REM – CREA partners with FCAC

CREA is collaborating with the Financial Consumer Agency of Canada (FCAC) to help consumers navigate theLaunching The Homebuyer’s Roadmap, from left: Pauline Aunger, CREA director-at-large; Ursula Menke, FCAC commissioner; Gary Simonsen, CREA CEO; Shelly Glover, parliamentary secretary to the Minister of Finance; and Ansel Clarke, president of the Ottawa Real Estate Board. complexities and financial implications of purchasing a home. The Homebuyers’ Road Map was recently launched on CREA’s website at crea.ca.

In a recent Nanos Research survey for CREA, more than 63 per cent of Canadians indicated a “major need” for more information about the financial details of buying a home. That figure rose to 70 per cent for respondents between the ages of 18 and 29.

“As Realtors, we appreciate that young Canadians and first-time homebuyers are craving more information about the financial details required to purchase a home. The purpose of the Homebuyers’ Road Map is to empower consumers with the knowledge, skills and confidence to make responsible financial decisions about one of the largest purchases they will ever make,” says Gary Simonsen, CREA’s CEO.

Launched to coincide with Financial Literacy Month, the map is a guide that will help Canadians better understand the home buying process as well as appreciate the importance of negotiating with lenders and researching government programs, says CREA.

Competition watchdog, realtors reach a deal

Tim Shufelt and Theresa Tedesco, Financial Post · Thursday, Sept. 30, 2010

In a development that could drastically change the way Canadians buy and sell their homes, the real estate industry has reached a landmark agreement with federal competition authorities.

The legally binding deal will allow for home sellers to pay for only those services they want from their real estate agents. Previously, under the rules established by the Canadian Real Estate Association (CREA), consumers had to opt for an entire slate of services, a practice the Competition Bureau deemed anticompetitive. Read more of this post