The four boards, large and small alike, are mindful of ongoing changes in the structure of organized real estate. The consolidation of MLS® Systems, amalgamations of boards and associations, the imbalance of influence among boards in Ontario, and the evolving relationships between Provincial and National associations, member boards, and REALTORS® are all factors impacting any one board’s ability to effect positive change for their REALTOR® members.

By taking a proactive stance toward the future and not being afraid to question some of the long-standing assumptions, we believe we can bring a unique value proposition and pave the way for our members’ brighter future.

The Cornerstone partners appreciate the value of having a more assertive and aligned voice for members. Through amalgamation, REALTORS® will benefit from enhanced services, increased coordination, greater value, and the capacity to tackle the bigger challenges, like data sharing. Quite simply, joining together will magnify, solidify, and unify our individual strengths.

We have a Task Force empowered to collaborate and lead this initiative. Four Directors from each board were selected to serve on the Amalgamation Task Force, for a total of 16 task force members.

The Task Force is supported by CEOs, and key association staff – consultants tng Leaders and BLG, the law firm.

On February 29, 2024, we announced that Cornerstone and ITSO will collaborate to provide enhanced services to all of ITSO’s Member Associations. In simplest terms, rather than ITSO managing the MLS® System directly, Cornerstone will manage the day-to-day operations of the MLS® System.

ITSO and Cornerstone share the same vision for real estate in Ontario – strong professionalism and a robust MLS® System with high-quality and comprehensive data that enables REALTORS® to provide consumers with the information they need.

• As province-wide data is essential to every Ontario REALTOR®, Cornerstone will collaborate with all boards toward this goal.
• Matrix, which all four boards currently use, will continue to be used by Cornerstone. 
  

With the creation of the new entity, Cornerstone’s Board of Directors will be formed to model governance best practices.

The inaugural Board of Directors will include Directors from each of the four founding boards, who have already been elected by their respective Boards of Directors.

These inaugural Directors will serve a two-year term, and a nomination process will be developed that will allow the membership to elect new Directors once the Inaugural Board of Directors has completed its term of office.

Governance documentation, such as Policies, Practices, and Rules, will be developed and adopted following best practices.

Our initial Board of Directors consists of four Directors from each of the four founding Boards. If an additional board joins Cornerstone, the plan is for the existing groups to reduce their numbers to accommodate the new partners.   

While representative boards are rarely as effective as a skills-based board, we also acknowledge that, by forming an inaugural Board of Directors made up of equal representatives from each partner, we are creating a constituency-based Board of Directors.

That said, be assured that we have baked good governance into the draft Bylaws, and the inaugural Board of Directors will enact nomination policies and election procedures that support the election of a competency-based Board rather than one predicated on geographical representation.

During the two-year transition period, we anticipate maintaining all office locations to function as local centres for REALTOR® excellence. Office usage and requirements will continue to be monitored and assessed to determine how best to serve members as needs and services evolve.

These are all being worked on. Along with reviewing membership dues, we are also examining the array of services currently provided by each board. The focus is to ensure that members do not lose access to the Member services they are currently using, such as e-signatures, Broker Bay, or ShowingTime. 

During the two-year transition period, Cornerstone will work towards identifying the services that best serve Members’ needs and ultimately determine the membership fees for Cornerstone going forward.

Currently, Waterloo has a mandatory electronic lockbox program, but RAHB, Simcoe and Mississauga do not. For services like electronic lockboxes – where we don’t have alignment among the four boards – access to an electronic lockbox program will be maintained, but the use of electronic lockboxes will not be mandatory. Then, throughout the two-year transition, the Board of Directors of Cornerstone will review this service and work towards a new solution or harmonization.

Fortunately, the four Cornerstone boards are in solid financial positions, and saving money is not a motivating factor.

One of Cornerstone’s key objectives is to enhance the value provided to members. By uniting resources, the member experience will be elevated to a greater degree than what we can achieve individually.

While Cornerstone is committed to financial stewardship and recognizes that costs are an essential consideration, we also believe that enhancing services and value will help make members more competitive and valued by their clients.

Our grassroots efforts in advocacy, as well as our relationships with local charities that extend deep within every one of the founding four board areas, will remain a priority. Over many years, every one of our boards has built meaningful connections with local stakeholders that have positioned REALTOR® as valued and respected members of our communities. These relationships, whether they be with the local chamber of commerce or local government, will remain vital as we move forward.

We intentionally wanted a name that did not refer to a particular geography. 

This new name reflects that our new entity will be foundational: a pillar of REALTOR® professionalism, an anchor for members, and it signals that we are turning a corner and moving forward with a strong and united strategy.