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Canadian Real Estate Association meets with Federal Government

Fri, 17 Feb by Pauline Relkey

Submission to the House of Commons Standing Committee on Finance:
Canadian Real Estate Market and Homeownership
February 2017

Gary Simonsen
Chief Executive Officer

EXECUTIVE SUMMARY

Thank you, Mr. Chair. The Canadian Real Estate Association would like to thank the committee
for the opportunity to participate in the study on the Canadian Real Estate Market and Home
Ownership. CREA represents over 120,000 REALTORS® from across the country. As one of
Canada’s largest single-industry associations, we represent real estate brokers and agents, as well
as home buyers and property owners throughout the country.

Canada’s housing market is a key component of Canada’s overall economic stability and an
important generator of jobs and economic security for the middle-class. In 2016, each home sale
generated over $52,000 in spin-off spending. This translates to one job for every three home sale
transactions. In addition, resale housing transactions through the Multiple Listing Service
(MLS®) generated more than $28 billion in consumer spin-off spending and created more than
198,000 jobs in 2016.

Most Canadians see their home as a source of pride, satisfaction and accomplishment not to
mention a safe environment in which to raise their family and create happy memories. This is
why CREA has been advocating for the indexation and modernization of the Home Buyers’ Plan
(HBP), a program that allows Canadians to use their RRSP savings to purchase their first home.
We were pleased to see that the plan was included in multiple election platforms in 2015 and we
will continue to work with the government to ensure it remains a valuable program for all
Canadians.

As all real estate is local, it is important to note that the housing markets in and around Toronto
and Vancouver have different realities compared to elsewhere in Canada – the vast majority of
which are either well balanced or amply supplied. It is crucial to consider and reflect upon
different areas of the country when enacting policy that affects a wide swath of housing markets,
including places not targeted directly by the government’s recent regulatory measures.
Consumer demand in markets like Toronto and Vancouver is at an all-time high and there is a
significant shortage in housing supply. Various factors have caused an imbalance on the supply
and demand of homes which in turn drives up prices significantly. As this is a complex matter,
CREA is encouraged that the federal government created a working group comprised of federal
officials as well as provincial and municipal representatives. The three levels of government will
be able to focus on the challenges in each region and recognize the local reality for all markets.
While the provincial governments in Ontario and British Columbia have recently introduced
measures to assist first-time home buyers, the federal government has tightened national
mortgage rules, thereby lessening affordability for those seeking to enter the market. If the
federal government continues to tighten mortgage rules, will this force the provincial
governments to implement further programs to assist-first time-time homebuyers? CREA and its
REALTOR® urges all levels of government to continue to work together to reach a healthy,
competitive and stable housing market. We are prepared to share analysis of local housing
market trends and apply our knowledge and data to help the government policy makers at all
levels better understand how changes to housing market regulations may affect communities
across Canada.

Assistance for first-time homebuyers should be top-of-mind for all levels of government. Firsttime
homebuyers need support to overcome the obstacle of saving for a downpayment in order to
reach their homeownership dream. The plan’s purchasing power is steadily declining and has
become less valuable due to the increase in home prices. We recommend the plan be indexed to
inflation to preserve its purchasing power and continue to help first-time homebuyers attain
homeownership.

Easing affordability concerns is a key principle of the plan and Canadians should be able to
benefit from this program more than once. Canadians and their families who face sudden life
changes such as job relocation, the death of a spouse, a marital breakdown or the decision to
accommodate an elderly family member may need support to maintain homeownership.
Expanding the plan for Canadians to use their RRSPs as a zero-interest self-loan is a fiscally
responsible way to support families through a difficult period of change.rrsp

In the last eight years, the federal government has implemented six rounds of changes to tighten
the rules for new government-backed insured mortgages and contain risks in the housing market.
These measures have been implemented over a short period of time and their full impact has yet
to be determined. We recommend the government take a pause to fully evaluate the cumulative
impact of the changes before looking at implementing additional measures.

Thank you for your time, I would be pleased to answer any questions the Committee might have.

Realty Executives History

Tue, 25 Oct by Pauline Relkey

Some of you have asked about the company I chose to move to in 2014.  Well, here is the history below about Realty Executives.  Yes, we are on the MLS (Multiple Listing Service). Yes, I still provide the same service as before. Yes, it’s a great company or else I wouldn’t have moved here.

