Winter 2023/24
www.reic.ca
EXCHANGE
Real Estate Institute of Canada
INSIDE
Introducing Senior Management
Exclusive Industry Updates
REIC Member Spotlights
Chapter Highlights
and more...
WONDERLAND, 2012
Jaume Plensa
03
REIC + INDUSTRY + NETWORK
EDITOR'S NOTE
04
MESSAGE FROM REIC CEO
www.reic.ca
REIC Exchange, Winter 2023/24
05
MEET REIC’S SENIOR
MANAGEMENT TEAM
06
A JOURNEY OF TRANSFORMATION
08
MEET AIC’S NEW CEO
11
HUMBER COLLEGE SPOTLIGHT
12 WHY REAL ESTATE
PROFESSIONALS SHOULD
STUDY ETHICS
13 BUILDING CANADIAN ECONOMY
ONE STRUCTURE AT A TIME
15
UOFT SCHOOL OF CITIES
16 OAHI: SNOWY HOME
INSPECTIONS
17
RESA: FIRST IMPRESSIONS
INSIDE THIS ISSUE
INSIDE THIS ISSUE
22 DESTINATION DESIGNATION
26 THE MEMBER PATHWAY
27 STUDENT MEMBERS: THE FUTURE
OF REAL ESTATE
30 ASSOCIATE MEMBER SPOTLIGHT
09
REAL ESTATE IN 2024: TIM HUDAK
10
CREA ANNOUNCES NEW CEO
35 REIC NATIONAL HIGHLIGHTS
VISIT US ONLINE!
Real Estate Institute of
Canada
@reicnational
@reicnational
Real Estate Institute of
Canada – (REIC)
OUR NETWORK:
END-OF-YEAR
CHAPTER HIGHLIGHTS
IREM GLOBAL SUMMIT
AND THE RED,
WHITE & BLACK SOIRÉE
www.reic.ca
EDITOR‘S NOTE
The REIC National team had a delightful experience visiting the Calgary Chapter for the
Alberta Condominium and Real Estate Conference this past fall. There were many
highlights during their trip, but team members Don Inouye, Amber Wavryk, and Sierra
Gouveia especially enjoyed the awe-inspiring Wonderland installation. This stunning
exhibit, located at the base of Calgary's most iconic skyscraper, The Bow, left a lasting
impression on the team. Amidst their busy conference schedule, they found a moment
of wonder and reflection. The team was inspired by its captivating design and decided to
feature it on the cover of this edition.
We hope you enjoy this edition of Exchange Magazine as much as we enjoyed putting it
together!
The REIC National Team
REIC Exchange, Winter 2023/24
EDITOR’S NOTE
Dear Members,
As we welcome the new year, we often take time to reflect
on the past and look forward to the future. We think about
the things we want to change, the things we want to achieve,
and the things we want to become. These thoughts often
lead us to make New Year’s resolutions. While organizations
tend not to make resolutions – rather, we tend to follow a
cadence of regular strategic planning and renewal. But I
think it’s important to not hide behind management speak
and truly reflect on where we are today. We are an
organization on a journey of change, transformation,
and growth.
www.reic.ca
REIC Exchange, Winter 2023/24
MESSAGE FROM THE REIC/ICI CEO
New Year’s resolutions are promises we make to ourselves. They are goals to better our lives. These goals
are like seeds. We plant them at the start of the year, hoping they will grow over time. Think about it. A seed
needs care. It needs water, sunlight, and time to grow. In the same way, our goals need our time, effort, and
dedication. If there was one thing about 2023, it was that REIC made some powerful goals for itself. Our team
made incredible efforts, and our dedication is being seen everywhere, in everything we do.
Sometimes though, our goals seem too big, and we may feel scared. But remember, even the tallest tree
started as a tiny seed. Every big thing starts small. So, we should not be afraid to start small. We all make
mistakes. We all face hard times. But these are not reasons to give up on our goals. They are lessons to
learn from. Each mistake is a chance to become better. Each hard time is a test of our strength. What I
learned from this past year, was that REIC was tested, challenged, and confronted by some very difficult
situations. But not only did we prevail, we are better for it.
