History
The OACIQ, from yesterday to today
Although created officially in 2010, the OACIQ has a rich history that began in the 1950’s. The following timeline provides an overview of the various milestones and events that marked its current mission.
1954 - The Corporation des courtiers
The Corporation des courtiers en immeubles de la province de Québec is created on January 13, 1954
Beginning with a handful of members and very limited resources, the Corporation focuses on public protection and on advancing the professional interests of real estate brokers.
1962 - Real Estate Brokerage Act
The first Real Estate Brokerage Act is adopted.
1967 - Amendment to the Real Estate Brokerage Act
The Real Estate Brokerage Act is amended to create the Service de courtage immobilier, a government agency responsible for regulating and issuing permits.
The Corporation des courtiers en immeubles collaborates with the Service.
1972 - Succession of the Quebec Real Estate Association (QREA)
The Corporation des courtiers en immeubles is succeeded by the non-profit Quebec Real Estate Association (QREA).
Although this professional association does not have any powers under the Real Estate Brokerage Act, it sets standards for professional conduct and training.
1973 - Professional Code
The Québec government adopts a Professional Code to ensure the protection of the public while allowing professional corporations to remain autonomous (e.g. Collège des médecins, Chambre des notaires, Barreau du Québec).
1983 - QREA
Although not a professional corporation, the QREA develops its ability to self-manage and to differentiate between "protecting the public" and "defending the rights of its members".
It adopts a code of ethics, a disciplinary process and a mediation and arbitration procedure for all of its membership. Despite the Association’s limited legal means, these tools soon prove their worth and lead to higher standards for the profession.
That same year, the QREA proposes a complete training program for real estate brokers and agents, including an annual refresher course. A voluntary advanced training program and specialization courses are discussed, the equivalent of what is offered by the current Continuing Education Department.
The Association also suggests that candidates who successfully complete the certification training be officially recognized with the title of chartered agent. Concurrently, the government decides to amend the Real Estate Brokerage Act to require the successful completion of college-level courses.
1985 - The Real Estate Indemnity Fund (FICI) is created
The Real Estate Indemnity Fund (FICI) is created under the Real Estate Brokerage Act.
This government agency provides free protection to sellers, buyers and lessees in case of fraud, dishonest tactics or misappropriation of funds committed by real estate brokers or agents in the course of their activities.
1988 - Increase in the number of QREA members
The number of QREA members reaches over 13,000, from 4,000 in 1974. This growth gives the profession the resources it needs to reach its objectives.
1994 - A new Real Estate Brokerage Act comes into force
A new Real Estate Brokerage Act comes into force, creating the Association des courtiers et agents immobiliers du Québec (ACAIQ), which replaces the QREA.
The ACAIQ’s mission signals an era of change. Bringing together Québec’s 18,000 real estate brokers and agents, the ACAIQ is entrusted with the responsibility of enforcing the Real Estate Brokerage Act and the regulations thereunder, enacted in August 1993.
2006 - FARCIQ creation
The Fonds d’assurance responsabilité professionnelle du courtage immobilier du Québec (FARCIQ) begins operations for all Québec real estate brokers and agents.
2007 - A draft revision of the Real Estate Brokerage Act
To better respond to changing needs, a draft revision of the Real Estate Brokerage Act is tabled in December.
2008 - Adoption of the new version of the Real Estate Brokerage Act
The new version of the Real Estate Brokerage Act is approved and adopted by the National Assembly in May.
Its purpose is to reform the oversight of real estate brokerage in Québec and overhaul its regulations. The ACAIQ is poised to become the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ).
2010 - L’ACAIQ becomes l’OACIQ
2010 - ACAIQ becomes OACIQ
The OACIQ upholds the ACAIQ’s mission and mandate, except that the new Real Estate Brokerage Act gives it extended powers, enabling it to better regulate the profession and provide more comprehensive protection to the public.
The main changes made to the Act are as follows :
- The designation "real estate agent" is replaced by "real estate broker", and former "brokers" are now "agencies";
- Mandatory continuing education sessions are introduced for brokers and agency executive officers;
- Entrance examinations measure key competencies applied to real-life cases, replacing the former multiple-choice, knowledge-based examinations
- The OACIQ Assistance Department is officially recognized.
In addition, the Organization now manages the Real Estate Indemnity Fund (FICI), although the Fund’s assets remain separate from those of the OACIQ.
In July, the OACIQ team moves into a brand-new building in Brossard.
2011 - The OACIQ tables its first Annual Report
In March, the OACIQ tables its first Annual Report.
In the fall, the Think about it advertising campaign is launched. Dedicated to increasing awareness of the indispensable role of the broker, the campaign is aimed at both consumers and real estate professionals. The results are excellent: the microsite receives over 300,000 hits and members of the public say they are increasingly likely to use the services of a real estate or mortgage broker.
