Exchange Magazine Summer 2026

EXCHANGE

2026

SUMMER

MAGAZINE

TODAY’S

COMMITMENT,

TOMORROW’S

LEADERS

REIC NEXT:

CREATING OPPORTUNITIES FOR

CANADA’S FUTURE REAL ESTATE

PROFESSIONALS

PAGE 43

IT’S GOOD TO TALK:

THE LOST ART OF CONVERSATION 

PAGE 64

PROFESSIONALISM STARTS

WHERE THE RULES END

PAGE 13

2 REIC EXCHANGE, SUMMER 2026

This publication, Exchange Magazine Summer 2026, is protected by copyright law. No part of this magazine may be re-

produced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic

or mechanical methods, without the prior written permission of the Real Estate Institute of Canada (REIC), except in the

case of brief quotations embodied in critical reviews and certain

other noncommercial uses permitted by copyright law.

The content in Exchange Magazine Summer 2026 includes original articles and contributions from various authors. The

Real Estate Institute of Canada (REIC) does not endorse or guarantee the accuracy or reliability of any views, opinions, or

information presented by contributors. Any reliance you place on such information is at your own risk.

Exchange is brought to you by a dedicated team who believe in the power of great stories and sharp design.

Don Inouye – Publisher

Amber Wavryk – Editor-in-Chief

Natalie Espinola - Consultant

Anna Petrela – Lead Graphic Designer

We hope you enjoy reading this issue as much as we enjoyed creating it.

WWW.REIC.CA 3

TABLE OF

CONTENTS

PUBLISHER’S

NOTE

HOW REIC’S 1955 CODE OF PROFESSIONAL STANDARDS

HELPED SHAPE A PROFESSION

PROFESSIONALISM STARTS

WHERE THE RULES END

REAL ESTATE CODES OF ETHICS:

WHAT CAN INTERNATIONAL COMPARISONS TEACH US?

PROFESSIONALISM, TRUST, AND

THE DIGITAL EXPERIENCE

ETHICS IS WHAT WE DO

WHEN NO ONE IS WATCHING

FIVE TABS AND

TWENTY MINUTES

MORE HAMMERS, FEWER HOMES:

WHY A CONSTRUCTION LABOR SURGE ISN’T ENDING CANADA’S HOUSING CRISIS

HOW UBC AND REIC ARE

RAISING THE BAR FOR REAL ESTATE EDUCATION

BRIDGING ACADEMIA AND INDUSTRY:

REAL ESTATE EDUCATION AT THE UNIVERSITY OF GUELPH

REIC NEXT:

CREATING OPPORTUNITIES FOR CANADA’S FUTURE REAL ESTATE PROFESSIONALS

FROM THE FOOTHILLS OF THE SMOKY MOUNTAINS TO THE HEART OF ONTARIO

A STUDENT HOUSING JOURNEY NORTH

HYPER-SCALED DATA CENTRES

NEED REGULATION AND TRANSPARENCY 

WHY YOU

LOST THAT LISTING 

IT’S GOOD TO TALK:

THE LOST ART OF CONVERSATION 

4 REIC EXCHANGE, SUMMER 2026

PUBLISHER’S

NOTE

The Future is Built Through

Partnership

One of the most rewarding as-

pects of working in a profession

like real estate is having the

opportunity to see the future

before it arrives. Not through

market forecasts or economic

reports, but through people.

This special edition of Ex-

change is focused on the next

generation of leaders, innova-

tors, and changemakers who

will shape the future of our in-

dustry. It is also a celebration

of the partnerships that make

that future possible.

Throughout these pages, you

will hear from universities, aca-

demic leaders, researchers, in-

dustry professionals, and stu-

dents who are all contributing

to a common goal: preparing

tomorrow’s leaders for success

in an increasingly complex and

rapidly evolving world.

At REIC, we have long believed

that professional excellence is

built on a foundation of ethics,

education, and lifelong learn-

ing. Today, however, another

principle has become equally

important; partnership.

The challenges facing our in-

dustry cannot be solved by

any one organization, profes-

sion, or sector alone. Wheth-

er the conversation is about

housing, technology, sustain-

ability, governance, or chang-

ing consumer expectations,

the most meaningful progress

happens when education and

industry come together. That

spirit of collaboration is evident

throughout this edition, but

perhaps nowhere more clearly

than in the REIC Next Student

Pitch Competition.

What impressed me most

was not simply the quality of

the ideas presented, although

they were exceptional. It was

the confidence, creativity, and

professionalism demonstrated

by the students themselves.

They challenged assumptions,

approached issues from fresh

perspectives, and reminded

us that innovation often comes

from those who see opportu-

nities where others see obsta-

cles.

