CREA works to promote legislation and regulations that benefit homeowners and that help REALTORS® better serve their clients.
CREA works with federal cabinet ministers, Members of Parliament, parliamentary committees and senior officials, both directly and through its Political Action Committee (PAC) of REALTORS®. When issues arise that affect housing, property rights or the real estate sector, representatives from CREA meet with politicians and officials to discuss the issues. Prior to any federal budget, CREA makes recommendations to the government about how fiscal policy can better encourage responsible economic growth.
Political Action Committee
In politics, just as in real estate, impressions last long after a deal closes. Recognizing this, CREA strives to maintain open, honest and respectful dialogue with the federal government. The main mechanism for this is the Political Action Committee (PAC) Network, created in 1985 to allow REALTORS® to actively engage with their elected representatives.
PAC includes the President and Executive Officer of all real estate boards and associations, current members of the CREA Board of Directors, and one or more “PAC Reps” appointed by each.
PAC Reps work hard at the local level to make sure CREA is aware of important local and regional issues. They keep their local Members of Parliament aware of major national issues affecting the real estate industry. And they regularly brief their respective board or association about issues being considered on Parliament Hill.
The major focus for participation in federal affairs is PAC Days. This event, held annually on Parliament Hill in Ottawa, allows REALTORS® to speak directly to Members of Parliament about issues that affect homeowners and the real estate industry.
The PAC Network has made pivotal contributions to the many lobbying successes achieved by REALTORS®. In recent years, PAC Reps have successfully advocated on mortgage financing rules, and Employment Insurance for the self-employed and the Home Buyers’ Plan.
CREA is currently advocating for three policy changes.
The first involves indexing the Home Buyers Plan to prevent its value from being steadily eroded. Read more about this initiative and why it benefits you.
The second issue urges the federal government to extend the Home Buyers’ Plan to Canadians impacted by significant life changes, such as job relocation, the death of a spouse, a decision to accommodate an elderly family member or a marital breakdown. CREA wants to ensure Canadians can afford another home that accommodates their circumstance.
The third policy aims to increase community reinvestment by removing a major obstacle: the inability of property owners to defer previously written-off depreciation (Capital Cost Allowance). Many investors hold on to property because of tax consequences. CREA wants to change this, and in the process, spur reinvestment in our communities.