Lastly, let’s remember – a New Year’s resolution is not just a promise to ourselves. It is a promise to those
around us too. When we become better, we help our colleagues, our companies, our entire real estate
community to become better too. So, let’s make this new year a time of growth. Let’s nurture our goals like
seeds. Let’s face our fears, learn from our mistakes, and help those around us. This is the real meaning of a
New Year’s resolution.
Thank you,
Don Inouye
CEO, REIC/ICI
A MESSAGE FROM
THE REIC/ICI CEO
www.reic.ca
REIC Exchange, Winter 2023/24
We are so excited to formally announce our newly appointed Senior Management Team:
INTRODUCING OUR
SENIOR MANAGEMENT TEAM
Amber has been a crucial member of the REIC National Team
since 2021. She is responsible for managing the execution,
implementation, and operational support of the REIC network,
including both national and chapter levels. At REIC, we believe
that no dream is too big, no event is too bold, and no
partnership is too complex. Amber's dedication to her role
ensures that these dreams become a reality. She will continue to
oversee events, marketing, communications, and technology to
help REIC flourish.
Fun Fact: Amber totally crushed it at the 2023 Pan American
Games in Santiago with the Canadian Equestrian Team and took
home a shiny gold medal! How amazing is that?!
Aurajoy has been an integral member of the REIC National team
since 2019, managing our program portfolio, which includes
REIC, IREM, NAR, Mentorship, Candidate Support, Applicant
Support, and MVP. As these programs evolve and grow, Aurajoy
will lead a team of professionals to build and expand them
further. Our focus is on modernizing our programs, updating our
content, and putting our candidates at the forefront of
everything we do. The transformation that has already taken
place is incredible.
Fun Fact: In 2012, Aurajoy rocked the stage and won the
coveted Miss Manila pageant! She met the mayor of Manila and
received a key to the city. Talk about a superstar! She’s also the
only left-handed REIC National team member.
Under the leadership of Amber and Aurajoy, we are excited about what the future holds and eager to witness
the extraordinary accomplishments that are yet to come. With this new team at the helm, REIC is poised for
continued success and growth.
AMBER WAVRYK
Director of Operations
AURAJOY MITCHELL
Director of Programs
INTRODUCING OUR SE NIOR MANAGEMENT TEAM
www.reic.ca
By Don Inouye, CEO, REIC/ICI
Organizational transformation is the process of changing the structure, culture, and practices of an organization to
adapt to new challenges and opportunities. It can involve strategic shifts, operational improvements, technological
innovations, and/or cultural changes. Organizational transformation can help organizations achieve higher
performance, stakeholder satisfaction, member engagement, and industry impact. However, it can also be a
complex and risky endeavour that requires careful planning, execution, and evaluation. In this article, we will
explore the benefits, challenges, and best practices of REIC’s leadership system design process, and provide some
examples and insight on how leadership is intentionally making decisions, changing our core processes, and
moving the Institute forward.
The following is an excerpt from a paper entitled “Leadership System Design: The Real Estate Institute of Canada.”¹
REIC Exchange, Winter 2023/24
A JOURNEY OF TRANSFORMATION
A JOURNEY OF
TRANSFORMATION
According to the National Institute of Standards and
Technology, leadership is often defined as either an art
or a science, but it is clear that the concept of a
“leadership system” is both². The leadership system
refers to the informal (art) and formal (science) in which
leadership is practiced throughout an organization. It
serves as the foundation for making key decisions,
communicating them effectively, and ensuring their
execution. This system is comprised of various structures
and mechanisms for decision-making, facilitating two-way
communication, developing and selecting leaders and
managers, and promoting the organization's values,
ethical
behavior,
directions,
and
performance
expectations³.
