Episode 53: Unpacking the Draft Business Case for REALTOR.ca

Exploration into turning REALTOR.ca into a for-profit subsidiary of CREA has included the most comprehensive due-diligence process undertaken in CREA history.. It’s about keeping REALTORS® at the forefront, looking at how this invaluable tool could be better leveraged to serve members, and addressing changing consumer needs. The proposed path forward is outlined in REALTOR.ca Forward: the draft business case for REALTOR.ca as a taxable entity.

Understandably, the discussion has sparked curiosity from members.

On this episode of REAL TIME, Janice Myers, CREA CEO, and James Mabey, CREA Chair, answer common questions regarding the draft business case and what the transformation could mean for REALTORS®.

Transcript

Erin Davis: Hi there. This isn't the first time that we have dedicated an episode to a discussion about REALTOR.ca and what's next for its future. Well, for today's conversation, we're doing something a little bit different. Before we look ahead, we're going to peel back the curtains a bit, and I guarantee you'll learn something about REALTOR.ca you didn't already know. I'm Erin Davis, and welcome to REAL TIME. For today's conversation, we're joined by CREA's CEO Janice Myers, and the chair of the 2024-25 CREA Board of Directors, James Mabey, who's also a broker owner from Edmonton, Alberta. Welcome both to REAL TIME.

James Mabey: Thanks so much for having us, Erin.

Janice Myers: Pleasure to be here.

Erin: Thank you. Now in Canada, if you're someone who has any interest in real estate, there's a very good chance that you have heard of REALTOR.ca. And we know that because of the market share. So how did REALTOR.ca come to be? And we'll start with you, James.

James: That's a great question, Erin, and something that we're very proud of at CREA. So historically, of course REALTOR.ca started as MLS.ca and that was way back in 1995 when a group of associations and boards came together to create a single source for listing information for consumers. And because it's a trusted source for Canadian consumers, it has become, of course, wildly popular and meets the needs of buyers and sellers, but also REALTOR® members across the country.

Janice: And I would add to that that, you know, the success has come from that initial collaboration of boards and associations, the community across Canada and and the strategic foresight that those people had to and REALTORS®, of course, had to create REALTOR.ca. And it is really, truly the envy of, of and a prime example of collaboration. It's the envy of the world. So we're very fortunate to have it.

Erin: You would ask a question that would kind of bring to light just what REALTOR.ca is. When you talk with new members. Janice, tell us about those sort of off the cuff but very insightful conversations.

Janice: Well, REALTOR.ca would come up in the context of talking about MLS, the MLS trademark, and what MLS systems are and when. I'd have a group of new REALTORS® just starting in the business, we'd talk about the three pillars of the MLS and what an MLS system is with respect to the data, etc. and then REALTOR.ca would come into the conversation and I'd say, well, so what is REALTOR.ca? It's not the MLS system. And then we talk through, oh yeah, it's the consumer portal. And everybody knew of REALTOR.ca. And when I would say to them that is your industry owned consumer portal. And every single board and association sends data to REALTOR.ca, which is managed by CREA. They would be very impressed.

Erin: I guess so, and it is obvious that this tool has resonated with Canadians. But did its success come as a surprise?

Janice: I guess in a way, I mean, I don't think that everybody thought that, you know, that collaboration,