Booming housing market: Over 14,000 brokers trained by the OACIQ to better protect the public

PRESS RELEASE
FOR IMMEDIATE RELEASE

Brossard, June 21, 2021 – Over 99.2% of residential real estate brokers, that is, 14,425 licensees, completed the mandatory training provided by the OACIQ on their ethical obligations regarding the overheated housing market issues on June 15–the deadline for taking the training and thus maintaining their licence. This training provided real estate brokers with tools to deal with this exceptional overheated period and reminded them of best practices to further strengthen public protection.

Brokers had to complete this training between May 15 and June 15, 2021, otherwise their licence would be suspended. The 111 real estate brokers whose licences have been suspended will have to take the training before applying for a suspension lifting. New brokers have 30 days to take it after the issuance of their licence.

The mandatory training allowed the OACIQ, through practical cases, to remind brokers of the duty to inform, advise, and verify, of the rules for collaboration, planning visits, handling multiple offers to purchase and advertising. The training also covered the brokerage contract principles, compensation, recommended timelines, establishment of fair market value, documentation of client decisions and advice provided. Licensees were highly satisfied with this training, with a satisfaction rate of over 96%.

“The overheated housing market is the result of several factors, including low interest rates, a property inventory that is lower than the demand, the exploding cost of building materials, and the new behaviours and the needs generated by the pandemic,  such as teleworking. The OACIQ is confident that this new mandatory training, along with additional initiatives, will promote the compliance of real estate transactions in this unprecedented context," said M^e Nadine Lindsay, President and Chief Executive Officer of the OACIQ.

“Since the beginning of the pandemic, the OACIQ has stepped up and intensified its intervention efforts to protect consumers and ensure that they are well informed and that brokers are properly trained. The vast majority of real estate transactions go off without a hitch,” said M^e Caroline Champagne, Vice-President, Enforcement of Practices at the OACIQ.

“Through this mandatory training, the OACIQ ensures that all residential real estate brokers receive a uniform message on the important issues related to the overheated housing market and act in full compliance with the law. Ensuring smooth transactions is a shared responsibility and it is important for consumers, agency executive officers and real estate brokers to be made aware of the risks associated with a hasty transaction.”

This initiative is part of the awareness plan implemented by the OACIQ to protect the public in this booming housing market context.  To find out about all the initiatives taken by the OACIQ to protect consumers, please click on the following link: bit.ly/3e2Q0SJ.

Measures taken by the Ministry of Finance and the OACIQ to address the overheated housing market issues

New promise to purchase forms, which will include a clause to reinforce the messages about the risks of waiving a pre-purchase inspection, will come into force on June 22, 2021.

To learn more

The OACIQ will also fully assume its regulatory role by participating in the consultation of the Minister of Finance and Minister of Economy and Innovation, Mr. Eric Girard, on the supervision of real estate brokers. This consultation will allow us to get the feedback and observations of the public and interested parties. The OACIQ's brief will be available for consultation after its submission to the Minister in September 2021.

About the OACIQ

The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate 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.

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For interviews or more information: medias@oaciq.com