The future leaders of our pro-

fession are not waiting for their

turn - they are already contrib-

uting to the conversation. We

are proud to showcase the par-

ticipants, finalists, winners, and

judges who made this year’s

competition such a tremen-

dous success. Their involve-

ment reflects the very best of

our profession: a commitment

to learning, mentorship, and

giving back.

I would also like to recognize

the incredible educational in-

stitutions and faculty members

featured in this issue. Their

dedication to developing crit-

ical thinking, leadership, and

practical skills is helping cre-

ate a pipeline of talented pro-

fessionals who are prepared to

make an immediate impact.

For seven decades, REIC has

served as a bridge between

education and practice. To-

day, that bridge is more impor-

tant than ever. As our industry

continues to evolve, we must

create more opportunities for

students, educators, and pro-

fessionals to learn from one

another and work together to-

ward shared goals.

What gives me optimism is

seeing how many organiza-

WWW.REIC.CA 5

Pictured from left to right are Raquel Collins and Don Inouye on

set filming the UBC and REIC partnership promotional videos.

Don Inouye speaking at the BUZZ Conference in Calgary in

June 2026.

tions are embracing that vision. Across Canada, universities and industry partners are collaborating

in new ways, students are bringing fresh ideas to longstanding challenges, and experienced profes-

sionals are stepping forward to mentor and guide the next generation. That is how strong professions

are built.

As you read this edition of Exchange, I encourage you to think about the role we can each play in

helping shape the future. Whether through mentorship, volunteering, sharing expertise, or building

new partnerships, every contribution matters.

The future of real estate will ultimately be defined not by buildings or transactions, but by people.

And if the stories in this issue are any indication, that future is bright indeed.

6 REIC EXCHANGE, SUMMER 2026

HOW REIC’S 1955 CODE OF

PROFESSIONAL STANDARDS

HELPED SHAPE A

PROFESSION

In every profession, there is a moment when

a group of practitioners begins to define it-

self by more than its work. Law, medicine,

and engineering all reached a point where

competence alone was no longer sufficient.

What mattered just as much was conduct.

Standards became formalized, expecta-

tions were shared, and accountability fol-

lowed.

In Canadian real estate, one of those defin-

ing moments came in 1955, when the Real

Estate Institute of Canada introduced its

Code of Professional Standards. This was

not simply an internal policy or a symbolic

gesture. It was an early and deliberate ef-

fort to bring coherence, credibility, and dis-

cipline to an industry that was expanding

rapidly but still finding its identity. It marked

a transition from practice to profession.

Nearly seventy years later, the significance

of that decision is still playing out.

The World of Real Estate in 1955

To appreciate the importance of the Code,

it helps to step back into Canada in the ear-

ly 1950s. The country was in the midst of

extraordinary post-war transformation. Re-

turning veterans, population growth, and a

rising middle class drove demand for hous-

ing to unprecedented levels. Entire suburbs

were developed at speed. Urban cores ex-

panded. Commercial and industrial real es-

tate followed closely behind.

At the same time, the real estate sector it-

self remained highly fragmented. Many

practitioners entered the business through

apprenticeship or informal networks. Ed-

ucational standards were uneven. Licens-

ing regimes existed but varied significantly

across provinces, and enforcement mecha-

nisms were still developing.

Real estate transactions were often local in

nature, influenced by regional customs as

much as by formal regulation. While many

individuals operated with integrity, there

was no consistently applied framework that

defined professionalism across the country.

REIC itself had been established in the

By: Don Inouye, Chief Executive Officer, Real Estate Institute of Canada (REIC/ICI)

WWW.REIC.CA 7

preceding decade as part of an effort to bring

more structure and credibility to the field. Its

early members recognized that education alone

would not be enough. To elevate the industry,

there needed to be a shared understanding of

conduct. This was the environment in which the

Code of Professional Standards emerged.

A Code Rooted in Professionalization

The introduction of the Code in 1955 by Mr. Jack

Weber, the Institute’s first President, and inaugu-

ral Fellow, reflected broader trends taking hold

across North America at the time. Professional

associations in finance, insurance, and property

management were formalizing ethical expecta-

tions as part of a wider push toward self-regu-

lation.

In Canada, organized real estate was also evolv-

ing. Local boards and emerging national bod-

ies were beginning to discuss consistency in

practice. The idea that real estate professionals

should be trusted advisors, not just transactional

intermediaries, was gaining traction.

REIC’s Code aligned with this shift but also helped

accelerate it.

The Code established that membership in REIC

carried obligations beyond technical competence.

It formalized a commitment to ethical behaviour,

ongoing education, and responsibility to clients,

colleagues, and the public. It introduced the ex-

pectation that members would be accountable to

one another, not just to external regulators.

This peer-based accountability was especially im-

portant in 1955. Formal regulatory infrastructure

was still maturing, so professional associations

played a critical role in setting expectations and

reinforcing them.

