Realtor.ca has officially become a standalone, wholly-owned taxable subsidiary of the Canadian Real Estate Association. The entity was legally formed on Jan. 6, with governance now under its transition board of directors.
Following the board’s first meeting this week, Patrick Pichette, who has been the vice president of Realtor.ca for over six years, has been appointed as interim CEO.
This restructuring is aimed at giving Realtor.ca more operational flexibility to pursue additional revenue opportunities and invest in further development, according to CREA.
“I’m honored to lead the exceptional Realtor.ca team and excited to continue building on the platform’s success in recent years. REALTOR.ca is a crucial resource, and I strongly believe in the value it brings to the Canadian real estate industry,” said Pichette.
CREA explains that the move to a taxable subsidiary is a response to increased competition, changing consumer expectations, and rising operational costs. The association aims to reduce reliance on member dues while maintaining Realtor ownership and reinvesting profits back into the platform.
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