Editor’s note: REM reached out to MREB for more information on the SGM, its outcome and the decision to move forward with the Cornerstone amalgamation. As of the time of writing, we have not heard back. Any information received will be added here.
On Monday, July 1, the Cornerstone Association of Realtors (Cornerstone) began its operations.
This follows a special general meeting (SGM) held by the Mississauga Real Estate Board (MREB) on June 26, where a vote in favour of terminating its amalgamation with three other Ontario boards as Cornerstone took place.
SGM vote to reverse decision didn’t stop amalgamation
However, MREB’s amalgamation has moved forward, as confirmed in a July 2 email to Cornerstone members from Bill Duce, CEO of Cornerstone:
“Like any amalgamation, this is not about endings but rather new beginnings. All four partnering associations, Hamilton-Burlington, Waterloo Region, Simcoe & District, and Mississauga will continue into Cornerstone. We take our extensive and celebrated past into new beginnings to become better together.
Nothing about this was easy, and by no means is the heavy lifting finished; it is just beginning. As you are likely aware, there has been some eleventh-hour angst at one of our partner associations when some vocal members tried to withdraw from the amalgamation. These members were engaged, passionate, and cared deeply about their association. While some of their concerns were absolutely on the spot, others were based on misinformation that created fear, uncertainty, and doubt.”
‘(MREB) did not honour the mandate of the SGM verdict nor communicate to membership what steps they took after’
Tahir Qureshi, broker of record and president of City-Pro Realty Inc., Brokerage, was one such concerned member. Quershi left the new association on July 2. “I have terminated my brokerage membership and designated TRREB as my home board,” he explains, despite supporting and partaking in MREB, his local board, for years.
“The painful part is the SGM reversing the amalgamation was not considered by the board … (They) did not honour the mandate of the SGM verdict nor communicate to the membership what steps they took after the SGM mandate.”
Tehreem Kamal, broker with Royal LePage Real Estate Services Ltd., Brokerage, echoes this sentiment and shares: “The Mississauga Real Estate Board of directors having chosen to disregard the members’ mandate is a serious violation of the Ontario Not-for-Profit Corporations Act (ONCA) and Mississauga Real Estate Board bylaws.
Also important is that the chair and three other directors had a direct conflict of interest in this matter from the start. When the then-president decided not to be on the task force, the president elect was appointed to the task force along with the chair and two other directors. It was determined at the last two meetings of the board (late last year) that the task force would become the (Cornerstone) board once the individual boards were dissolved.”
‘Amalgamations between real estate associations are not about MLS systems alone’
In his email, Duce goes on to explain that Cornerstone is fully aware of the concerns regarding access to MLS information:
“While the province’s inefficient and arbitrary ‘MLS system boundaries’ are actively shifting, members are still required to access two or more MLS systems. We are actively working on this issue and will continue until a satisfactory solution is reached.
Cornerstone staunchly believes that all Ontario realtors must have access to all Ontario MLS information to fulfill their fiduciary duties to their clients. It is not about how much data one has access to or having more data; you need all the data — full stop.“
He states that the amalgamation task force saw a presentation from PropTx, but that their “immediate attention is on completing the remaining tasks of our amalgamation while ensuring we provide our users with a robust and stable system … Amalgamations between real estate associations are not about MLS systems alone. We see multiple examples of associations within the same MLS system still pursuing amalgamations to provide additional efficiencies and excellence to their members.”
Duce’s wrap-up reiterates that real estate is local and that Cornerstone believes boards need to be as well.
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This article was complied with AI assistance and reviewed by an editor. More information can be found in our T &C