1965 – a real estate professional named Dale Rector was about to transform the real estate industry. He launched Realty Executives with 1 office in Scottsdale, Arizona. Agents were charged a $35 monthly fee plus a share of expenses. The company started with 4 agents. Dale Rector acted as designated broker for Realty Executives Phoenix. The concept, designed to provide the maximum benefit to the most productive, experienced and effective real estate agents, birthed the first ever 100% commission real estate company – Realty Executives.
(Century 21 was founded in 1971, Remax in 1973).

1970 – Realty Executives has 100 agents in Phoenix area.

1972 – Realty Executives becomes the No. 1 Phoenix brokerage.

1973 – Realty Executives opens in Tucson, the company’s first expansion office outside of the
Phoenix area. This expansion marks the company’s first official franchise.

1974 – Realty Executives Phoenix tops $100 million in sales for the first time.

1976 – Realty Executives expands to California with a franchise in Oceanside. By the end of the year, the company has offices in Arizona, California, Colorado, Florida, Iowa, Nebraska, Oklahoma, Pennsylvania, Texas, Wisconsin and Utah.

1980 – Rich Rector becomes president of Realty Executives Phoenix and chairman of the franchise company, which was named Execu*Systems, Inc. at the time.

1984 – Rich and his wife, Robyn, purchase the real estate franchise company (Execu*Systems, Inc.) from R. Dale Rector.

1988 – Realty Executives International obtains its first Canadian franchise. (Century 21 in 76 and Remax in 77) .

1994 – Realty Executives International experiences a record year of franchise growth adding more than 100 new franchises and more than doubling the previous record of 43 new franchises sold in 1993.

1994 – Realty Executives ranks 54th in Success magazine’s list of the 100 best franchise companies in America. Realty Executives International sells franchising rights to establish Realty Executives in Mexico and South Africa.

1997 – Realty Executives forms Homes from the Heart as its corporate charitable program, building and renovating homes for needy families across the system, largely in partnership with Habitat for Humanity International.

1999 – Realty Executives International ranks 27th in Success magazine’s annual list of the top 100 franchise companies in the United States.

2001 – Realty Executives International opens first offices in Mexico. The 3 new offices are located in the cities of Chihuahua, Lake Chapala and Ensenada.

2002 – Realty Executives continues its aggressive international expansion, with the opening of offices in Australia and Israel.

2003 – R. Dale Rector honored as one of the top 25 Most Influential People in Real Estate by REALTOR magazine.

2004 – Realty Executives ranks in Entrepreneur magazine as one of the “Fastest Growing Franchises.”

2006 – “Fastest Growing Franchises.” Realty Executives rolls out HomeWorks, a national marketing initiative designed to help teachers and others in the education field purchase homes.

2008 – Expansive growth in Central America includes Costa Rica, Panama, Nicaragua and Belize.

2010 – Realty Executives International expands rapidly on the global level. New international territories include Turkey, Saudi Arabia, Qatar, United Arab Emirates, Oman, Dominican Republic, Bahrain and Kuwait.

2012 – New international franchises in Lebanon, Jordan and Egypt.

2013 – Rich Rector announced as the Recipient of National Homeownership Award.

2013 – Realty Executives International Ranked #276 amongst All Franchise Companies by Entrepreneur magazine’s 2013 Franchise 500® List.

2013 – New international master franchisor in Malaysia.

2014 – Rich Rector named #30 on the Swanepoel Power 200 List of Influential Real Estate Leaders.

2014 – Realty Executives International Ranks #6 on the Phoenix Business Journal’s list of Top Franchisors.

2015 Realty Executives International is located in 32 countries with over 10,000 agents worldwide.

Revolutionary thinking is what made Realty Executives different from the competition in 1965, and continues to make us different today. Sophisticated technology platforms, relevant training and world-class brand recognition awards and attracts the best agents in the real estate industry to become “Executives”. Our culture frees agents to focus on what matters most – providing the best service to clients in any market.

Our progress in today’s real estate market puts the consumer experience first. Well-informed, steeped in technology and always on the go, consumers start their real estate searches online over 90% of the time, with 68% of home shoppers utilizing mobile applications throughout their research. It comes as no surprise – over the past 4 years, real estate related searches on Google have grown by 253%.

Realty Executives embraces these changes, placing technology, marketing and training initiatives first so that agents and brokers throughout our expansive network can meet the needs of clients today and tomorrow.

realty-executives

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.