September 28, 2012

CREA Dossier: GMREB Members Overwhelmingly Reject the Status Quo

Dear members, This morning, in the presence of representatives from Lger Marketing, the firm responsible for conducting the electronic vote, and our external auditors from KPMG, the members of the Board of Directors of the Greater Montral Real Estate Board learned the results of the consultative vote conducted among members on September 25, 26 and 27, regarding our future relationship with the Canadian Real Estate Association (CREA). The results are as follows:

Leave CREA on January 1, 2013

40.4% (1,394 votes)

Postpone the decision to leave or stay in CREA in order to examine the proposals adopted by CREA at their annual meeting in the spring of 2013

31.5% (1,086 votes)

Remain a CREA member

28.2% (973 votes)

A total of 3,453 members out of a possible 10,217 took part in the consultative vote, representing a participation rate of 34%. According to experts from Lger Marketing, this is a very high participation rate for this type of consultation. The margin of error is 1.36%, which means that if all members had voted, the final result would have essentially been the same. The Board of Directors interprets these results as a clear rejection of the status quo. Although the option to leave CREA was chosen by the largest number of members, the Board of Directors analyzed the results in their entirety and has decided to wait until after CREAS annual meeting before making a final decision regarding its future within CREA. This will enable us to evaluate the decisions that will be made at this meeting. Until that time, every effort will be made to defend your interests and, above all, move forward with our plan to promote real estate brokers and increase awareness of Centris.ca. Rest assured that we will continue pushing for our demands and we will keep you informed of any developments. In closing, I would like to thank the thousands of members who took part in this consultative vote. I am proud that the Board of Directors, in keeping with its mission to listen to its members, chose to give you a voice in this important issue. Know that we will continue our efforts so that, together, we can reach our common goals.

Patrick Juanda President