Storeys Publishing Inc.
OREA CEO Tim Hudak Steps Down After Seven Years Tim Hudak has revealed to OREA members that he is stepping down as chief executive officer, effective August 2, 2024. After seven years spent at the helm of the Ontario Real Estate Association (OREA), Tim Hudak has revealed that he is stepping down as chief executive officer.
STOREYS obtained an email from Hudak to OREA members on Tuesday afternoon, in which he said that his last day in the role will be on August 2, 2024.
“I have been tremendously honoured to have spent the last seven years as the CEO of the Ontario Real Estate Association,” the email reads. “When I was recruited to the job, as I was leaving my time in public office, I believed I would be here for about five years with a goal of delivering high impact advocacy, greater profile for the organization and refreshed, practical products to support REALTORS as they connect people with a great place to call home.”
Hudak also took the opportunity to highlight a few of OREA’s accomplishments while under his leadership. To name a few, he pointed to the introduction of the Trust in Real Estate Services Act , which came into effect at the end of last year, and the Ontario REALTOR Wellness Program , which is a comprehensive health and wellness plan available to all OREA members who are up to date on their dues as of January 1, 2024.
“With these successes in mind, earlier this year I advised the Board of Directors of my intention to leave OREA this summer,” Hudak said. “I want to take this opportunity to thank the OREA staff who at all times act with integrity, creativity, and in the best interests of our members. To the Boards I have served, I thank you for your leadership in guiding staff to accomplish all of our goals. To the members, I thank you for the critical role you play in our day to day lives and the economy. I admire your work ethic and your unmatched dedication to building strong communities.”
“I will be forever a champion of the Canadian dream of homeownership and the extraordinary work Ontario REALTORS do in helping people get the keys to a great home,” Hudak went on to say. “I look forward to spending August with my family and tackling new adventures in the fall.”
Email from Hudak to OREA members obtained by STOREYS.
The Province hinted that it was going to be making this change to the BC Building Code over the summer and has now officially moved forward with it. The company has said that 167 locations across Ontario, Manitoba, Saskatchewan and Newfoundland and Labrador will remain operational during the creditor protection proceedings. Salt Spring Island is one of the most populous of the Southern Gulf Islands, with a population of approximately 12,000 people. And with one look at 169 Armand Way, it’s easy to understand why. The Guardian Building at 10240 124 Street in Edmonton is owned by 1643680 Alberta Ltd, which was placed under receivership in June. The Connolly, planned for 98 James Street South in Hamilton, has been placed under receivership twice now, under two different developers. The Province announced Bill 16 in April but only recently published some guidance on implementation, with more guidance expected next year. “Maybe there’s another process that falls somewhere between a zoning amendment and the Committee of Adjustment that will give people the due consideration for these kinds of proposals.” Just 654 new home sales were recorded across the Greater Toronto Area in July, constituting a year-over-year drop of nearly 50%. Chard Development previously made a bid to buy 1045 Haro Street prior to the property being placed under receivership in January. American news outlets reported in June that Bonnis Properties defaulted on a loan, but the company tells STOREYS they have since cured the default. An Eglinton Avenue West residential development first proposed in June 2021 recently submitted an application to increase its storey count from 34 to 48 and add over 200 more dwelling units. Hip to be broke? Unfortunately, this season’s “in thing” in real estate is actually the thing most regular folks want to avoid the most: forbearances, receivership, and insolvency. A report from Equifax Canada found that cost of living and rising unemployment have led delinquencies to surge in the province, though nationally, rates remain below pre-pandemic levels. The proposal is planned for 1675 and 1685 Eglington Ave W, directly east of a 39-storey proposal also by Shelborne Capital. After setting the rent increases cap at 3.5% for 2024, the Province is dropping it to 3.0% for 2025, tying it to inflation.
#J-18808-Ljbffr