Defining the Standard

While the language of the Code has evolved over

time, its foundational principles were clear from

the outset. Competence required members to

maintain a high level of knowledge and skill. In-

tegrity established expectations around honesty,

transparency, and fairness. Accountability ensured

that these principles were enforceable. Together,

these elements created a shared and enforceable

definition of professionalism that had not previous-

ly existed in a consistent way across the industry.

What made the Code significant was that it moved

professionalism from aspiration to expectation. It

did not leave ethical conduct to personal prefer-

ence or individual interpretation alone. Instead, it

provided members with a common language for

what responsible practice should look like, regard-

less of market, specialty, or geography.

Competence meant more than knowing how to

complete a transaction. It meant understanding

the broader responsibilities attached to advice,

representation, valuation, management, and stew-

ardship. In a field where decisions could affect

household wealth, community development, busi-

ness investment, and public confidence, profes-

sional knowledge had to be treated as an ongoing

obligation.

8 REIC EXCHANGE, SUMMER 2026

“WHILE THE

LANGUAGE OF THE

CODE HAS EVOLVED

OVER TIME, ITS

FOUNDATIONAL

PRINCIPLES WERE

CLEAR FROM THE

OUTSET.”

Integrity gave that knowledge its moral direction.

The Code recognized that real estate profession-

als often operate in situations where information is

unevenly held, incentives may conflict, and clients

depend heavily on judgment they cannot easily

verify. Honesty, candour, and fairness were there-

fore not optional virtues. They were essential con-

ditions of trust.

Accountability completed the framework. A stand-

ard without accountability is little more than a

statement of intent. By tying membership to con-

duct, REIC reinforced the idea that profession-

als should be answerable not only for outcomes,

but for the manner in which those outcomes are

achieved. This helped establish peer responsibility

as a defining feature of professional life.

In this sense, the Code was more than a list of rules.

It was a statement of identity. It told members, cli-

ents, regulators, and the public that real estate

could be practiced as a profession guided by

knowledge, judgment, ethical restraint, and

service. That clarity helped distinguish those

who viewed real estate as a calling from those

who saw it only as commerce.

Why 1955 Mattered

The introduction of the Code was both timely

and forward-looking, but its significance was

larger than timing alone. In many ways, 1955

marked the birth of something new in Cana-

dian real estate: a formal idea of professional-

ism grounded not only in market knowledge or

transactional skill, but in ethics, judgment, and

accountability.

Before that point, real estate in Canada was

unquestionably important, but it had not yet

been consistently defined as a profession in the

way Canadians understood law, medicine, en-

gineering, or accounting. Practitioners helped

families buy homes, advised investors, man-

aged property, supported development, and

shaped communities. Yet the standards that

governed this work were often local, informal,

uneven, or dependent on individual character

rather than a shared professional framework.

That distinction matters. An industry can exist

without a profession. Transactions can occur

without a code. Markets can function without

a common ethical language. But a profession

requires something more. It requires a recog-

nized standard of conduct, a commitment to

competence, obligations beyond self-interest,

and some form of accountability to peers, cli-

ents, and the public.

REIC’s 1955 Code helped supply that missing

architecture. It gave members a way to say, col-

lectively and publicly, that real estate practice

should be held to a higher standard. It asserted

that the work carried obligations that extended

beyond the closing of a deal, the collection of a

fee, or the completion of a transaction.

WWW.REIC.CA 9

Ethics became central to that architecture.

The Code made clear that professional con-

duct could not be reduced to technical com-

pliance or personal reputation. It required

principles that could be taught, discussed,

expected, and upheld. Honesty, fairness, dis-

closure, diligence, and responsibility were no

longer simply admirable traits. They became

part of the professional standard.

Accountability was equally important. The

Code introduced the idea that members

should not only be answerable to clients or

regulators after something had gone wrong,

but to one another as professionals commit-

ted to maintaining public confidence. That

peer expectation helped move the industry

beyond individual good intentions toward col-

lective responsibility.

By establishing a Code early, REIC set expec-

tations for what the profession could become.

It helped transform real estate from a field de-

fined primarily by opportunity and enterprise

into one capable of being defined by stand-

ards, ethics, and trust.

From Principles to Practice: Navigating Eth-

ical Dilemmas

A code of professional standards is most

meaningful when it is tested. The true meas-

ure of professionalism is not how one behaves

when decisions are easy, but when they are

not. The real estate industry, both in 1955 and

today, presents a steady stream of ethical di-

lemmas that require judgment, not just com-

pliance.

Consider a practitioner representing a seller

who becomes aware of a latent defect that is

not immediately visible and may not legally

require disclosure under certain conditions.

The decision is no longer about what is per-

missible. It is about what is right. Integrity re-

quires transparency, even when disclosure

may complicate or delay a transaction.

Or consider the pressure of multiple offers in

a competitive market. A professional may be

tempted to blur the boundaries of fairness by

selectively disclosing information or subtly in-

fluencing outcomes to secure a preferred deal.