Kellerman⁴ asserts that understanding how, when, and why leadership does or does not take place is crucial. It is
also essential to understand how leadership is best exercised in any given situation. But both Kellerman and
Latham both agree that the primary purpose of a leadership system is to calibrate, align strategically, and integrate
operationally an organization's management policies into day-to-day practice. This makes leadership decisions
clear to all stakeholders, sets the tone, and provides a formal example for others to follow. This intentional
leadership by example serves as the foundation of both fulfilling the systems purpose, and meeting the system
requirements at the same time.
At REIC, we believe that positive market influence and strong member engagement are crucial aspects of our
leadership system. As industry leaders in ethics, our primary objective is to guide both industry and network
stakeholders towards meaningful activities that contribute to the organization's overall successful performance.
The better the organization performs, the more influence on the industry it has in areas of; advanced education in
real estate, professional standards for practitioners, and increased levels of ethics. Essential to this, is actively
aligning and integrating various management practices, processes, and activities into a coherent and congruent
approach. Our leadership system serves the purpose of providing a structured framework for our leaders to
interact with stakeholders across the organization’s vast network. With a formal leadership system in place,
referred to as the “Strategy Planning Framework” or SPF, everyone can review progress systematically and work
with members to improve performance and achieve progress towards goals.
www.reic.ca
Without this framework, it would be challenging to communicate the Institute’s approach to the industry,
course correct, identify areas for improvement, and importantly, teach the framework to others.
As with any other leadership system, it is important that REIC’s reflects the organization's core values, long-
term vision, and strategic direction. To that end, significant efforts are being made to develop a pipeline of
ethical leaders among staff, faculty, chapters, and the board’s committee ecosystem – which we believe is
essential to ensure consistency, continuity, and minimize the organization's dependence on any one
individual leader.
REIC designed its leadership system with the goal in mind of providing advanced education and designation
programs to the real estate industry, and elevating standards of professionalism and ethics. To do this, the
organization must make stakeholder expectations the primary priority. The first step in designing leadership
systems is meeting all stakeholder needs. When considering the organization's success depends on the
quality of the quality programs it delivers to the industry directly (in the form of designated professionals) and
indirectly (in the form of published standards) that only but reinforces Latham’s position that stakeholders are
central to the function of all REIC organizational systems. Figure 2. illustrates the value mapping between
internal and external stakeholders.
REIC Exchange, Winter 2023/24
Figure 2. REIC Stakeholder System Value Mapping
The context of the organization, the knowledge,
creative capacity and highly bespoke components
describe and inform the requirements for design. In
this system, a balanced approach that addresses the
needs of multiple stakeholders, each with their own
specific set of requirements, must be integrated,
managed, and regularly adjusted as the context for
each subgroup evolves. The REIC leadership system
must provide for the development and improvement
of our programs, member services, employees,
operations, and internal communications. Only with
continual improvement policies will the organization
maintain its high standard of excellence, and
positioning in the market.
The final step of designing the Leadership System for REIC considered the building blocks that create the
“house” and foundation for the SPF. Guided by a high-level mission, vision, and values, the house has four
walls which are the fundamental constructs that set the guidelines around the leadership system. Enhancing
member value, transitioning the educational programming, engaging the industry, and increasing
brand awareness. These walls are built on a foundation of operational excellence. As the system moves
forward, a highly articulated set of strategic goals are identified, and value systems are prioritized.
Footnotes
1 Inouye, D. (2023), “Leadership System Design: The Real Estate Institute of Canada”, Unpublished paper, Sandermoen School of
Business, University of Fredericton.
