Editor’s note: REM reached out to MREB for more information on the SGM and outcome. We’ll update this article as we hear back and learn more.
On January 31 this year, Mississauga Real Estate Board (MREB) members voted to amalgamate with the Realtors Association of Hamilton-Burlington (RAHB), the Waterloo Region Association of Realtors (WRAR) and the Simcoe & District Real Estate Board (SDREB) to become Cornerstone Association of Realtors on July 1, 2024.
However, due to large concerns, last month, some MREB members, with the support of several past presidents of MREB, requested the board call a members-only special general meeting (SGM) to rescind the vote to amalgamate.
The request was granted, and a meeting was held on June 26.
‘Consensus was unanimous … It’s all about MLS data and access. That’s what we need as working realtors’
“An overwhelming majority of the membership was in the room, and the membership’s consensus was unanimous,” Tehreem Kamal, broker with Royal LePage Real Estate Services Ltd., Brokerage, reports about rescinding the vote to amalgamate.
Kamal notes there were more members present than at the earlier SGM in January, where the amalgamation was voted in favour. “However,” she points out, “As cited before, the landscape was different and things have changed rapidly.”
Kamal also highlights that a key factor swaying the vote transpired over the past two weeks: “The Oakville, Milton and District Real Estate Board (OMDREB) decided they would be leaving ITSO (Information Technology Systems Ontario) once their contract comes to an end, and joining Cornerstone wouldn’t be an option.
Basically, it’s all about MLS data and access to data, because that’s what we need as working realtors.”
OMDREB’s decision
Initially, the proposed amalgamation had MREB and other Ontario boards being part of one board and one MLS system: ITSO’s Matrix. MREB, OMDREB, London and St. Thomas Association of Realtors (LSTAR), Niagara Association of Realtors (NAR) and WRAR all use this system.
Kamal explains that OMDREB’s decision plays a key role as there’s a lot of business crossover from Mississauga to Oakville and vice versa, and that Canadian Real Estate Association (CREA) statistics support this.
About the upcoming change for OMDREB, Anthony Danko, OMDREB president, says:
“Realtors can see for themselves how fast things are changing in organized real estate. Local boards are amalgamating, how we access and receive our MLS data is changing and, perhaps most importantly, the push for province-wide data is becoming stronger than ever.
OMDREB’s goal has always been to ensure our members have access to the most comprehensive data set possible, culminating in one province-wide MLS. Additionally, reviewing and considering your options when contracts approach renewal is good business practice. Knowing that the ITSO contract was approaching renewal, OMDREB’s board of directors did its due diligence by exploring all avenues to provide our members with the best data set possible.
Based on our extensive consultations and the feedback we received from members, along with the fact that it holds nearly all of the data within our jurisdiction, OMDREB decided to move forward with using PropTx as our MLS services provider, which will happen later this year.”
The MREB membership directed its board of directors to immediately stop the process, terminate the amalgamation and, if there’s any need, seek an injunction.
Emma Caplan-Fisher is an editor and writer for REM. She has over a decade of experience in various content types and topics, including real estate, housing, business, tech, and home & design. Emma’s work has also been featured in Cottage Life, the Vancouver Real Estate Podcast, the Chicago Tribune, Narcity Media, Healthline, and others. She holds a Certificate in Editing from Simon Fraser University.
Short term gain with long term pain when the industry wakes up in three years to find its solely reliant on the technology owned by the largest real estate board and they have no say.
Then what? No lesson it seems has been learned about the complaints over Stratus and past iterations, or the complaints of the control already employed over the industry in Ontario, but now they endorse an outright monopoly.
Rather than take bold steps for long term gain, it will ultimately be a short stint to when these same aggrieved characters start to whine again, this time about abuse of dominance.
They won’t give one d*mn then about they or their customers being served by one mls system.
The plan to merge with the Cornerstone Association of REALTORS® is not favored by MREB membership in the recent SGM due to the rapidly changing market conditions around us. It seems that the MREB wanted to merge for a few reasons, including gaining more voting power with other boards to have a strong voice. However, during the SGM held on June 26, it was revealed that the new board would have fewer votes when dealing with CREA | OREA. Additionally, the boards covering the western region that were expected to join the Cornerstone Association of REALTORS® decided to join Proptx instead, which was unexpected. This meant that the goal of having more boards join the Cornerstone Association of REALTORS® to negotiate data sharing with Proptx did not materialize. With more boards choosing to join Proptx, it seems that REALTORS® prefers having a single Ontario-wide MLS system to avoid paying fees to multiple boards for MLS access. The new approach aims to maintain the MREB’s proud history and provide MLS data that supports members in navigating challenging market conditions. Consequently, the MREB membership decided to reverse the course during the recent SGM on June 26, giving power to the board to immediately terminate the amalgamation process and seek an injunction if necessary. As of now, no decision has been communicated to membership by the board to members, which is concerning.