Nearly 6 out of 10 Quebecers feel they are unaware of the risks associated with a real estate transaction

Brossard, October 9, 2024 —In order to increase the real estate literacy of Quebecers, the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) commissioned a survey conducted by the Léger Marketing firm which reveals that knowledge of the risks associated with real estate transactions remains a significant challenge in Quebec.

The survey conducted among 1,001 Quebecers between May 21 and 24, 2024, shows that 58% of respondents believe they have poor knowledge of real estate.

Although the majority of respondents correctly identified the risks associated with certain omissions in a transaction, the survey highlights varied perceptions and knowledge regarding the practices and risks associated with buying or selling real estate. This situation can expose consumers to significant risks during real estate transactions.

Highlights:

44% of respondents wrongly believe that they are protected by the Real Estate Brokerage Act (REBA) even if they do not do business with a real estate broker.

90% of participants recognize the risk associated with purchasing a property without a pre-purchase inspection, showing a good understanding of this essential practice.

84% of respondents are aware of the dangers of buying a property without a legal guarantee.

81% believe that it is risky not to obtain a recent location certificate when purchasing a property.

36% wrongly believe that a real estate broker can represent both the seller and the buyer in the same transaction, a confusion that could lead to conflicts of interest. Dual representation by a real estate broker, that is, having simultaneously a brokerage contract with the seller of a property and a brokerage contract with a buyer interested in the same property , has been specifically prohibited since June 8, 2022.

Even though the survey results show that awareness efforts are bearing fruit, 10% of respondents still do not see any danger in not having a property inspected before purchasing it. For the OACIQ, this percentage is too high, which means that we must continue to educate and inform Quebecers about real estate. “Because a well-informed consumer is a better protected consumer, we are convinced that better knowledge of the risks associated with buying or selling a property would help avoid unfortunate situations during future transactions. This is a shared responsibility between the various players in the industry,” says Louis Beauchamp, Vice-President of Communications for the Organization.

The process of a real estate transaction is complex and the sums involved are considerable since it is most often the purchase of a lifetime. A better understanding of the rights, obligations and risks is crucial to protect consumers when purchasing properties. The OACIQ offers many information and support resources, such as information guides and podcasts available on the website oaciq.com , forums for discussions with the public, the Info OACIQ line , as well as the chat agent Élise , available at all times to answer questions from the public and real estate brokers regarding real estate transactions.

About the OACIQ

The Organisme d’autoréglementation du courtage immobilier du Québec ( OACIQ ) ensures the protection of the public who use real estate brokerage services governed by the Real Estate Brokerage Act . It is a member of the Real Estate Brokerage Regulatory Authorities of Canada (REBR), an organization that brings together all Canadian regulators in the areas of real estate brokerage, building inspection, and condominium management for certain provinces.

For more information: medias@oaciq.com

Media wishing to obtain the results of the survey on real estate literacy can write to: media@oaciq.com

Last updated: October 9, 2024

Item number: 266465