The MFSA is a Special Operating Agency (SOA) of the Manitoba Government that reports to Cabinet through the Minister of Finance. The MFSA’s purpose is to protect Manitoba consumers of financial products while facilitating fair and efficient markets in Manitoba’s financial services sector. The MFSA is accountable to Manitobans for the actions it takes.
Real Estate
Real Estate Advisory Committee
The Real Estate Advisory Committee established by Manitoba Regulation 593/88 under The Real Estate Brokers Act recommends real estate projects to the Commission for funding from the interest the Commission receives from real estate brokers’ trust accounts.
The Committee reviews and recommends projects to The Manitoba Securities Commission for funding from the interest which the Commission receives from real estate brokers’ trust accounts.
The Real Estate Brokers Act and M.R. 593/88 describe the projects that may be approved for funding:
– educational programs relating to the real estate industry and the objectives of the Act;
– not-for-profit initiatives to promote affordable home ownership and area revitalization;
– real estate research and legislative reform;
– the study and improvement of real estate business practice; and
– other projects designed to further the objectives of the Act.
The Committee is comprised of five members recommended by The Manitoba Real Estate Association and appointed by The Manitoba Securities Commission. They serve without pay for two-year terms and may be re-appointed for one or more additional terms.
The membership of the Committee must comprise the following categories of individuals:
– three brokers/authorized officials
– one real estate salesman
– a public representative.
A chairperson is selected from among the members of the Committee and calls and presides at Committee meetings. The Executive Director of The Manitoba Real Estate Association acts as secretary and has no voting privileges.
Recommendations for funding are made to The Manitoba Securities Commission by the Chairperson through the Registrar of The Real Estate Brokers Act.
The current members of the Committee are:
- Cliff King, Broker, Re/Max Executives Realty (Chair)
- Miriam Munn, Broker, Royal LePage/Martin-Liberty Realty
- Shirley Przybyl, Broker, Century 21 Bachman & Associates
- Ute Vann, Salesperson, Royal LePage Dynamic Real Estate
- Rev. Bill Gillis, Public Member
Real Estate Advisory Council
The Real Estate Advisory Council is a non-statutory body established in 1996 by The Manitoba Securities Commission and The Manitoba Real Estate Association (MREA) to advise and make recommendations to the Commission and MREA on real estate issues; to consider mutually beneficial ideas, policies or legislative reform; and give advance notice of trends or developments in the real estate industry.
The Council membership comprises up to ten individuals representing the real estate industry and regulatory interests as follows:
– four registrants under The Real Estate Brokers Act serving three-year terms;
– the Chair or designee of the Real Estate Subsection of the Manitoba Bar Association;
– a member of the Executive Committee of MREA;
– up to two representatives from real estate-related organizations other than the MREA (e.g., The Manitoba Home Builders’ Association and The Professional Property Managers’ Association) for a one year term;
– the Registrar of The Real Estate Brokers Act; and
– the Executive Director of MREA.
The Chair is appointed by the MREA and acts as spokesman for Council and presides at meetings of Council. Council’s recommendations are conveyed by the Chair.
The Council meets at least once every year or more frequently at the call of the Chair to consider issues referred to Council by the Commission or MREA.
The members of Council are:
- Claude Davis (Chair) Royal LePage Dynamic Real Estate
- Michael Barrett Re/Max Valleyview Realty
- Tom Fulton RE/MAX Performance Realty
- Lori Richard Canadian Condominium Institute, Manitoba Chapter
- David Powell Powell Property Group
- David Salvatore Manitoba Real Estate Association
- Keith Schinkel MSC
- Ron Tardiff Sutton Group – Kilkenny Real Estate
- Robert L. Tyler Manitoba Bar Association
- Garret Wong Professional Property Managers Association