Montreal Real Estate
Real Estate Agents vs. Brokers
Welcome to Montreal Real Estate! I am Jenn, your Montreal based real estate broker – wait, don’t run – you were looking for a real estate agent? You are still on the right website!
In Quebec, a person who facilitates in selling and buying real estate properties is called a real estate broker and no longer called a real estate agent. A broker works for a real estate agency (I work for Groupe Sutton Centre Ouest). Whenever you sign a brokerage contract with a real estate broker, you are actually signing a contract with their agency, and the broker represents them.
Are you still awake? Long story short, we cannot refer to ourselves as real estate agents (but you can!) – we call ourselves real estate brokers now!
The Real Estate Board and Associations
Every residential real estate broker must be affiliated with an agency in order to buy and sell residential properties such as houses, condos and small apartment buildings. They also must be a member of the Greater Montreal Real Estate Board (GMREB) and the Organisme d’autoréglementation du courtage immobilier du Québec (OCAIQ). Legally, we all have to have professional insurance and use the mandatory contracts that are provided to us by the OACIQ.
OACIQ is the body responsible for overseeing real estate brokerage in Québec. Its mission is to protect the public by supervising the professional activities of all real estate brokers in accordance with the Real Estate Brokerage Act.
In Quebec, any real estate brokerage transaction, besides the selling of your own personal property, must be carried out by a certified real estate broker. A contravention of this rule constitutes a violation under the Real Estate Brokerage Act and exposes the violator to legal proceedings before the Court of Quebec. OACIQ can investigate to verify whether a person or business is practicing the activity of real estate broker illegally.
A New Governing Board
Recently there has been in a change in the organization and the OACIQ, which has been governing real estate brokers and mortgage brokers, is separating the two into their own associations. Which mean that the OACIQ will dissolve and the Québec Professional Association of Real Estate Brokers (QPAREB) will become our new board.
Real Estate Companies
There are over 12,000 real estate brokers in Quebec and many different real estate companies/agencies. Most people think there are only real estate companies that carry the big names, such as Sutton, Remax, Century 21, etc. However, there are hundreds more. A real estate broker, who has been working for 5 years or more, can get more training and become a “chartered” real estate broker, which allows them to open up their own banner. It sounds like something that all brokers would want to do, however the amount of extra paperwork, time, expenses, audits, managing staff, overhead, etc, can be a turn off.
Groupe Sutton Centre Ouest
I chose Groupe Sutton Centre Ouest to work for because of the management, support and because of the other brokers that work there. I like knowing that I can call my manager or another broker to discuss a case. The support staff are friendly and extremely competent (and we have the best Christmas parties!) I feel like I’m part of a family. It’s more than just a work environment. To find out more about me, Meet Jenn.
The Montreal Market Right Now
I’ve been in this business for almost 15 years now, and the market plays an important factor on finding the best deals to purchase and knowing what price to list your property at to get the best return. Faithfully keeping abreast and continually doing research is how I stay current. To find out more about the current Montreal market, visit Market Updates.
Investing in Montreal
Montreal is getting a lot of international attention. Many foreign investors are being reported moving their money into Montreal real estate. With our property values still considerably low compared to other major international cities, foreign investors aren’t worried much about cashflow. Although we’re all crying over the amount of road construction, the city is setting itself up to attract even more people and corporations. Buying on the potential, means finding a property where you can add value through upgrades and renovation, and in areas with fast appreciated growth. For more information on real estate investing, join my Montreal Real Estate Investor’s Group.