CREA puts into place Out-of-Province Listings Policy for REALTOR.ca
As you probably have already heard, last October CREA's Board of Directors voted in favour of a policy to remove out-of-province listings from REALTOR.ca which do not comply with provincial regulatory regimes (link to current policy). This is an important step for REALTORS®, for our clients and for our national website, REALTOR.ca
What is an out-of province listing? An out-of-province listing involves a property located in a different province than the listing agent. CREA took this action following complaints from a number of boards and associations about out-of province listings being placed by agents who are not properly licenced in the province where the property is located. Of course, this policy does not affect valid out-of-province listings, and CREA continues to welcome all listings on REALTOR.ca that comply with provincial regulatory regimes and other applicable rules of CREA and local MLS® Systems.
New FINTRAC regulations, finalized by the federal government in 2013 to meet its international obligations, take effect February 1st. CREA has been lobbying for over two years to reduce the administrative burden and make it easier for members to comply. Indeed, significant progress has been made.
While the new rules take effect on February 1st, the government Guidelines that support compliance have yet to be published. As a result, FINTRAC has given assurances that it will take into consideration the publication date of the Guidelines when conducting compliance activities.
CREA has also been working on updating resource materials to make compliance with FINTRAC obligations easier; however, the Guidelines are the final piece of the puzzle that allows CREA to finalize its materials. These resources will be issued in the weeks following the publication of the Guidelines.
Update on status of Quebec membership within CREA
We are pleased that the Boards of Directors of the Greater Montreal Real Estate Board and the Quebec City Board decided to rejoin CREA after initially indicating they would not be members in 2014. This development is a welcome one for all members, both those in Quebec and those elsewhere in the country. We are glad that the Presidents of GMREB, Quebec and CREA were able to engage in renewed dialogue in a spirit of openness and collaboration in order to get this done on behalf of their shared membership.
This decision to rejoin will be confirmed pending member consultation and paves the way for other boards in Quebec to rejoin. Additional information can be found here.