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It's Your Turn
Current Consultations
Consultations on Services Trade Negotiations
Online Questionnaire for Canadian Businesses
Real Estate Services
Background Information:
The real estate services industry represents a key component of the global economy. A vibrant real estate sector boosts demand for goods and services from the building products industries and other sectors such as construction, consulting engineering, architecture and legal services.
Canada's industry consists of a large number of small, niche oriented firms who concentrate on home markets, and a few large companies investing in the U.S. and overseas. Canada's exports of real estate services totalled $467 million in 1997.
Definition of Sector in the GATS
The classification system that is used in the GATS by most WTO members, divides Real Estate Services into the following two categories:
- Real estate services involving owned or leased property;
- Real estate services on a fee or contract basis.
What We Heard in Previous Consultations:
Priority Markets:
Canada's real estate industry is largely focused on the domestic market. Larger firms, in particular however, have begun to expand internationally as the Canadian market has matured thereby limiting domestic growth opportunities. Some Canadian companies have also expanded into foreign markets with the objective of diffusing risks associated with the real estate business cycle.
The largest market for Canadian exports of real estate services is the U.S. 1998 statistics show that Canadian exports to the U.S. by means of Commercial presence (i.e. investments, partnerships) alone totaled $3.528 billion.
Several large Canadian companies have also planned to expand into Europe but have run into difficulty due to local regulations.
Market Access Barriers:
Consultations with key associations and companies have also assisted in identifying common trade barriers faced by Canadian real estate industry players in some foreign markets. In general, common limitations to market access include:
- Limited knowledge of reliable project opportunities;
- Access to financing;
- Long lead times.
Go directly to the Questionnaire.
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