Study of Bill 16: The OACIQ is excited about the government's openness to oversee co-ownership property managers

Brossard, August 22, 2019 – The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) is following with great interest the work of the Committee on Planning and the Public Domain on Bill 16 for the purpose, among other things, of regulating divided co-ownership. 

We reaffirm our support for the government's desire to take action in this area and are pleased to note its openness to oversee co-ownership property managers. 

As mentioned during a parliamentary committee last May, the OACIQ reiterates again the need to supervise co-ownership property managers to protect the public. Considering that there is no organization that ensures the standardization of practices and to which the consumer can turn in the event of a breach, the OACIQ would worthily accept the responsibility of overseeing co-ownership property managers. We therefore support the desire of members of parliament to better regulate divided co-ownership and are willing to assist them in their thinking on the supervision of co-ownership property managers.

“As the authority of real estate and mortgage brokerage in Quebec, the OACIQ has the structure, the capacity and the knowledge to act as a regulator of co-ownership property managers. We offer all our expertise and collaboration to the government to better protect the public in the co-ownership sector,” says the President and CEO of the OACIQ, Nadine Lindsay. 

An experienced and concerned regulator

As a regulator established by the Minister of Finance to enforce the Real Estate Brokerage Act, the OACIQ's unique mission is to protect consumers in their real estate transactions involving a residential, commercial or mortgage broker. This represents almost 16,000 licence holders who are subject to the OACIQ supervision. We also act as the liability insurer for brokers and agencies and play an active role with the Real Estate Regulators of Canada. 

In addition, the OACIQ has all the expertise to provide online, classroom and webinar training activities and knows how to surround itself with experienced experts and trainers throughout Quebec.

About the OACIQ

The OACIQ ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act. It is a member of the Real Estate Regulators of Canada (RERC), a body 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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Last updated on: August 22, 2019
Numéro d'article: 207028