The Code calls for impartiality and fairness,

reinforcing that short-term gain should never

come at the expense of trust.

Conflicts of interest present another recurring

challenge. A property manager with a financial

interest in a vendor, or a broker with a person-

al stake in a transaction, must decide wheth-

er disclosure is sufficient or whether recusal

is necessary. The principle of accountability

requires more than minimal compliance. It de-

mands careful reflection on how actions will be

perceived and whether they serve the best in-

terests of clients.

There are also quieter dilemmas, less visible

but equally important. The temptation to over-

state market conditions to secure a listing. The

decision to remain silent when a colleague

engages in questionable conduct. The pres-

sure to prioritize speed over due diligence in a

10 REIC EXCHANGE, SUMMER 2026

fast-moving deal.

In each case, the Code pro-

vides a framework. It does not

prescribe every answer, but

it anchors decision-making in

principles that prioritize trust,

fairness,

and

responsibility.

These are not abstract sce-

narios. They are daily realities.

And they are precisely why the

Code introduced in 1955 con-

tinues to matter.

Influence Across the

Industry

REIC was not alone

in advancing profes-

sionalism, but its early

leadership

contribut-

ed to a broader move-

ment that continues

today. What began as

a national commitment

to standards soon be-

came part of a wider

network of professional

education, designation,

and

ethical

practice

across the real estate

industry.

In 1961, REIC entered into a

formal partnership with the In-

stitute of Real Estate Manage-

ment, connecting Canadian

professionals to an internation-

ally recognized body of prop-

erty management knowledge

and standards. This relation-

ship broadened REIC’s influ-

ence beyond brokerage and

sales, helping establish prop-

erty management as a disci-

plined professional field with

its own expectations for ethics,

competence, and accountabil-

ity.

The partnership also reinforced

a principle that has remained

central to REIC’s identity: pro-

fessionalism is strengthened

when Canadian practice is con-

nected to respected national

and international standards.

Through this alignment, mem-

bers could see their work as

part of a broader professional

community, one in which ed-

ucation, peer recognition, and

ethical conduct were mutually

reinforcing.

A further milestone came in

1974, when a structural align-

ment

between

CREA

and

REIC helped clarify the com-

plementary roles of organ-

ized real estate and advanced

professional education. CREA

provided national leadership

for REALTORS® and real estate

boards, while REIC continued

to focus on professional stand-

ards, designations, and the

deeper formation of practition-

ers committed to excellence.

That alignment mattered be-

cause it situated REIC within the

larger architecture of Canadian

real estate. It recognized that

professionalism required more

than one institution: it required

trade representation, member

services, public advocacy, ed-

ucation, designation pathways,

and ethical standards working

in concert. REIC’s contribution

was to ensure

that the pursuit

of professional

excellence re-

mained visible,

structured, and

credible within

that ecosystem.

Together, these

relationships

helped extend

the

influence

of REIC’s 1955

Code

beyond

thew

Institute

itself. The RE-

ALTOR®

Code

reinforces duties

to clients, the public, and fel-

low REALTORS®. The Institute

of Real Estate Management’s

Code of Professional Ethics

emphasizes integrity, disclo-

sure, and the advancement of

professional knowledge.

These

frameworks

differ

in scope, but they reflect a

shared

understanding

that

professionalism must be clear-

ly defined, taught, recognized,

and upheld. The result was not

a single code or institution act-

WWW.REIC.CA 11

professionals consult only when chal-

lenged and more something they carry

into every decision: how they communi-

cate, how they disclose, how they man-

age conflicts, how they protect clients,

how they treat colleagues, and how they

uphold the public interest.

That is the movement from rules to

Code to culture. Rules tell profession-

als what is prohibited. A Code tells them

what is expected. Culture shapes what

they instinctively understand to be right.

When standards reach that level, pro-

fessionalism is no longer an external re-

quirement. It becomes part of identity,

reputation, and daily practice.

REIC’s role is to keep that progression

alive. Through education, designations,

continuing professional development,

member

expectations,

partnerships,

and ethical leadership, the Institute con-

tinues to translate standards into behav-

ing alone, but an increasingly connected profession-

al landscape in which standards could travel across

roles, markets, and generations.

From Rules to Code to Culture

The lasting value of a professional code is not found

only in the rules it contains. Rules matter because

they create boundaries. A Code matters because it

gives those boundaries purpose, language, and le-

gitimacy. But the highest aim of any code is cultur-

al: that its principles eventually become part of how

professionals think, decide, and conduct themselves

when no one is watching.

This is where REIC’s contribution has been especial-

ly important. By introducing a formal Code of Pro-

fessional Standards in 1955, REIC did more than set

expectations for membership. It began the longer

work of shaping professional culture in Canadian real

estate. The Code created a reference point around

which education, designation, peer accountability,

and ethical leadership could be built.

