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Awareness Day at the National Assembly of Quebec
The OACIQ takes action to increase real estate literacy
Brossard, October 30, 2019 – The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) will hold today an event at the National Assembly to discuss with elected officials the need to democratize and popularize real estate transactions with the general public.
Recognizing a real need for quality information among consumers, the OACIQ, under its exclusive public protection mission, wants to contribute to the improvement of real estate literacy and put it at the forefront of its actions.
A pronounced need
Data from a survey1 conducted for the OACIQ reveals that this need is important, especially among first-time homebuyers. Only 39% of respondents felt well prepared to buy their first home and 70% of them stated that they found at least one step of their transaction complex.
"Our aim is to simplify the language and provide tools and training to enable consumers to make more informed decisions during their real estate transaction," said Me Nadine Lindsay, President and Chief Executive Officer of the OACIQ and Vice-President of the Real Estate Regulators of Canada.
An organization in action
The OACIQ’s role is to oversee the work of some 16,000 real estate agencies and brokers in Quebec in order to protect consumers in their real estate transactions. To carry out this mission, the Organization must be well known to the public. That's why, in recent years, it has doubled its efforts to communicate its role and the protections offered to the public by enforcing the Real Estate Brokerage Act. It’s in line with this that the day of meetings with elected officials in the National Assembly takes place.
Highlights for 2018:
- The OACIQ Info Centre received more than 53,000 inquiries, with a 98% satisfaction rate;
- A complete website was enhanced to allow consumers to get information and consult the Register of licence holders, among other things;
- The Inspection Department conducted almost 2,500 inspections with brokers in Quebec;
- Over 2,000 assistance requests were handled by the Public Assistance Department;
- Mandatory basic training and certification exam were conducted, as well as continuing education activities for all brokers;
- About fifty mandatory and recommended forms were designed for transactions;
- The Real Estate Indemnity Fund provided compensation that went from $35,000 to $100,000 per claim, which is one of the best protections in Canada in this field;
- The Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec provided liability insurance; and
- The Syndic and the Discipline Committee ensured that the protections provided by the Real Estate Brokerage Act are applied.
Among the first measures of its approach to democratize the real estate transaction, the OACIQ launched last September a renewed and all-digital version of its Buyer’s Guide and Seller’s Guide. Two tools shedding light on all the steps of buying or selling a property with confidence with the help of a broker.
These measures will be followed by several others. Next March, the OACIQ will launch a guide on the acquisition of co-ownership properties in collaboration with the RGCQ (Regroupement des gestionnaires de copropriétés du Québec) and GCR - Garantie de construction résidentielle.
The Organization will also continue to simplify its tools with the collaboration of Éducaloi to review its forms in particular.
"We are pleased with the initiated information approach that has helped us increase our visibility by 157% over the past two years. And we intend to carry on this initiative until Quebecers feel well informed, supported and prepared for their upcoming real estate transactions” concluded Me Lindsay.
About the OACIQ
The OACIQ ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act. It is a member of the Real Estate Regulators of Canada (RERC), an organization that brings together all Canadian regulators in the area of real estate brokerage, building inspection, and co-ownership property management for some provinces.
1Panel web survey with 1,509 Quebec adults, conducted by SCOR from March 6 to 18, 2019.