The Québec Federation of Real Estate Boards is Pleased With the Relevance of the Issues Raised by Minister Leitão in his Report on the Application of the Real Estate Brokerage Act

L'ÎLE-DES-SŒURS, QC, July 2, 2015 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB) read with great interest the Report on the Application of the Real Estate Brokerage Act, recently introduced by Finance Minister, Carlos Leitão, and is pleased with the relevance of the issues raised by the Minister.

The QFREB particularly welcomes the fact that issues such as the definition of a brokerage act and the refocusing of the regulating body to its exclusive mission of protecting the public were raised by the Minister.

"We've been working with Québec's 12 real estate boards for several months now in order to examine the various options for revising the Real Estate Brokerage Act," says Patrick Juanéda, President of the QFREB Board of Directors. "We intend to participate actively in discussions on the various issues presented in the report by submitting a brief by the end of the summer. This memorandum will take into account the needs of the real estate brokerage industry, the evolution of the market and the importance of ensuring the best possible protection to the public so that it maintains its confidence in real estate brokers," he added.

The Need to Consider the Evolution of the Real Estate Industry in the Revision of the Act

The real estate market has evolved in recent years and for-sale-by-owner (FSBO) companies have emerged. In his report, the Finance Minister clearly recognizes that consumers who use these companies and who suffer a prejudice are not benefitting from all of the protections offered by real estate brokers. The courts have also confirmed many times that the presence of a real estate broker in a transaction has the effect of reducing risks to the parties involved. The QFREB believes it is in the best interest of everyone that the law considers this new reality and establishes guidelines that facilitate an understanding of the issues for home buyers and sellers. By having a clear picture of the options that are available to them, consumers will be able to make an informed decision regarding the support they wish to have when buying or selling their property.

Remember that the vast majority of consumers choose to do business with a broker for their real estate transactions.

Real Estate Brokers: Important Partners in Any Real Estate Transaction

Real estate transactions play an important role in Québec's economy. A house represents one third of the total value of a family's assets¹ and for most Quebecers, buying or selling a property is the biggest investment of their lives.

The majority of Quebecers use a real estate broker to buy or sell their home and are therefore accompanied by a professional who has received recognized basic training and who follows a continuing education program. In addition, brokers are governed by the Real Estate Brokerage Act, which aims, among other things, to protect the public, and they must abide by a code of ethics.

When a consumer does business with a real estate broker, the broker becomes, in a way, the consumer's partner. Brokers take care of marketing the property, analyze the pros and cons of the promises to purchase that are received, and ensure that all legal documents in the transaction are compliant. Brokers are paid only when the consumer has reached their goal of selling their property at a fair price.

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards is a non-profit organization composed of Québec's 12 real estate boards and the close to 13,000 real estate brokers who are their members. Its mission is to promote and protect the interests of Québec's real estate industry so that the boards and their members can successfully meet their business objectives.

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¹Statistics Canada, Survey of Financial Security, 2012.

SOURCE Fédération des chambres immobilières du Québec

Josée Labrie, Coordinator, Writing and Communications, Communications and Public Relations, 514-762-0212, ext. 222, [email protected] ; Manon Stébenne, Manager, Communications and Public Relations, 514-762-0212, ext. 157, [email protected]