The Quebec government is proposing new regulation for the real estate brokerage industry.

The Minister of Finance, Monique Jérôme-Forget, tabled a bill is designed to replace the existing legislation by modernizing real estate brokerage regulation. The bill confirms the public protection mission of the Association des courtiers et agents immobiliers du Québec and proposes replacing its name with the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) to better reflect its mandate.

In addition, the bill simplifies designations that no longer correspond to the current responsibilities of real estate agents and brokers and confuse the public. Under the bill, a person is designated as a “broker” and a business as an “agency”. The bill also updates the intervention powers of the OACIQ, in particular by raising fines and granting the power to apply for certain injunctions.

“For many consumers, acquiring a residential property is their biggest investment. Accordingly, it is important to protect the public with adequate regulation while allowing brokers to develop an efficient industry. The industry, consisting of roughly 17,000 brokers and agents, is an important component of Québec’s economy,” Jérôme-Forget pointed out.