2012 - The “Real Estate Summit”
In February, many of the profession’s stakeholders meet for a one-day event called the “Real Estate Summit”.
They ponder the future of real estate and mortgage brokerage in Québec and define the best approaches to guarantee future success.
In addition to a management group, five working groups are created to make good on the resolutions adopted at the Summit in the area of training, collaboration, agency executive officers, province-wide advertising and service offer, and integrated communication plan.
Following the Summit, a regulatory change is announced by the Minister on November 28, 2012, establishing OACIQ-recognized mandatory basic training for all candidates starting in September 2013.
The OACIQ also sets up two internal working groups, one on mortgage brokerage and the other on commercial real estate brokerage.
The OACIQ made two new tools available to brokers to help them use the new mandatory forms and thus better protect the public:
- The Interactive tool on forms, containing explanations on important clauses;
- The InstanetFormsTM platform, to access the OACIQ forms electronically.
With the same goal in mind, a major symposium on co-ownership helped brokers learn more about the specifics of transactions involving divided or undivided co-ownerships.
2013 - A basic training recognized by the Organization
On September 1st, any person wishing to become a licensed broker by the OACIQ must successfully complete a basic training recognized by the Organization before writing an exam, which is also designed by the OACIQ.
The OACIQ’s Internal By-laws were amended to create two new positions on the board of directors, representing mortgage brokers and commercial real estate brokers.
2014 - New tools
The Organization posted online several new tools to better inform the public, including:
- An improved version of its oaciq.com website;
- A new edition of the popular Seller’s Guide and Buyer’s Guide;
- A full version of the Register of licence holders accessible through the Check a broker's record tool.
This register allows, in particular, to know what trainings the broker has completed and whether his licence has already been suspended.
2015 - The year was marked by two significant achievements
The year was marked by two significant achievements for the protection of the public: The coming into force, on May 1, of the Mandatory Continuing Education Program for all brokers, as well as the involvement of the OACIQ in the review process of the Real Estate Brokerage Act by the Ministère des Finances du Québec.
The OACIQ submitted an extensive brief to the Ministry of Finance that included various concrete improvements to enable it to continue fulfilling its mission as a regulator.
A content partnership was concluded with Protégez-Vous to better inform and assist the public.
2016 - The new President and CEO of the OACIQ took office
In May, the new President and CEO of the OACIQ, Nadine Lindsay, took office.
The OACIQ aligned its actions with a new vision and new inspiring values: leadership, competence and integrity.
2017 - The OACIQ started its 2017-2019 strategic plan
The OACIQ started its 2017-2019 strategic plan, which focused on four major directions, namely:
- Reinforcing oversight of real estate and mortgage brokerage;
- Promoting a culture of compliance in professionals licensed by the OACIQ;
- Strengthening the OACIQ’s effectiveness and continuity;
- Broadening the OACIQ’s reach and visibility.
Revision of the Real Estate Brokerage Act: the OACIQ submitted a brief and continued the dialogue with the government to ensure that consumers who choose to deal with a broker benefit from the best possible protections.
The OACIQ held a major symposium on major real estate issues, allowing 500 participants to help advance and innovate real estate brokerage.
Brokers and agencies benefit from better supervision and training. At the end of the first two-year cycle of the Mandatory Continuing Education Program, some 16,000 licence holders completed almost 110,000 hours of training.
2018 - Adoption of Bill 141
The adoption of Bill 141 by Finance Minister Carlos Leitão introduces major changes to the Real Estate Brokerage Act. Well-prepared, the OACIQ starts implementing them.
Upon the recommendation of the OACIQ, the government increased the indemnity paid to the public in case of fraud, fraudulent tactics or misappropriation of funds. The maximum indemnity went from $35,000 to $100,000 per claim.
The OACIQ and Option Consommateurs sign an agreement to better inform the public of the protections offered by courses by Real Estate Brokerage Act.
We engaged in an organizational trust initiative involving the Board of Directors, managers, employees and brokers. During a symposium held in October, hundreds of real estate and mortgage brokers were invited to become trusted intermediaries for their clients.
The Organization put tools in place to monitor emerging business models to adapt its surveillance practices in an ever-changing environment.
As a result of its various initiatives (information campaigns, increased presence in the field, modernization of its platforms), the OACIQ’s visibility with the public increased by 60%.
To view the 2018 highlights.
2019 - The OACIQ continues to be a trusted ambassador.
- A new mandatory continuing education cycle was launched in May.
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A new version of the three-year strategic plan was introduced, focusing on the future and sustainability of the Organization.
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We prepared the transfer of the mortgage brokerage supervision to the Autorité des marchés financiers (AMF).
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The activities of FARCIQ were integrated into those of the OACIQ.
