PRESS RELEASE
FOR IMMEDIATE RELEASE
In the wake of the housing market overheating, the OACIQ is stepping up its actions to protect the public!
Brossard, April 15, 2021 – The current overheating of the residential real estate market continues and puts pressure on consumers and all the parties involved in a real estate transaction. To protect the public, within its own sphere of action, the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is adding an awareness plan for consumers and licensees based on training, supervision and information to its current prevention and compliance initiatives.
Among the actions taken by the OACIQ, a new mandatory training course has been prescribed for all residential real estate brokers in Québec, who will receive a consistent message on the issues related to the overheating of the housing market and a reminder of the applicable ethical rules. The OACIQ is also adding another measure to its prevention and supervision program by calling on mystery shoppers. Finally, an awareness campaign will be launched to remind consumers of the risks of waiving certain rights in the current housing market context.
"We are aware of the situation that buyers, sellers, real estate brokers and the various parties involved in real estate transactions are experiencing during this specific period when the real estate market is overheating. We have acted proactively since the beginning of the pandemic and the housing market overheating and will continue to make every effort to protect the public," says Me Nadine Lindsay, President and Chief Executive Officer of the OACIQ.
The public protection mechanisms set out in the Real Estate Brokerage Act
It may be tempting for a consumer to try to speed up the process in various ways, including ignoring some important steps such as conducting a pre-purchase inspection, obtaining an up-to-date certificate of location, and benefiting from legal warranty. These protection mechanisms provide security that can be necessary for the buyer and seller in the long run. The risks are not worthwhile. "Waiving these steps can quickly raise concerns for consumers and have serious impacts, especially financially," says Me Caroline Champagne, Vice-President, Enforcement of Practices at the OACIQ.
The real estate broker has ethical duties and obligations to respect. These serve to protect the public and cannot be circumvented. Real estate brokers must make every effort to ensure that their clients make appropriate and informed decisions.
If anyone has any questions about a real estate transaction with a real estate broker, he or she can contact the information centre Info OACIQ at 450-462-9800 or 1-800-440-7170. Information agents will determine whether or not a request for assistance should be made. The OACIQ reviews all requests for assistance received and takes appropriate action, which may include filing a disciplinary complaint against the broker concerned or imposing any other appropriate measure on him or her.
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 information: medias@oaciq.com