Education is the bridge between the written Code

and lived professionalism. A standard can define ex-

pectations, but education helps practitioners under-

stand why those expectations matter, how they apply

in complex situations, and what sound professional

judgment looks like in practice. Through courses,

designations, continuing learning, and professional

development, REIC has helped ensure that ethics are

not treated as a separate subject, but as part of the

core formation of a real estate professional.

That work could never be completed in a single mo-

ment. As the industry changes, the Code must also

evolve. New business models, new technologies,

new consumer expectations, more complex own-

ership structures, and heightened public scrutiny

all create ethical questions that earlier generations

could not have fully anticipated. A living profession

requires a living standard.

The goal, however, is not simply to keep adding

rules. The deeper objective is integration. Over time,

the evolving Code should become less something

12 REIC EXCHANGE, SUMMER 2026

iour. Its educational work gives professionals

the tools to interpret the Code, apply it to re-

al-world dilemmas, and strengthen the judg-

ment required to act with integrity when the

answer is not obvious.

In that sense, the legacy of 1955 is not only

that REIC created a Code. It is that REIC be-

gan the work of helping Canadian real estate

professionals internalize a standard, so that

professionalism could be practiced not as

an obligation imposed from outside, but as a

commitment carried from within.

A Legacy That Endures

The impact of the 1955 Code is reflected in

the generations of professionals who have

chosen to uphold it. It lives in the decisions

made every day, often quietly, where integrity

is chosen over convenience and accountabil-

ity over expediency.

In 1955, REIC made a choice that helped define

the trajectory of real estate professionalism in

Canada. By establishing a Code of Professional

Standards, it created a framework that elevated

expectations and strengthened trust. The chal-

lenges have evolved, but the principles have not.

Professionalism still depends on the willingness

to act with integrity, to pursue excellence, and

to remain accountable. The Code continues to

guide that commitment.

It is not just a document.

It is a standard that continues to shape the pro-

fession.

Don Inouye is CEO and a long time

advocate for professional standards

in Canadian real estate. He serves on

industry committees focused on ethics,

governance, and talent development.

WWW.REIC.CA 13

There is no shortage of conversation in the real

estate industry about professionalism. It is one of

the few topics that consistently brings together

regulators, associations, brokerages, and licen-

sees. Everyone wants a more professional in-

dustry, and everyone agrees it matters for public

trust, consumer protection, and long-term sus-

tainability.

The conversation, however, tends to focus on

structural change. We look to legislation, licens-

ing frameworks, continuing education require-

ments, and association rules as the primary le-

vers for improvement. That instinct makes sense.

Strong frameworks create consistency, set mini-

mum standards, and signal to the public that the

industry takes its obligations seriously.

But there is a quieter risk in that approach. When

the focus stays on external structures, it be-

comes easy to overlook the factor that ultimate-

ly determines how professionalism shows up in

practice, and individual behaviour. Profession-

alism is not created by regulation; it is revealed

through it.

Regulatory frameworks can set the floor and

create consequences for falling below it, but

they cannot compel someone to consistently

operate above it. That is where personal ac-

countability comes in, and it is often the piece

that receives the least attention in broader in-

dustry discussions.

If the goal is to elevate professionalism in a

meaningful and sustained way, the conversation

has to expand. Not away from structural reform,

but alongside it. Personal accountability cannot

be treated as an assumed baseline. It has to be

actively defined, reinforced, and expected.

So, what does that actually look like in practice?

First, it requires a shift in how practitioners in-

terpret their obligations. There is a natural ten-

dency in any regulated environment to anchor

behaviour to what is required, rather than what is

appropriate. The question becomes, “What do I

have to do to comply?” rather than “What should

I do to best serve my client and the integrity of

the transaction?”

That difference matters. A compliance-driven

mindset often results in minimalism. Tasks are

Rethinking Accountability in Real Estate Practice

PROFESSIONALISM STARTS

WHERE THE

RULES END

By: Ryan DeLuca, Director, Professionalism and Practice Initiatives, BC Real Estate Association

14 REIC EXCHANGE, SUMMER 2026

completed because they are

required. Disclosures are made

because they must be. Docu-

mentation is gathered because

it is expected, and the under-

lying intent can become sec-

ondary.

professionalism-driven

mindset operates differently. It

starts from the outcome rath-

er than the rule. It asks wheth-

er the client truly understands

what they are entering into,

whether information has been

presented clearly, and where

confusion or risk might arise. In

that sense, personal account-

ability is about closing the

gap between compliance and

judgment.

Second, personal accountabil-

ity shows up in how practition-

ers handle ambiguity. Real es-

tate is full of situations that are

not black and white. Conflicts

of interest, competing offers,

disclosure

obligations,

and

client expectations often sit in

grey areas. Rules can provide

guidance, but they cannot an-

ticipate every scenario.

