In a significant development for New Brunswick’s real estate industry, all five local boards have voted in favour of amalgamation, setting the stage for the establishment of a new provincial board.
Voting results
At special member meetings held on Jun. 22, 2023, each board in New Brunswick voted on motions to amalgamate and approve the bylaws of the new provincial board.
Members had the opportunity to vote on the amalgamation agreement and the acceptance of consolidated bylaws. All boards received majority approval for both. Voting was open to approximately 1,400 realtors in the province.
Amalgamation agreement results
- Fredericton: 160 votes in favour, 101 votes against
- Moncton: 183 votes in favour, 41 votes against
- Northern: 43 votes in favour, nine votes against
- Saint John: 158 votes in favour, eight votes against
- Valley: 23 votes in favour, three votes against
According to the approved bylaws, an initial board of directors will be appointed, comprising representatives from all the amalgamating boards. Once these appointments have been finalized, all members will be informed of the board’s composition.
Next steps involve the transition process, including establishing a single MLS, standardizing membership and accounting systems, gaining formal approval from the New Brunswick Real Estate Association (NBREA) and the Canadian Real Estate Association (CREA), and determining an operating name for the new board.
The new board will commence operations on Jan. 1, 2024.
Will there still be a need for NBREA with an amalgamated board? The failed proposal in BC would have merged the board and provincial association.