{"id":38317,"date":"2019-05-14T07:05:06","date_gmt":"2019-05-14T11:05:06","guid":{"rendered":"https:\/\/www.northeastmortgages.ca\/?p=38317"},"modified":"2021-02-06T01:20:50","modified_gmt":"2021-02-06T00:20:50","slug":"changes-to-real-estate-regulation-is-good-for-consumers","status":"publish","type":"post","link":"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/","title":{"rendered":"Changes to real estate regulation is good for consumers"},"content":{"rendered":"

Big changes are coming to the real estate industry next year.<\/span><\/span><\/span><\/p>\n

On May 1, 2020, real estate brokers will no longer be able to take commission for referring a client to a bank. <\/span>Until that comes into force, they will have to disclose any finder’s fees they get.<\/span><\/span><\/span><\/p>\n

This is something you may not have realized; <\/span>your real estate broker may have been getting paid for referring you to certain lenders for a mortgage.<\/span><\/span><\/span><\/p>\n

It’s been unique to Quebec, according to North East Mortgages President Terry Kilakos.<\/span><\/span><\/span><\/p>\n

\u201cIt’s been a huge conflict of interest for years because you’re doing business with a real estate broker, and the real estate broker says to you, ‘Let me send you to my guy at the bank. <\/span>It’ll speed things up. <\/span>He’s got really good rates. ‘ <\/span>And they would send off the client to the bank, and then the bank would basically pay the real estate broker a finder’s fee for sending them a client, \u201dKilakos said. <\/span>\u201cIn the rest of Canada, that’s illegal.\u201d<\/span><\/span><\/span><\/p>\n

The rules will change and force real estate brokers to get a mortgage broker’s license in order to get those fees. <\/span>And, <\/span><\/span><\/span>according to the governing body<\/span><\/span><\/span><\/a> , the fees can no longer be dependent on whether a mortgage deal is signed.<\/span><\/span><\/span><\/p>\n

He said because of this, salespeople at banks were flourishing because they had a steady flow of clients that were being diverted away from brokers working outside the big banks. <\/span>This is because mortgage brokers could not offer those same finder’s fees to realtors. <\/span>This puts you, the consumer, at a disadvantage because you’d be at the mercy of the banks.<\/span><\/span><\/span><\/p>\n

When Kilakos would get a call from a real-estate broker, asking what their fee would be, he’d have to tell them there was no fee in it for them.<\/span><\/span><\/span><\/p>\n

\u201cIt creates huge, huge issues in the industry. <\/span>And it was only in Quebec that this was going on, \u201dKilakos said.<\/span><\/span><\/span><\/p>\n

\u201cThe loans that are set up by banks typically are a lot more restrictive. <\/span>They have clauses in there that can actually damage clients; <\/span>they’re not able to refinance, they’re not able to do certain things. <\/span>They’re very limited, \u201dKilakos said. <\/span>\u201cInterest rates typically are a little bit higher, in many cases than what you would be receiving if you were in the going through the brokerage channel.\u201d<\/span><\/span><\/span><\/p>\n

Come May 1, 2020, those issues will be gone. <\/span>That’s good new for you, and good news for members of our industry who are committed to saving homeowners as much money as possible.<\/span><\/span><\/span><\/p>\n

info@nordest.ca<\/span><\/span><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Big changes are coming to the real estate industry next year. On May 1, 2020, real estate brokers will no […]<\/p>\n","protected":false},"author":3,"featured_media":38362,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"featured_image_urls":{"full":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683.jpg",1024,683,false],"thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683-150x150.jpg",150,150,true],"medium":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683-300x200.jpg",300,200,true],"medium_large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683-768x512.jpg",768,512,true],"large":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683-1024x683.jpg",1024,683,true],"1536x1536":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683.jpg",1024,683,false],"2048x2048":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683.jpg",1024,683,false],"post-thumbnail":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683-150x100.jpg",150,100,true],"melissa-img-706-471":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683-706x471.jpg",706,471,true],"melissa-img-706-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683-706x471.jpg",706,471,true],"melissa-img-1200-auto":["https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683.jpg",1024,683,false]},"post_excerpt_stackable":"

Big changes are coming to the real estate industry next year. On May 1, 2020, real estate brokers will no longer be able to take commission for referring a client to a bank. Until that comes into force, they will have to disclose any finder’s fees they get. This is something you may not have realized; your real estate broker may have been getting paid for referring you to certain lenders for a mortgage. It’s been unique to Quebec, according to North East Mortgages President Terry Kilakos. \u201cIt’s been a huge conflict of interest for years because you’re doing business…<\/p>\n","category_list":"Mortgage<\/a>","author_info":{"name":"North East Mortgages","url":"https:\/\/www.nordest.ca\/blogue\/en\/author\/delmar\/"},"comments_num":"0 comments","yoast_head":"\nChanges to real estate regulation is good for consumers - Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Changes to real estate regulation is good for consumers\" \/>\n<meta property=\"og:description\" content=\"Big changes are coming to the real estate industry next year. On May 1, 2020, real estate brokers will no […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/\" \/>\n<meta property=\"og:site_name\" content=\"Blog sur l'immobilier et les pr\u00eats hypoth\u00e9caires- Nordest.ca\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NorthEastNordEst\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-14T11:05:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-06T00:20:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nordest.ca\/blogue\/wp-content\/uploads\/2019\/05\/bigstock-196671817-1024x683.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"North East Mortgages\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:site\" content=\"@NorthEastFirm\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"North East Mortgages\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/\"},\"author\":{\"name\":\"North East Mortgages\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#\/schema\/person\/197a13e6e0b00c4673712ba9d37d309a\"},\"headline\":\"Changes to real estate regulation is good for consumers\",\"datePublished\":\"2019-05-14T11:05:06+00:00\",\"dateModified\":\"2021-02-06T00:20:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/\"},\"wordCount\":432,\"publisher\":{\"@id\":\"https:\/\/www.nordest.ca\/blogue\/#organization\"},\"articleSection\":[\"Mortgage\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/\",\"url\":\"https:\/\/www.nordest.ca\/blogue\/en\/changes-to-real-estate-regulation-is-good-for-consumers\/\",\"name\":\"Changes to real estate regulation is good for consumers - 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