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Anet has released some API's for their game over on their forums.
https://forum-en.guildwars2.com/forum/community/api
One of the stickied topics details the available APIs and what data they return. Apparently more intensive APIs will be released in the future.
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According to subsequent posts on that forum, yes. It updates in real time, so if an event starts/stops the data will update as well. So those using the API could do a new call ever 30 seconds or so.
It does not display events or items that have not been discovered by any players, though. So if there is an event out there that absolute no one has played in the game, it will not show up in the api data.
Apparently these APIs are hosted on very well equipped servers to handle high concurrency of calls.