Consumer protection: Québec Federation of Real Estate Boards calls for Bill 141 to be withdrawn

NUNS' ISLAND, QC, May 7, 2018 /CNW Telbec/ - The Québec Federation of Real Estate Boards (QFREB), representing the province's 12 real estate boards and their 13,000 broker members, today announced that it supports Québec's three major consumer protection associations and is joining them in calling for Bill 141 to be withdrawn. In the QFREB's view, this draft legislation clearly represents a step backward in public protection.

The QFREB acknowledges the need to rethink regulation of Québec's financial sector and welcomes the Minister of Finance's action in initiating the debate. However, the QFREB believes that Bill 141 as tabled is extremely lengthy, and the current deadline does not allow sufficient time for it to be properly studied.

"Our federation supports the proposal to establish an expert panel that would take more time to examine the issues — particularly those defining real estate brokerage operation — and could recommend an approach fully relevant to the current context," says QFREB President Patrick Juanéda."

As concerns the housing resale market specifically, the QFREB maintains that the deregulation proposed by the Minister — whereby anyone would be able to act as a real estate broker, with no regulatory framework to govern the practice — would compromise public protection in property purchase transactions. Buying a home is generally the largest financial transaction that people make in their lifetime.

"Given that the protection of the public is at stake, it is essential that the government take the necessary time to properly and democratically assess the repercussions of the legislation. Fast-tracking this bill through the National Assembly flies in the face of all logic," Mr. Juanéda stresses.

In the fall of 2017, 4,000 of Québec's brokers mobilized to voice their concerns to their MNAs regarding the direction being taken in the legislative reforms that eventually became Bill 141. In that same spirit, the Federation also went before the parliamentary committee studying the bill to ensure that consumers are fully protected during a real estate transaction.

About the Québec Federation of Real Estate Boards

The Québec Federation of Real Estate Boards (QFREB) is a non-profit organization representing the province's 12 real estate boards and their nearly 13,000 member real estate brokers. Its mission is to support Québec's real estate boards in order to defend, protect and promote the interests of real estate brokers through the provision of services in the areas of professional practices, public affairs and market analysis. The QFREB is guided by an approach centred on collaboration and resource sharing.

SOURCE Québec Federation of Real Estate Boards

Jacynthe Alain, Assistant Manager, Communications and Public Relations, Québec Federation of Real Estate Boards, 514 647-8249, [email protected]