signed by CREA president Dale Ripplinger.

"The bureau's position is that if CREA does not remove these restrictions, the Commissioner of Competition will initiate an application before the Competition Tribunal."

Research In Motion shares drop

TORONTO - Research In Motion Ltd. (TSX:RIM) shares were under pressure Monday as investors digested a Citigroup report that downgraded the company's stock to a "sell" rating and subsequently helped pull its stock down.

Citigroup Global Markets analyst Jim Suva said in a note that the BlackBerry maker is facing greater competition from other smartphone companies, including Motorola (NYSE:MOT) and Apple (NASDAQ:AAPL) and in response he dramatically slashed the company's target price.

"Simply put, there is an invasion of new phones, applications and competition," Suva wrote.

"The revolution of product and application service offerings is going to start to crack open the enterprise door and could pose a risk for Blackberry."

Suva downgraded the stock to a "sell" with a target of US$50 from a "buy" rating valued at $100.

Source: The Canadian Press