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How easing regulations will affect Canada's real estate? The Competition Bureau of Canada on 2007-12-12 released its report on "self-regulated professions on balancing competition and regulation"
Despite comprising a significant part of the service economy in Canada, perhaps as much as one fifth, the professions comprise one of the overall economy's least productive sectors.
According to the Conference Board of Canada , professional services rate in the bottom quintile for productivity per hours worked. In addition, labour productivity in the professions in Canada is approximately half that of the professions in the United States.
At the same time, the professions are one of the most regulated sectors of the Canadian economy, and the regulation in place in the professions is more restrictive in Canada than in many member nations of the Organization for Economic Co-operation and Development
So far the Canadian Real Estate Association (CREA) has not issued a formal response to the Competition Bureau's recommendations. The Bureau says it plans to do another review of all the professionals studied in two years, to see if its recommendations have been implemented.
The following is a report by Jim Adair published on December 26, 2007 in The Realty Time.