It’s official—Realtor.ca is now a standalone, wholly-owned taxable subsidiary of the Canadian Real Estate Association. On Jan. 6, the entity was legally formed and governance now falls to its transition board of directors.  

As part of the change, Patrick Pichette, who has served as vice president of Realtor.ca for over six years, has been named interim CEO following the board’s first meeting earlier this week.

The restructuring is intended to provide Realtor.ca with greater operational flexibility, enabling the platform to pursue additional revenue opportunities and invest in further development, CREA says. 

“I’m honoured to continue to lead the exceptional Realtor.ca team and look forward to building on the incredible momentum of the past several years. REALTOR.ca is an indispensable resource and I believe deeply in the value the platform generates for the Canadian real estate ecosystem,” says Pichette.

The national association explains the transition to a taxable subsidiary comes in response to growing competition, evolving consumer expectations and increasing operational costs. CREA says it aims to reduce its reliance on member dues while maintaining Realtor ownership and reinvesting profits into the platform.