2 https://www.nist.gov/baldrige/foundations-successful-business/leadership
3 https://drjohnlatham.studio/2019/05/14/setting-the-example-at-the-top-designing-a-custom-leadership-system/
4 https://www.amacad.org/publication/leadership-its-system-not-person
A JOURNEY OF TRANSFORMATION
www.reic.ca
DONNA DEWAR JOINS THE APPRAISAL
INSTITUTE OF CANADA AS CEO,
BRINGS A WEALTH OF EXPERIENCE
AND TRANSFORMATIVE LEADERSHIP
REIC Exchange, Winter 2023/24
The AIC is excited to announce the appointment of Donna Dewar,
MBA, PMP, as Chief Executive Officer of the Appraisal Institute of
Canada. Dewar officially began her tenure as CEO of Canada’s
leading real property valuation association in November 2023.
With over 5,600 Members across the country and around the world,
for the last 85 years, the Appraisal Institute of Canada (AIC) has
worked collaboratively with its 10 affiliated provincial associations to
grant the distinguished Accredited Appraiser Canadian Institute
(AACI) and Canadian Residential Appraiser (CRA) designations. The
Professional Appraisers (P. App.) who hold these designations are
the trusted professionals of choice for real property valuation,
advisory, and consulting services in Canada.
With more than 20 years of experience at the helm of membership-
based associations and a track record of transformative leadership,
Dewar brings a wealth of experience and a collaborative approach
to the AIC. Leading up to her appointment, she explains that she
was looking for an opportunity to lead a member-based
organization and build on its successes.
In the AIC, she found this precisely. Dewar explains,
“The AIC is an extremely interesting organization. There
are not many professional bodies that cover advocacy for
their Members, publish their professional standards,
have a self-regulatory body, oversee the designation
process, including education and training, and also
provide professional liability insurance.”
As she takes on her new role, Dewar has her focus firmly set on
making a positive difference and helping staff, volunteers, and
Board members do their best to serve AIC Members and ultimately,
the Canadian public.
She says, “I consider myself a motivated and results-oriented,
trusted leader who leverages interpersonal skills, teamwork, and
planning to achieve business goals and objectives that align with
Members’ needs.”
She adds that continuing to advocate for Members’ needs is a key
component to any association’s success and that “building strong
relationships with other organizations for win-win opportunities is a
necessity.”
Amidst the excitement surrounding Dewar’s appointment, it’s
important to note the critical role which AIC Professional Appraisers
(P. App.) play in the Canadian real estate sector, as well as the many
services they offer.
The value of an AIC Professional Appraiser (P. App.) extends far
beyond their ability to determine the value of real property.
Their services encompass a wide spectrum of specialized
assessments to help Canadians make well-informed real estate
decisions, including those to renovate or build, buy or sell property,
finance or refinance, and invest.
This includes the provision of:
Real estate appraisals: Determining the value of property,
which requires a comprehensive analysis of market trends,
property condition, location, and comparable sales data, among
many other data points.
Machinery and equipment appraisals: Assessing the value
of machinery and equipment crucial for businesses looking to
buy, sell, or secure loans using these assets as collateral.
Litigation support: Providing expert testimony and analysis in
legal disputes, offering expert, third-party assessments to aid in
resolving conflicts in court.
Furthermore, AIC Professional Appraisers (P. App.) have the
expertise to complete assignments, including property tax
assessment reviews, capital gains assessments, insurance claims,
business mergers, acquisitions, or dissolutions involving real estate,
reserve fund studies, and more.
As Dewar takes the reins of the AIC, the organization stands ready
and excited for a new era of continued innovation and growth. With
a renewed commitment to excellence and a continued dedication
to protecting the Canadian public, the AIC, under Dewar’s
leadership, is set to reach new heights as the industry leader for
professional appraisal in Canada.
For more information about AIC, visit https://www.aicanada.ca/.
MEET DONNA DEWAR, AIC’S NEW CEO
www.reic.ca
REIC Exchange, Winter 2023/24
REAL ESTATE IN 2024:
BRINGING AFFORDABILITY CLOSER
TO HOME AND RAISING THE BAR
As we enter 2024, there are two key issues that will drive our focus
at the Ontario Real Estate Association (OREA) as well as at the Real
Estate Institute of Canada (REIC): housing affordability and
raising the bar on professional standards. Our recent poll with
Abacus Data reinforced what every real estate professional sensed:
housing affordability has moved to the top of the list of concerns
that Ontarians want government to address.
