Is there any real reason for OREA to exist? No, not really!
OREA was in the education business but it was fired by RECO a number of years ago and replaced by Humber College.
It sold its educational facilities and currently holds onto millions of dollars.
But, what does it do now?
- It petitions the Ontario government for changes, and
- It offers Forms for use in Ontario
Beyond that, it doesn’t seem to have any other purpose.
However, it suddenly came up with a new idea: mandatory insurance for all its members! It cost $110.00 annually to be a member of OREA. Now it will increase another $700.00 because of the “insurance”. That’s basically, a seven fold increase and effectively they are now in the insurance business.
They are forcing all their 96,000 members to “buy in” or leave real estate, there’s no choice.
Are they great insurers? I don’t know!
What I do know is that they seem to have lost their identity and offer little to no value to their membership which could not be easily replaced elsewhere.
They appear to offer 400 plus Forms but actually only a dozen or so are really relevant. These types of Forms could be easily supplied by another supplier.
They tried to become a political party, but that didn’t work! Now, they are trying to be an insurer!
Brian Madigan LL.B., Broker