If the Quebec government pushes ahead with the legislation proposed in Bill 141 it would mean less protection for consumers.
That’s the view of the Quebec Federation of Real Estate Boards (QFREB) which says that while it acknowledges the need for the province’s financial regulations to be updated, the current deadline does not allow enough time to address the issues.
"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."
The federation, which represents Quebec’s 12 real estate boards with a combined 13,000 broker members, says that Bill 141 would be a “step backward” in consumer protection.
Housing market would face new risks
The proposed legislation would cover many areas of the financial sector, but QFREB is particularly concerned about a change in the rules regulating real estate agents and brokers.
A deregulated industry with no proposed framework to oversee an industry which could allow anyone to act as a real estate broker would compromise public protection in homebuying transactions, the Federation warns.
"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.
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