In Canada property management continues to be a growing industry. However, like all highly valued industries there are laws and barriers of entry to ensure fair business practices, consumer confidence and can help avoid encumbrances of unfair competition.
A majority of real estate and property management laws are currently facilitated on a provincial level and therefore have different impacts depending on where you live. This is a quick list of who you may need to coordinate with if you plan on obtaining a property managers license or want to find out more about the industry. (**Note: at the time this article is written these are the current regulators for each province. They are subject to change depending on how each province sees fit. For further information we encourage you to contact your local directory to find out more.)
Property Managers are subject to be licensed by BCFSA and abide by laws and acts set forth. Property managers are required to complete their "Property Management" licensing exam and be an active industry member. If property managers want to own the business they must obtain their Broker and Brokerage requirements.
Similar to BC, Alberta requires a licensing exam and active industry participation but it is governed by the Real Estate Council of Alberta (RECA). However, obtaining the Broker and Brokerage requirements are a little more labour intensive than their Western neighbour. Brokers in Alberta need to complete a series of preliminary courses before qualifying for their brokers exam.
Find out more here: https://www.reca.ca/licensees-learners/licensing-renewals/getting-licensed/
You will find similar regulatory practices across the west of Canada. In terms of level of difficulty Saskatchewan is more in line with British Columbia's regulatory body. Saskatchewan is currently regulated by the Saskatchewan Real Estate Commision (SREC). Property managers must obtain their license in order to conduct certain activities such as drafting/ editing management agreements, showing properties and negotiating lease agreements. To open a property management business in Saskatchewan, participants will need to obtain their Brokers and Brokerage requirements.
Find out more here: http://www.srec.ca/edctncar.asp#BecomeLic
Like the fellow Western provinces, property managers are required to register a license in order to conduct certain activities. This will include registering for their preliminary courses and registering with The Manitoba Securities Commission. A property manager will have to be active within the industry for a minimum of 2 years before qualifying for their brokers license. Broker's act as a leader and overall compliance manager and will need experience to execute effectively.
Find out more here: https://mbrealestate.ca/registration/how-to-register/property-manager.html
Ontario, Quebec, Newfoundland and Labrador, Nova Scotia, and PEI
These provinces are regulated in a different way compared to their western neighbors. A property managers license is not required to conduct business however, that's not to say there are no rules. Property management can be a highly profitable industry which means that there could potentially be professionals with less ethical intentions. These provinces do have rules and regulations for the industry but have no regulating body for property managers.
Find out more info about Ontario here: https://www.reco.on.ca/
Find out more info about Quebec here: https://www.oaciq.com/en
Find out more info about Newfoundland and Labrador here: https://www.nlar.ca/
Find out more info about Nova Scotia here: https://www.nsrec.ns.ca/
Find out more info about PEI here: https://www.peirea.com/
On top of the regulatory bodies across Canada, property managers may be subject to Real Estate Acts, Landlord tenant laws and fair housing laws to name a few. If you think opening a property management business is the right fit for you but want to learn more about how to open and operate your business fill in our short contact form and our team will get back to you.