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The Canadian Institute of Public Real Estate Companies (CIPREC) was formed in 1971 by a number of major property developers with equity shares listed on Canadian stock exchanges.
The catalyst leading to the formation of CIPREC was a series of meetings between the chief executive officers of 13 publicly held real estate development corporations who, in 1970 gathered to discuss the ramifications of the Government's White Paper on Taxation. During these deliberations, a common ground was found, in the need for one voice to represent public real estate companies in all matters affecting the industry.
Membership was limited to companies whose shares were listed on Canadian stock exchanges and which, as principals, were primarily involved in real estate development and investment.
An early priority was the consideration of means to advance and unify the practices and objectives of the real estate industry to better serve government and the community, and to seek ways by which an understanding of public real estate companies could be broadened.
A first step was the launching of an examination of the accounting practices of real estate companies, with the objective of developing recommendations for uniform procedures and improved financial reporting.
A continuing program of monitoring proposed legislation at the federal and provincial government levels was also established.
In December 1999, the name of the organization was changed to the Canadian Institute of Public and Private Real Estate Companies (CIPPREC) to better represent the make-up of its membership.
In early 2005, CIPPREC, further evolved and is now known as the Real Property Association of Canada (REALpac). There were several good reasons for the name change. Neither the words "Public" nor "Private" were representative of the association's current and potential future members. In addition, the name was not representative of several of the association's member categories such as Crown corporations. The reference to real estate "Companies" was also unsuitable since the association counts among its members, investment dealers, real estate brokerages, owner-occupiers, pension funds and their advisors, and real estate investment trusts, which are not companies in the formal sense. Lastly, there was confusion in the news media and with the public over whether the name had one "P" or two.
Today, REALpac is the senior national organization for publicly listed real estate companies, banks, pension funds, REITs, life companies and large private companies that own income-producing real estate.
For further information refer to our most recent Annual Report.
Should you have any questions surrounding membership, please contact Michael Brooks, Executive Director, (416) 642-2700 ext. 225.
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