REM recently spoke with Edmonton’s James Mabey, CREA chair for 2024-25. This is an edited version of the conversation.
James Mabey, chair of CREA, reflects on a year of change and challenges for the association and Canadian Realtors. From Realtor.ca’s transformation to AI integration and navigating industry standards, Mabey shares insights into CREA’s initiatives and the road ahead.
A look back at 2024 and Realtor.ca
REM: The market’s been volatile this year. If you had to choose one word to describe 2024 for CREA, what would it be?
Mabey: For the market, the word might differ, but for CREA, it’s been “challenging yet exciting.” Big rollouts, like the vote on Realtor.ca, kept us busy. On the market side, as Shaun Cathcart (CREA’s senior economist) often says, it’s been “hibernation mode,” with buyers waiting to see how interest rates play out. I think spring will bring more activity as buyers re-enter the market. Where there’s inventory, there are going to be sales
REM: Speaking of Realtor.ca, is there a timeline for transitioning it to a taxable entity?
Mabey: Yes, we anticipate having the new entity established by January. Right now, we’re working on the legal framework to ensure everything aligns with what members approved during the SGM. We’ll set up the interim board, and then move to an RFP process to recruit permanent board members and a CEO. We’ve also started piloting new programs, like a mortgage pre-qualification tool, to enhance the consumer experience and prepare operationally while governance structures are finalized.
REM: What other changes are coming to Realtor.ca?
Mabey: Consumers can expect an even more enhanced experience. One approved change is advertising on non-listing pages, which will provide curated, relevant content that helps consumers during their home-buying journey. This approach aligns with what consumers are used to in other online environments. For Realtors, improvements like mortgage pre-qualification tools will enhance lead quality, allowing members to provide even better service.
REM: Will dues allocated to Realtor.ca decrease?
Mabey: While dues may not decrease, they could be reallocated as Realtor.ca becomes self-sustaining. Currently, 43 per cent of dues fund Realtor.ca, but we hope to reduce that reliance over time. This would free up resources for advocacy and reputation-building initiatives. However, any changes to dues would require board approval and member input. For now, it’s about balancing investments and planning for long-term financial sustainability.
On membership and industry standards
REM: Membership numbers have decreased this year. What impact has that had?
Mabey: We’ve seen a 0.9 per cent decrease overall, with Ontario accounting for 2.3 per cent. That represents just under 5,000 fewer members and about $1-million less in our budget, but we’ve worked hard to balance it by cutting costs across departments. This drop reflects both longtime Realtors retiring and fewer new entrants. We’re closely monitoring trends and will address them in next year’s strategic planning.
REM: How is CREA addressing professional standards as part-time agents increase?
Mabey: Professionalism isn’t about whether someone works full-time or part-time. It’s about the quality of service Realtors provide and adherence to the Realtor Code. Through continuing education, tools, and collaboration with provincial boards and regulators, we’re ensuring Realtors are equipped to meet high standards, regardless of how much time they spend in the business.
REM: What is CREA’s stance on stricter entry requirements for new Realtors?
Mabey: Licensing is determined by provincial regulators, but CREA plays a role in upholding higher standards through the Realtor Code and supplemental education. We work closely with regulators and associations to ensure members meet both regulatory and Realtor standards.
The Realtor Cooperation Policy and Competition Bureau investigation
REM: It’s been nearly a year since the Realtor Cooperation Policy came into force. What feedback has CREA received from member boards and associations?
Mabey: The Realtor Cooperation Policy is currently under review by the Competition Bureau, as is the compensation pillar of the MLS system. Naturally, it’s a significant topic of discussion among members and the broader industry. CREA is fully cooperating with the Bureau by providing all the requested information to support their investigation.
The policy remains in effect, and we strongly believe it’s both pro-consumer and pro-cooperative. It reflects our commitment to transparency, a core part of CREA’s ESG initiatives. We aim to ensure clarity and trust for consumers while fostering a collaborative environment for Realtors. Transparency is critical, and this policy supports it in meaningful ways.
REM: What is CREA’s position regarding the Competition Bureau’s investigation into Realtor fees?
Mabey: The Competition Bureau’s review of the compensation pillar of the MLS system has certainly prompted discussions across the industry. Our focus has been on providing all the information required by the Bureau while ensuring the value Realtors bring to consumers is clearly understood.
Realtors do much more than open doors or share listings. They offer expert advice, guide clients through the complexities of real estate transactions, and ensure their best interests are protected. Whether helping navigate a home inspection, negotiating a deal, or understanding market trends, Realtors play a critical role in what is often one of the biggest decisions in someone’s life.
On AI, advocacy and the foreign buyer ban
REM: How is CREA addressing the growing role of AI in real estate?
Mabey: AI is a transformative technology, and we’re actively integrating it into Realtor.ca. It will revolutionize the search experience, helping consumers find homes more efficiently. Internally, AI is improving governance, such as preparing board members for meetings, while policies are in place to ensure data privacy and confidentiality. AI won’t replace Realtors—real estate is deeply personal, and Realtors provide the guidance and expertise technology can’t.
REM: What’s CREA’s stance on the foreign buyers ban?
Mabey: CREA opposed the ban from the beginning, as we believed it would harm the market. We lobbied against its extension to 2027, though we do applaud changes like exemptions for vacant and redevelopment properties. The real issue isn’t foreign buyers—it’s the lack of housing supply. That’s where the focus needs to be.
REM: What is CREA doing to address the housing supply shortage?
Mabey: Our advocacy includes pushing for a housing supply secretariat to foster collaboration across government and industry, promoting innovation in construction, and supporting tax relief for affordable housing projects. For example, GST/HST relief for groups like Habitat for Humanity could help them build significantly more units. We’re also encouraged by recent changes, like increasing the mortgage insurance cap to $1.5-million and 30-year amortizations.
What’s ahead?
REM: Looking ahead, what’s CREA expecting in 2025?
Mabey: Spring will be active, driven by buyers returning as interest rates stabilize. Inventory levels will be critical. A balanced market benefits everyone, allowing Realtors to advocate for homeownership as a pathway to long-term wealth and stability. Where there’s inventory, there will be sales.
