Following 18 months of consultations with the REALTOR® association community from around the country, on October 23, 2024, delegates will vote on whether or not to turn REALTOR.ca into a separate, taxable, wholly owned subsidiary of the Canadian Real Estate Association (CREA).
As part of these consultations, we’ve shared a business case that outlines the proposed path forward.
In the following video Janice Myers, CREA’s CEO, shares the top three things you should know.
A transcript is also available below.
I’m Janice Myers, CEO of the Canadian Real Estate Association. Here are the top three things you need to know about CREA’s plan to turn REALTOR.ca into a separate, taxable, wholly owned subsidiary.
1. The case for change.
The demands of today’s real estate market are rapidly evolving with shifting consumer attitudes and technological disruption. To keep REALTORS® at the heart of Canadian real estate transactions, CREA has developed a business case to turn REALTOR.ca into a taxable entity.
CREA’s plan will keep REALTOR.ca 100% owned by REALTORS® while helping the platform generate new sources of revenue. This will give us the ability to reinvest more money back into the platform to develop new features and tools that benefit members and consumers.
2. New sources of revenue.
Moving forward with turning REALTOR.ca to a taxable entity starts with unlocking five exciting revenue streams:
- Introducing advertising outside active listing pages.
- Offering an enhanced REALTOR.ca DDF®, with premium features for greater visibility.
- Monetizing data insights to provide valuable analytics.
- Creating a marketplace for REALTORS® to access additional services and products.
- Generating revenue through consumer referrals to ancillary service providers.
These new sources of revenue will generate significant pre-tax earnings that REALTOR.ca would reinvest back into the platform to offer better features for members and consumers, without relying solely on member dues.
3. Platform improvements.
As a taxable entity, REALTOR.ca could reinvest net income back into platform, enhancing tools, features, and overall functionality. This includes leveraging AI, integrating augmented reality and upgrading our cloud infrastructure.
This strategic shift will help REALTOR.ca better serve the needs of REALTORS® and consumers, all while reducing pressure on member dues.
Thanks for watching.
To learn more or share feedback, visit CREA.ca/REALTORinc.