We also want to ensure that the next generation of Canadian
homeowners are confident that the REALTOR® by their side is held
to the highest professional standards. With so much on the line,
this is the North Star guiding the Trust in Real Estate Services Act
(TRESA), legislation that makes Ontario REALTORS® the North
American leaders when it comes to professionalism, education,
and modern business tools in real estate.
OREA has been a leading champion of homeownership in Canada,
playing a key role in working with government to get more homes
built that hardworking Canadians can actually afford. The lack of
housing supply has pushed prices up faster than Canadians can
save money. Mix in an inflationary environment, and you’ve got a
recipe for an affordability crisis.
Ontario REALTORS® have put innovative pro-homeownership
ideas on the table for the Government of Ontario to consider, with
the goal of helping young Ontarians get the keys to a great place to
call home
The good news is that there has been remarkable progress. In
2021, we had the highest number of housing starts in over thirty
years. 2022 was the next highest, with 96,000 housing starts.
But pro-growth, pro-housing solutions must continue to be
championed if we want to get more shovels in the ground and
meet the goal of building 1.5 million new homes in the next decade
and
improve
affordability
for
our
province’s
would-be
homeowners.
OREA has suggested ending exclusionary zoning to allow more
homes to be built in existing urban neighbourhoods, providing
provincial loan guarantees for affordable housing and purpose-
built rentals, and addressing the shortage of skilled trade workers.
Decision-makers should also focus on reducing red tape,
streamlining approvals to enable housing across the spectrum,
making surplus government lands available, and intensifying
development along transit lines.
The first phase of TRESA gave REALTORS® the ability to form
personal real estate corporations (PRECs), allowing them to offer
more services to clients, invest in new technology and create jobs.
This success did not happen overnight - it took years of advocacy
by OREA to make it a reality and since then, over 10,000
REALTORS® have formed PRECs.
The second phase of TRESA focuses on transparency and
consumer protection, introducing a new Code of Ethics for
REALTORS® that articulates a higher bar for integrity, quality of
service, and conflicts of interest. OREA also advocated to
modernize the Real Estate Council of Ontario’s (RECO) discipline
process to create a more efficient and empowered regulator,
giving them more teeth to do investigations and suspend or
revoke licenses of those who break the rules.
Another impactful change from TRESA is a new option in how
homes are sold. The new transparent offer process will allow
REALTORS® to share the contents of offers when directed by the
seller.
However, the work isn’t done. Ontario REALTORS® continue to
advise the government on future TRESA regulations, focusing on
eliminating the auctioneer and lawyer loopholes, improving
education, and updating RECO’s registration processes.
We must continue to move forward when it comes to the
betterment of the profession as a whole, and the REIC plays a big
role in this. As an organization dedicated to shaping the future of
real estate by enhancing the skills of REALTORS®, we are aligned
in our goal to advance education and professionalism in real
estate.
Homeownership is foundational to a great quality of life and strong
neighbourhoods. We have made important progress, but we need
to keep our foot on the gas. It is paramount that we work together
and embolden government to make the tough calls to get more
homes built and faster. Let’s make 2024 a brilliant year for housing
in this province, for the young families looking to achieve the
dream of homeownership, and for the highest standards in the
profession.
For more information about OREA: https://www.orea.com/.
By Tim Hudak, Chief Executive Officer, Ontario Real Estate Association
REAL ESTATE IN 2024 WITH TIM HUDAK
www.reic.ca
CREA ANNOUNCES JANICE MYERS
AS THE NEW CEO TO LEAD THE
COMPANY
REIC Exchange, Winter 2023/24
10
Looking
for something?
Seek out your next
opportunity or newest
recruit!
Visit the REIC Job Board
CREA ANNOUNCES NEW CEO