This is where professionalism

is most visible. In ambiguous

situations, there are usually

multiple defensible paths. One

may be technically compliant

but narrow in its interpreta-

tion. Another may go further

to protect the client or the in-

tegrity of the process, even if it

requires more effort or creates

short-term friction. Personal

accountability is choosing the

latter, consistently.

Third, personal accountability

requires ownership of the full

transaction, not just discrete

tasks. In many cases, issues

that arise in real estate trans-

actions are not tied to a sin-

gle moment or decision. They

tend to emerge from a series

of small steps, assumptions, or

missed clarifications that, over

time, begin to compound.

Information may be passed

along without full verification.

Details can be assumed rath-

er than confirmed. Communi-

cations may be incomplete or

unclear, not because of any in-

tention to cut corners, but be-

cause transactions often move

quickly and practitioners can

fall into routine without paus-

ing to recheck earlier steps.

Each step, in isolation, may not

appear significant, but togeth-

er they can materially impact

the outcome. From a regula-

tory perspective, these issues

can be difficult to address be-

cause they rarely involve a

clear breach at a single point

in time. Instead, they reflect a

pattern.

From a professionalism per-

spective, however, this is ex-

actly where accountability sits.

Taking ownership means ac-

tively managing the integrity

of the transaction from begin-

ning to end. It means verifying

key information, ensuring doc-

umentation aligns with what

has been communicated, and

addressing small inconsisten-

cies before they become larg-

er problems. This is not about

perfection; it is about being in-

tentional.

Fourth, personal accountabili-

ty extends to how practitioners

engage with the broader sys-

WWW.REIC.CA 15

tem. While professionalism is often discussed

in terms of rules and individual conduct, there

is a third layer that is easy to overlook, how

practitioners influence the system they oper-

ate within.

Professionalism is not just reflected in how

someone handles a transaction. It is also re-

flected in whether they accept practices that

create unnecessary risk or confusion, or wheth-

er they challenge them. Over time, those deci-

sions shape how the system functions in prac-

tice, regardless of what the rules say on paper.

A highly professional industry is not one where

individuals simply comply with the system.

It is one where they take some ownership of

how that system operates in reality, whether

by questioning internal practices, raising con-

cerns, or sharing approaches that better man-

age complex situations.

Fifth, personal accountability requires consist-

ency. One of the challenges in elevating pro-

fessionalism is that it is often situational. Stand-

ards can drift in more routine transactions, even

when they are strong in more complex ones.

Clients, however, experience the industry one

transaction at a time, and their expectation of

professionalism does not change based on the

complexity of the file.

Consistency is what builds trust. It is also what

differentiates a professional standard from a

minimum one.

None of this diminishes the importance of

structural reform. Legislation, licensing re-

quirements, and association rules play a criti-

cal role in setting expectations and addressing

systemic issues, and advocacy in these areas

should continue. But structural reform is not

a substitute for personal accountability, it is a

complement to it.

In many ways, the effectiveness of any regu-

latory change depends on it. The more prac-

titioners operate with a professionalism-driven

mindset, the more those frameworks function as

intended.

If the goal is to elevate professionalism in a way

that is durable, both elements have to be pres-

ent. That creates an opportunity to shift the con-

versation, not just toward what needs to change

at a system level, but toward what is expected at

an individual level, in everyday practice, in rou-

tine decisions, and in moments that are not al-

ways visible.

Because professionalism is not built through

rules alone. It is built through how those rules are

interpreted and applied, one decision at a time.

Ryan DeLuca is Director of Professionalism and Practice

Initiatives at the British Columbia Real Estate Association

(BCREA), where he leads initiatives focused on identifying

and

developing

supports

for

managing

brokers,

strengthening professional standards, and enhancing

real estate practice. His work centres on advancing

professionalism through education, practical guidance,

advocacy, and industry collaboration.

16 REIC EXCHANGE, SUMMER 2026

lyzing real estate codes from

across the world. For present

purposes, we looked at codes

from a small but diverse subset

of countries across the globe,

including Brazil, China, Cana-

da (CREA), the Emirate of Abu

Dhabi, Latvia, Sweden, and the

United States (NAR). The au-

thors of this commentary are

not real estate professionals.

We study ethics, specifically,

and so we found it fascinating

to see what it is that real es-

tate professionals, themselves,

have to say about their obliga-

tions. We hope you find it inter-

esting too.

There is, of course, substan-

tial overlap between codes of

REAL ESTATE CODES OF ETHICS:

WHAT CAN

INTERNATIONAL

COMPARISONS

TEACH US?

Many professionals probably

don’t do enough to familiarize

themselves with the standards

embodied in their own profes-

sional organization’s code of

ethics, let alone those of pro-

fessionals in parallel organiza-

tions overseas. We think read-

ing not just your own code, but

multiple codes, from a range

of contexts, pays dividends.

