The OACIQ and Real Estate Brokerage in Quebec

The Organisme d'autoreglementation du courtage immobilier du Quebec (OACIQ) is the organization responsible for public protection in real estate brokerage matters in the province. Created under the Real Estate Brokerage Act, the OACIQ oversees residential and commercial real estate brokers, real estate mortgage brokers (a title distinct from AMF-certified mortgage brokers) and real estate agencies. This organization is entirely distinct from the Autorite des marches financiers (AMF), which oversees mortgage brokerage and the financial sector. Clear understanding of the respective roles of these two organizations is essential for mortgage brokers who collaborate daily with real estate brokers in the context of purchase and sale transactions.

Complementary Roles in the Real Estate Transaction

The real estate broker and mortgage broker play complementary and synergistic roles in a real estate transaction. The real estate broker (overseen by the OACIQ) is responsible for searching properties matching the client's criteria, negotiating the purchase price, drafting the purchase offer and counter-proposals, coordinating pre-purchase inspections and accompanying the client until possession. The mortgage broker (AMF-certified) is responsible for the client's financial analysis, comparing financing offers from multiple lenders, obtaining mortgage approval within prescribed deadlines and coordinating with the notary for disbursement and mortgage publication.

Competency Boundaries: A Clear Line

• The real estate broker (OACIQ) cannot practise mortgage brokerage without an AMF certificate: they cannot compare lender offers, negotiate rates or submit financing files
• The mortgage broker (AMF) cannot practise real estate brokerage without an OACIQ licence: they cannot represent a buyer or seller in a real estate transaction
• Referrals between professionals must be transparent and any financial benefit received for a referral must be disclosed to the client in accordance with respective codes of ethics
• Each professional is responsible for their own acts before their regulatory body and carries their own professional liability insurance
• A professional may hold both licences (AMF and OACIQ) if they meet each organization's requirements, but must comply with both sets of rules

Typical Path of a Successful Collaboration

1. Mortgage pre-approval: The client first consults the mortgage broker to obtain a pre-approval, which establishes their maximum borrowing capacity and purchase budget. This pre-approval is a valuable tool for the real estate broker.
2. Property search: Armed with the pre-approval, the client works with the real estate broker to find a property matching their budget and criteria. The real estate broker knows the local market and available properties.
3. Purchase offer with financing condition: The real estate broker drafts the purchase offer including a financing condition with a deadline. They communicate the property détails to the mortgage broker for final financing.
4. Final mortgage approval: The mortgage broker submits the complete file to the lender, including property détails, appraisal and financial documents. They work under the pressure of the financing condition deadline.
5. Coordination through closing: Both brokers coordinate the final steps: condition removal, notary coordination, disbursement preparation and client accompaniment through to possession.

Best Practices for Interprofessional Collaboration

Mortgage and real estate brokers should establish effective communication protocols from the beginning of each transaction. Sharing relevant information while strictly respecting confidentiality, rigorously coordinating deadlines and working jointly with client focus are the keys to successful collaboration. Mortgage pre-approval, provided early in the process, facilitates the real estate broker's search and considerably strengthens the buyer's negotiating position, as the seller knows financing is essentially secured. Both professionals must respect the boundaries of their respective competencies while working synergistically to offer a seamless and professional client experience.

The collaborative relationship between mortgage brokers and real estate brokers in Quebec is a defining feature of the province's real estate transaction process and directly impacts client satisfaction and transaction success. Both professionals must understand and respect the clear regulatory boundaries established by their respective governing bodies while maximizing the synergies that effective collaboration creates. The mortgage broker who cultivates strong professional relationships with real estate brokers, establishes clear communication protocols and consistently delivers timely financing approvals will find themselves well-positioned to receive referrals and build a thriving practice in Quebec's competitive mortgage market.

The collaboration between the AMF and the Organisme d autoregulation du courtage immobilier du Quebec (OACIQ) reflects a broader trend in Quebec regulatory governance toward leveraging specialized expertise within a coordinated oversight framework. While the AMF retains ultimate authority over mortgage brokerage regulation, the OACIQ complementary role in real estate brokerage creates natural touchpoints where cooperation enhances consumer protection, particularly in transactions that involve both property sales and mortgage financing.

Joint training initiatives and shared regulatory intelligence between the AMF and OACIQ help identify emerging risks and compliance challenges before they become systemic problems. For example, when new lending products or innovative transaction structures gain popularity in the market, both organizations can quickly develop guidance and educational materials that help their respective licensees understand the regulatory implications. This proactive approach to regulation reduces the risk of consumer harm from novel financial products or practices.

For mortgage brokers who also hold real estate brokerage licences, understanding the distinct but complementary requirements of both the AMF and OACIQ is essential. Each organization maintains its own code of ethics, continuing education requirements, and disciplinary processes. Brokers with dual licences must ensure compliance with both sets of requirements simultaneously, which often means implementing more robust compliance procedures than would be necessary under either regime alone.

The information-sharing protocols between the AMF and OACIQ also facilitate more effective enforcement actions. When one organization identifies potential violations that fall within the other jurisdiction, established referral mechanisms ensure that the appropriate regulator can investigate and take action promptly. This coordinated approach closes potential regulatory gaps and reinforces the message that compliance with professional standards is a non-negotiable aspect of operating in Quebec financial services market.