The President and Chief Executive Officer of the OACIQ takes position
The new President and Chief Executive Officer of the OACIQ, Nadine Lindsay, shares her vision for real estate and mortgage brokerage and discusses important issues for our industry.
What do you see as the main challenges and priorities for the OACIQ and for real estate and mortgage brokerage in the coming years?
There are certainly many challenges, both existing and emerging. Real estate and mortgage brokerage is evolving quickly and must cope with new players and new business models. This is why one of the priorities for the OACIQ is to reaffirm its leadership, in order to ensure healthy competition in the field of real estate and mortgage brokerage, while working in consultation with the industry as a whole and with our peers to protect the public even better. This is our primary mission, and this is where we will focus our efforts.As for other priorities, I think it is crucial for us to promote our public protection mission on an even wider scale. Consumers have to know when and how they are protected by the Real Estate Brokerage Act, which we enforce, and when they are not.
The provincial government issued its five-year report on the application of the Real Estate Brokerage Act in May 2015, and submitted proposed amendments to the Act in its March 2016 budget. How do you see theses proposed amendments?
In response to the government’s report, the OACIQ, along with several other industry players, filed a brief outlining its positions.
Two main issues emerged at the time, and the OACIQ maintains its positions:
- The definition of a brokerage transaction must be clarified so that members of the public who buy or sell a property will know when they are protected under the Real Estate Brokerage Act and when they are not;
- Self-regulation as a governance model for the OACIQ has proved its worth, and the Organization advocates that it be maintained.
As for the other measures proposed in the latest provincial budget, the OACIQ is concerned by some of these and by the impacts they could have on public protection. In fact we are currently in discussions with the government regarding this, and I am making it a priority.
In May 2015 the OACIQ implemented a Mandatory Continuing Education Program for all brokers, with the first cycle ending April 30, 2017. What role does continuing education play in the OACIQ’s public protection mission?
It is at the very heart of the OACIQ’s mission. Public protection requires that brokers be properly trained and overseen. The Continuing Education Program implemented by the Organization helps brokers develop their skills, increase their credibility and enhance the public’s trust. Brokers can currently choose from almost 200 training activities covering both core and specialized topics.
The public can see the list of training activities completed by brokers by consulting the Register of licence holders on our website. The Register is an excellent starting point for consumers to ensure a broker’s competence when looking for someone to represent their interests in a transaction. The OACIQ website is also a valuable tool offering a wealth of useful information.
We invite you to review the Notice of Appointment of Nadine Lindsay and the press release The new President and Chief Executive Officer of the OACIQ shares her position at the AGM