Enhancing the protection of seniors in real estate transactions
FADOQ welcomes the intention of Quebec’s Minister of Finance to strengthen regulations regarding real estate brokerage through Bill 92.
However, we believe that it is possible to go further in protecting seniors from abuse in real estate transactions. With this in mind, we wish to contribute to improving the bill and the practices of the Organisme d’autoréglementation du courtage immobilier (OACIQ).
Real estate is a key element in retirement planning for seniors in Quebec. It is therefore essential that the government pays special attention to real estate brokerage in the context of this legislation.
First, it is important to emphasize that the vast majority of real estate brokers in Quebec comply with current regulations and act ethically and respectfully.
In the brief we submitted, we presented several recommendations to help prevent abuse. One of these is the inclusion of a course on protecting vulnerable clients as part of the Attestation of College Studies (AEC) in residential real estate brokerage. We also recommend making this training mandatory in the OACIQ’s continuing education program.
Strengthening Deterrence Measures
FADOQ supports the proposed increase in fines for real estate brokers found guilty of misconduct. However, we suggest that the amount be doubled when the victim is a person aged 65 or older, or in a vulnerable situation. As our president, Gisèle Tassé-Goodman, stated in an interview on 98.5 FM, such a measure would send a clear message: mistreatment of these individuals is unacceptable in real estate transactions.
Furthermore, to help clients make better-informed decisions when choosing a real estate broker, the information provided in the License Holder Registry should be enhanced by including any disciplinary decisions against them.
It would also be appropriate to require real estate brokers to report any suspected financial abuse during a real estate transaction.
Finally, to reduce pressure-driven sales or purchases, we suggest implementing a mandatory reflection period before any transaction involving a person aged 65 or older, or someone in a vulnerable situation. We also recommend allowing the disclosure of other purchase offers on a residential property, in the interest of transparency.
You can consult our full brief to read all of our recommendations.
Read the brief (in French only)