Codes of ethics play an impor-

tant role in the governance of

real estate professionals across

the globe. What we found in

looking at them in detail is both

informative and interesting.

As part of a larger research

project supported by REIC, we

have collected and begun ana-

By: Dr. Chris MacDonald, Associate Prof and Director, MBA Program, at Ted Rogers School of Management (at Toronto

Metropolitan University), Director, Ted Rogers Leadership Centre & Signe Merrick

ethics internationally. The eth-

ical issues that arise in helping

someone buy a home in Otta-

wa are not that different from

those that arise when doing so

in Oslo. Issues of competency,

accountability, and trust are

not unique to any one setting.

The overlap in codes, then,

tends to reflect either shared

wisdom (perhaps conveyed

through international bench-

marking) or convergent think-

ing (great minds think alike!).

In fact, the very existence of a

Code of Ethics in a given coun-

try means that leaders in the

real estate industry have seen

a need, and have decided that

a Code is part of the solution.

WWW.REIC.CA 17

To begin, all of the codes we

looked at in fact share a few

commonalities. For instance,

all of them stipulate that

agents must be well-informed

regarding any essential facts –

that is, facts that would affect

the transaction. Different codes

give different explanations of

what it means to be informed,

but all of them stipulate that an

agent must be informed of es-

sential facts or information.

Relatedly, all of the codes also

stipulate that real estate pro-

fessionals should be skilled &

conscientious – there’s an ex-

pectation of competence on

the part of the professional.

The ways in which the codes

express this, of course, vary.

The code of the Brazilian as-

sociation stipulates that real

estate professionals must act

“with zeal, discretion, loyalty,

and probity, observing the le-

gal and regulatory provisions.”

The Code of the Latvian Real

Estate Association (LANIDA)

notes that it “…sets out the prin-

ciples, norms and standards

of professional conduct and

ethics to ensure that LANIDA

members … perform their du-

ties with the utmost integrity.”

The codes are also unified in

singling out a broad prohibition

on “conduct unbecoming” –

that is, they all say that agents

are required not to engage in

conduct that is disgraceful,

unprofessional or otherwise

unbecoming of a professional.

Some of the codes include a

list of the kinds of behaviours

that might constitute “conduct

unbecoming,”

while

others

leave the rule as a broad catch-

all.

On other topics, the codes were

deeply divided into camps. For

example, CREA, NAR, and the

Emirate of Abu Dhabi all have

clauses forbidding discrimi-

nation, while the other codes

in our small sample are mute

on the topic. That doesn’t im-

ply that those other organiza-

tions condone discrimination.

It merely suggests that it per-

haps hasn’t arisen as a distinct

topic worthy of separate con-

sideration.

Still other topics are more

rare: the UAE’s code has a rule

about whistleblowing, while

none of the others does. This,

again, doesn’t mean that a real

estate professional – say, one

employed by a large broker-

age firm in Canada – doesn’t

have an ethical obligation to

blow the whistle by going to

the authorities if they become

aware of important wrongdo-

ing by their employer. But it

does mean that real estate or-

ganizations across the world

have reason to ask themselves

“ A CODE IS THE DOCUMENT

WHERE THE MEMBERS

OF A PROFESSION PUT A

STAKE IN THE GROUND, AND

PROCLAIM PUBLICLY WHAT

IT IS THAT THEY PROMISE,

ETHICALLY, TO THE PUBLIC

THAT THEY SERVE.”

18 REIC EXCHANGE, SUMMER 2026

whether the UAE context is unique in this regard, or whether other codes ought to make such a re-

quirement explicit.

One last unique one worth noting: the Code of Conduct and Professional Ethics for Real Estate Ac-

tivities Practitioners in Abu Dhabi goes to lengths to make clear that, even when a real estate practi-

tioner is someone’s employee, that employment relationship doesn’t provide cover for wrongdoing.

The code says wrongdoing must be avoided, “even if it appears such action might be construed to

benefit the employer or if a higher managerial level instructs it.” That’s one to think about!

Everyone who belongs to an organization or profession that has a code of ethics realizes that a code

can only do so much. It is widely recognized that training and education are at least as important,

and more important than either is the culture of ethics that the organization or profession builds for

itself. However, codes still play an important role. A code is the document where the members of a

profession put a stake in the ground, and proclaim publicly what it is that they promise, ethically, to

the public that they serve. Looking at what such codes have in common, and how they differ, can only

help to sharpen our ethical insight.

Note: in some cases the authors have to rely on Google Translate for codes that were not otherwise

available in English; we can’t vouch for every word, but we are relatively certain that nothing we say

here depends on perfect translation.

Signe Merrick recently earned her Bachelor of Commerce in Law and Business at

the Ted Rogers School of Management, and is preparing to begin her masters of

Science in Management this fall. Drawing on her background in business law and

philosophy, she is particularly interested in Business Ethics and how organizations

navigate complex decision-making.

