CTV News reports that Quebec realtors are facing an increasing number of disciplinary cases due to accusations of “financially abusing” their clients.
Some realtors are being accused of exploiting vulnerable or elderly homeowners by purchasing their homes at a lower price and reselling them for a higher profit. The disciplinary committee of the Organisme d’autoreglementation du courtage immobilier du Quebec (OACIQ) has uncovered these practices over the past few years.
According to Jacinthe Roy, executive director of the senior organization Reseau FADOQ, this practice is considered “outright financial exploitation.” Paul-René Roy, president of the Association quebecoise des retraite(e)s des secteurs public et parapublic (AQRP), condemns these practices as “profoundly inhumane and contrary to professional ethics.”
Conflict of interest complaints up 12% over one year
The OACIQ spokesperson, Joanne Beauvais, explains that realtors should not sign a brokerage agreement if they intend to buy property from a potential client. They are obligated to prioritize their client’s interests over their own, as double representation is prohibited in the province since 2022.
The OACIQ confirms in an email to REM that the number of conflict of interest complaints from the public increased from over 31% in 2021 to over 43% the following year (which then decreased to 11.3% in 2023). An example cited is a realtor who made $500,000 in profit by purchasing property from two clients and was fined $150,000 for conflict of interest.
After investigating conflict-of-interest cases, the OACIQ syndic decides whether to file a complaint with the discipline committee. Requests for assistance received by the OACIQ have increased by about two percent over the past three years.
‘(Realtors) must perform their duties ethically, in the interests of buyers & sellers, and in compliance with the Real Estate Brokerage Act’
In response to these issues, the Quebec Professional Association of Real Estate Brokers (QPAREB) released a statement on July 3 denouncing any illegal acts committed by real estate brokers. They emphasize the importance of performing duties ethically and in compliance with the Real Estate Brokerage Act.
QPAREB president, Serge Brousseau, acknowledges the seriousness of the situation and expresses determination to find lasting solutions to ensure professionalism among members in collaboration with the oversight role of OACIQ.
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