2020 - The year was marked by the start of the global pandemic
The year was marked by the start of the global pandemic. In addition to informing consumers and licensees about the health measures to be respected during real estate transactions, the OACIQ has continued to promote the protections offered by the Act.
On May 1, 2020, the Autorité des marchés financiers (AMF) has officially started supervising mortgage brokerage. This transfer of supervision is part of the amendments made by the recent Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions.
2021 - The overheated housing market
Faced with the overheated housing market, the Organization implemented three initiatives to protect consumers: a new mandatory training course for residential real estate brokers, a public awareness campaign and an additional initiative to its prevention program–mystery shoppers.
It’s the beginning of a new cycle of the Mandatory Continuing Education Program adapted to the evolving commercial and residential real estate brokerage in a hot housing market context.
On June 15, 2021, a cooperation agreement between the OACIQ and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) came into force. This agreement helped strengthen the Quebec real estate industry's compliance with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, reduce duplication of effort between the two organizations, and make the compliance burden easier for those working in real estate brokerage in Québec.
Guidelines on conflict of interest and the prevention of fraud and money laundering in the real estate industry were developed and disseminated. These guidelines clarified the regulator's expectations in the application of regulations.
Bill 5 Act to amend various legislative provisions mainly with respect to the financial sector came into force on December 8, 2021. This new law amends the Real Estate Brokerage Act to provide that the holder of a real estate brokerage licence issued in another jurisdiction (another Canadian province or another country) wishing to engage in commercial or residential leasing brokerage activities in Québec will have to obtain a special authorization or a real estate brokerage licence from the OACIQ.
2022 - Booming housing market
After months of real estate boom, consumers are now facing an inflationary surge marked, among other things, by an increase in interest rates that is also affecting the housing market.
It is in this context that the legislative amendments arising from Bill 5 come into force: the prohibition of double representation and verbal contracts for the purchase of a property. The aim of these amendments is not only to improve the oversight provided by the Real Estate Brokerage Act, but, more importantly, the protection of the public.
This is also the last year of the three-year strategic plan 2020-2022. The OACIQ teams are therefore looking to the future to prepare the new strategic plan 2023-2025. The new plan takes into account the various changes in the housing market in recent years. The monitoring of emerging practices, implemented by the OACIQ during the year, enables us to keep abreast of the latest trends.
The OACIQ is also continuing its oversight and prevention role as part of the Mandatory Continuing Education Program for licensees. The prevention of money laundering and financial crimes has been added to the content offered to licensees. Furthermore, hiring and retaining staff remain a challenge for employers in 2022. The OACIQ is also facing a labour shortage and has decided to establish an "employer brand" to attract and retain the best talents.
2023 - A turning point for the OACIQ
The year 2023 was a turning point for the OACIQ, notably with the integration of artificial intelligence, the modernization of its management tools and the automation of several processes.
This innovation was part of a broader strategy to strengthen public protection and optimize operational efficiency.
Strengthening real estate brokers’ oversight was a priority, with the development of new compliance and inspection programs, and an improved file handling process.
In addition, in line with its new strategic planning, the OACIQ launched its exchange forums for various audiences. Brokers, agency executive officers and consumers were invited to six meetings designed to share information, discuss issues, and answer questions–allowing the Organization to align itself perfectly with the reality of real estate brokerage in the field.
The OACIQ's visibility increased by 250% in six years, thanks to improved communication tools and channels and proactive media relations. The Organization demonstrated its commitment to the well-being of its employees through targeted initiatives, thereby reinforcing its position as an employer of choice.
2024 - A year of transformation
The year 2024 was a year of transformation for the OACIQ, marked by the modernization, strengthening of licensees’ oversight, and optimization of communications, notably thanks to the outstanding performance of Élise, our virtual conversational agent assisted by artificial intelligence.
The roll-out of digital exams has optimized the assessment process for future real estate brokers and improved the candidates’ experience. At the same time, an analysis to modernize the information centre Info OACIQ was undertaken.
The exchange forums for brokers, agency executive officers, students and other stakeholders have been continued and have enabled us to gain a better understanding of the industry's challenges and needs.
The OACIQ also considerably improved its communications and visibility in 2024, with a 20% recognition rate, an increase of 400% in 7 years. This significant increase is the result of both a multi-platform communication strategy and the decision to systematically publish the decisions of the Discipline Committee, thereby promoting transparency and trust. Structural work has also been carried out, including the revamping of the Organization's website, which will be launched in 2025.
The OACIQ has also offered several training courses to its employees, including three sessions on the use of artificial intelligence in the everyday tasks and projects of the Organization. Managers also received training on current human resources management issues to enable them to face various challenges and help make the OACIQ an employer of choice.
- Reference number
- 206217
- Last update
- August 10, 2022