On Wednesday, October 23, 2024, at the Canadian Real Estate Association’s (CREA) 2024 Special General Meeting, REALTOR® members voted in favour of a pivotal decision to transition REALTOR.ca into a wholly owned taxable subsidiary of CREA.
This decision marks a transformative moment for Canada’s No. 1 real estate platform. While consumers won’t see any immediate changes to their experience, the decision will help ensure REALTOR.ca is positioned for long-term growth and sustainability and able to continue delivering value to REALTORS® and consumers alike.
“This decision represents a forward-thinking approach that reflects the evolving needs of both REALTORS® and consumers. By transitioning REALTOR.ca into a wholly owned subsidiary, 100% owned by CREA, we’re unlocking new opportunities for innovation and growth while ensuring REALTORS® remain at the heart of the platform,” said Janice Myers, CREA CEO.
“We’re excited about the future of REALTOR.ca and grateful for the trust and support of our members as we take this important step.”
– Janice Myers, CREA CEO
REALTOR.ca, which commands 50% market share in Canada*, has been a trusted real estate resource for nearly 30 years. As a taxable entity, REALTOR.ca will be able to pursue new revenue streams not currently possible under CREA’s not-for-profit structure.
“Today’s vote is about securing the future of REALTOR.ca. Every day, REALTORS® proudly serve clients in every corner of the country. This decision will help ensure REALTOR.ca continues to meet the needs and expectations of today’s property owners, buyers, sellers, and renters,” says James Mabey, CREA Chair.
For REALTORS®, here’s what you need to know today:
- As a taxable subsidiary, REALTOR.ca will remain 100% owned by REALTORS® through their membership with CREA.
- As a taxable entity, REALTOR.ca will be able to pursue new revenue streams that are not currently possible under CREA’s not-for-profit structure.
- The long-term financial sustainability of the platform is a key benefit of the transition.
To learn more about the path forward visit CREA.ca/REALTORinc.
*Based on market share. Market share = web and mobile traffic to Canadian real estate websites on average per month, ComScore, 2023