Chris MacDonald is Chair of the Department of Law & Business at the Ted Rogers

School of Management, and Director of the Ted Rogers Leadership Centre. He is

currently Interim Chair of the Canadian Centre for Ethics and Corporate Policy, was

recently named an Honorary Fellow of the Real Estate Institute of Canada for his

contributions to ethics in that field, and is a proud faculty member of the Board

Diversity Network. Chris is also an Honorary FRI, and the Ethicist of the Institute

WWW.REIC.CA 19

PROFESSIONALISM, TRUST, AND

THE DIGITAL

EXPERIENCE

CREA and REALTOR.ca’s Vision Forward

By: Janice Myers, CEO, Canadian Real Estate Association, and Scott Neil, CEO, REALTOR.ca Canada Inc.

Last year, we shared the Cana-

dian Real Estate Association’s

(CREA) work to better define

professionalism within Cana-

da’s real estate industry—not

as an abstract concept, but

as a measurable, observable

set of behaviours designed to

strengthen trust in REALTORS®

and the profession overall.

The work began with an im-

portant question: “What does

professionalism truly look like in

practice?”

At the time, the goal wasn’t to

simply revisit ethics or com-

pliance requirements already

familiar to the industry, it was

to begin defining profession-

alism in a more meaningful,

measurable and practical way.

It needed to be grounded in

behaviours that help build trust

with consumers, strengthen

accountability across the in-

dustry, and reinforce the value

REALTORS® bring to Canadians

every day. All of which was in-

formed by CREA’s partnership

with Saint Mary’s University to

help bring greater structure

and clarity to how profession-

alism is defined.

Since then, we’ve continued to

evolve and so has our work.

CREA has spent the past year

engaging with our members,

boards, associations, and in-

dustry stakeholders to further

validate and refine a national

professionalism

framework,

established with the realities

REALTORS® face every day

at its core. This included con-

vening provincial association

leaders through a national col-

lective thinktank session on

professionalism, hosted by the

Manitoba Real Estate Associ-

ation, to share perspectives,

identify

common

priorities,

and help shape the framework

collaboratively. Those conver-

sations were both thoughtful

and consistent: professional-

ism matters deeply both to

REALTORS®, and to consum-

ers whose confidence in the

industry is shaped by every

interaction, transaction, and

experience.

What has become increasingly

clear is that professionalism to-

day extends far beyond techni-

cal competency or regulatory

compliance alone. It includes

how REALTORS® communi-

cate, collaborate, navigate dif-

ficult situations, engage online,

use emerging technologies

responsibly. And increasing-

ly, how consumers encounter

and experience the REALTOR®

brand through digital platforms

like REALTOR.ca.

20 REIC EXCHANGE, SUMMER 2026

Behaviours That Build Trust

One of the most important

developments in CREA’s work

has been the shift from talking

about professionalism in broad

terms to narrowing in on specif-

ic behaviours to reinforce trust

and confidence in practice. The

focus is on establishing a clear,

more consistent understanding

of what professionalism looks

like in action through adher-

ence to the REALTOR® Code of

Ethics, and equally importantly,

through the daily behaviours,

decisions, and interactions that

demonstrate professionalism

in practice. This work encour-

ages REALTORS® to consider

how they consistently embody

professional standards in the

way they serve clients, collab-

orate with peers, and contrib-

ute to the reputation of the in-

dustry.

Recognition for Canada’s di-

verse real estate landscape is

nities.

Together, these initiatives align

directly with CREA’s 2026–2028

strategic plan, where REAL-

TOR® Value and Profession-

alism has been identified as

a core strategic pillar for the

organization. The objective is

clear: strengthen public trust in

REALTORS® by reinforcing high

standards for ethics, leader-

ship, and service.

The Consumer Trust Equation

At the same time, profession-

alism is increasingly connect-

ed to something larger: public

trust in the broader real estate

ecosystem.

For many Canadians, REAL-

TOR.ca is one of the first touch-

points in their home buying or

selling journey. They form im-

pressions based on the quali-

ty, accuracy, transparency, and

reliability of the information

they encounter, often before

also embedded in this endeav-

our, while establishing a strong

shared foundation of what pro-

fessionalism looks like in prac-

tice, particularly through the

behaviours REALTORS® should

embody. CREA continues to

work collaboratively with pro-

vincial associations and in-

dustry leaders to ensure the

framework reflects both con-

sumer expectations and prac-

tical industry experience.

CREA is also investing in ed-

ucation and partnerships that

strengthen

REALTOR®

ex-

pertise and credibility. This

includes

new

certification

programs created with Cana-

dian-specific content, focused

on negotiation, seniors, and

buyers and sellers, alongside

partnerships with advanced

education organizations like

Real Estate Institute of Cana-

da (REIC) to support trusted,

high-quality learning opportu-