The real estate industry: an organized industry

The real estate industry is a well-organized and growing industry built on solid ground.

An economic force in Quebec

Real estate brokerage is a very important economic activity that contributes significantly to the Quebec economy.

In 2004, the total sales dollar volume of residential units sold reached a record high of $11.3 billion. Furthermore, according to a survey conducted in 2002, more than 17,500 direct and indirect jobs were generated by this important economic sector.

An economic force in Quebec (next)

Each housing transaction in Quebec registered in the Multiple Listing Service® (S.I.A.®/MLS®) generates $16,590 in goods and services purchases, which drives the economy. Between January 2001 and December 2002, spin-off benefits attributable to the real estate industry totaled $1.1 billion per year.

The dynamism of 12 boards and a Federation

Active in their community, the 12 local real estate boards are found across the different regions of Quebec and are overseen by the Quebec Federation of Real Estate Boards (QFREB).

They stay close to their members and they provide them technical support as well as various services.

The largest one, the Greater Montréal Real Estate Board, accounts for 70% of all agents and brokers in Quebec.

In most cases, buying or selling a property is the most important transaction a Quebec family will make in its lifetime.

The dynamism of 12 boards and a Federation (next)

The QFREB understands this and that is why it is committed to work tirelessly in order to remain a reference organization for its members and their clients.

In that sense, it is safe to say that the real estate industry helps maintain the profession's high standards. In order to ensure public protection, the industry relies on well-established mechanisms. The real estate industry is also respectful of consumer rights.

A wide array of services

In order to assist members in their daily work, the real estate industry offers them a wide array of services. Here are the main ones:

The Multiple Listing Service® (S.I.A.®/MLS®), a real estate transaction management system, is one of the most appealing aspects for members who choose to belong to a real estate board. This service enables them to access a complete real estate database that features all the properties put up for sale by the various brokerage firms. Such system is unique to the real estate industry!

A wide array of services (next)

Technical support for the various products and services is made available to agents and brokers in order to make their work easier.

Access to numerous publications, including market analysis, market statistics and legal information, ensures that quality information is submitted to members on a regular basis, which is also beneficial to the public.

The Conciliation and Arbitration department offers brokers and agents who are involved in a dispute regarding compensation sharing the services of a conciliator or an arbitration committee that is comprised only of industry members. The main advantage of this procedure is that most conflicts get resolved without having to go to court or involving consumers.

CREA: 76,700 members across Canada

Besides local boards and the QFREB, organized real estate also has a national level: the Canadian Real Estate Association (CREA), to which all Canadian boards belong and which boasts over 76,700 members. Among CREA's main responsibilities: protect certifications and trademarks and establish norms for them.

The ACAIQ: an oversight body

In Quebec, the Association des courtiers et agents immobiliers du Québec (ACAIQ) is an oversight body whose primary responsibility is to exercise control over the real estate activity in the province.

The ACAIQ has a mandate from the government to oversee real estate brokerage activities, in accordance with the Real Estate Brokerage Act adopted in 1991. The ACAIQ is also responsible for issuing certificates of practice to real estate professionals.