At a pivotal moment when robust government relations and strategic advocacy are paramount for the organized real estate sector, Jason Stephen’s extensive background uniquely positions him to lead the Canadian Real Estate Association (CREA). His journey, marked by deep engagement in both politics and real estate, has forged a leader who understands the intricate dance between policy and practice, proving invaluable in his role as CREA President.
Stephen’s foundational understanding of governance began shortly after he earned his degree in history and political science. Leaving his hometown of Saint John, New Brunswick, he embarked on a formative period in Ottawa, serving as an assistant to former Prime Minister Joe Clark on Parliament Hill. This direct exposure to the highest echelons of Canadian politics provided him with an unparalleled insider’s perspective on policy formulation, legislative processes, and the art of political negotiation. Returning home, Stephen seamlessly transitioned into a successful real estate career, yet his commitment to public service remained unwavering. He continued his political involvement, ultimately ascending to the presidency of the New Brunswick Progressive Conservatives in 2012. This blend of provincial and federal political experience, coupled with his burgeoning real estate expertise, laid the groundwork for his eventual leadership at the national level.
From Parliament Hill to CREA President: A Foundation of Mutual Respect
Now, as the President of CREA, Stephen readily acknowledges that this rich tapestry of experience has profoundly paid off, especially in the delicate realm of government advocacy. “Having worked on the Hill,” he reflects, “when I sit down with people during our lobbying efforts, there is an identifiable mutual respect.” This isn’t merely about personal connections; it’s about a deep, intuitive understanding of the governmental machinery. Stephen comprehends that policy change is rarely instantaneous. “I understand that one meeting isn’t going to result in an actionable item the next day – there is a process,” he explains. “I’ve been on the other side of the desk.” This perspective allows him to set realistic expectations, navigate bureaucratic complexities with patience, and build enduring relationships based on trust and shared understanding—qualities that are indispensable for effective advocacy on behalf of Canadian Realtors.
Stephen also recounts how his political past occasionally raised questions regarding its impact on his business. “I used to get asked all the time if my political background hindered my business,” he notes. However, he quickly dispels this notion, proudly stating, “I have a fairly healthy list of people who have identified as Liberals who are clients.” This anecdotal evidence underscores his ability to transcend partisan divides, fostering relationships built on professional competence and trust rather than political affiliation—a crucial attribute in any leadership role.
Championing a Strong Housing Market: The Mortgage Stress Test Debate
Stephen has been assiduously leveraging his unique skills to advance CREA’s position on what he identifies as “the No. 1 issue I hear no matter what part of the country I’m in” – the widely debated mortgage stress test. CREA’s stance is unequivocal: “We have always advocated for a strong housing market. A housing crisis in Canada is not good for Realtors.” The current implementation of the stress test, while intended to safeguard the financial system, has inadvertently created significant hurdles for many Canadians, directly impacting market activity and the ability of Realtors to facilitate transactions.
He elaborates on the profound regional disparities exacerbated by the blanket application of the stress test. “People in Alberta have lost the ability to sell their house now because buyers are not in the marketplace,” he laments, highlighting how a one-size-fits-all policy can have devastating consequences in specific economic contexts, particularly in regions experiencing downturns. Even in traditionally affordable markets, the impact is keenly felt. “Certainly where I’m from, Saint John is always in the top five most affordable markets in Canada, and for those people to be stress tested at the level they are, it just doesn’t make any sense. It’s not good economic policy. You can’t paint the whole country with one brush.” This powerful analogy encapsulates CREA’s argument for a more nuanced, regionally sensitive approach to housing policy that acknowledges the vast economic diversity across Canada.
Furthermore, Stephen criticizes the very methodology of the stress test itself. “We also live in a world where you are tested on the highest posted rate,” he points out, revealing a significant disconnect from market realities. “Ninety per cent of the people negotiate a better rate when they go to the bank. It’s just not a realistic picture, even if rates rise over a five-year stretch.” This fundamental flaw in calculation creates an artificial barrier for qualified buyers, stifling market fluidity and unnecessarily restricting access to homeownership for countless Canadians. CREA’s advocacy, therefore, centers on promoting a more pragmatic and equitable approach that supports sustainable homeownership without undermining the stability of the housing market.
A Three-Pronged Approach to Industry Advancement
Advocacy, particularly regarding critical issues like the mortgage stress test, stands as one of Stephen’s three major strategic pillars during his tenure as CREA President. Complementing this vital work are two equally important objectives: enhancing the reputation of Realtors across the country and consistently developing cutting-edge technology to better serve the needs of CREA members. These three focus areas collectively aim to strengthen the profession, empower its members, and ultimately benefit Canadian consumers.
Elevating Professional Standards and Realtor Reputation
On the reputation front, Stephen reveals that the CREA Board of Directors has dedicated considerable effort to “doubling down on the Realtor Code.” This initiative is not merely about enforcing existing rules; it’s about fostering a culture of excellence and accountability from within. “Every Realtor out there is advocating for a higher professional standard,” he asserts, underscoring a collective commitment to ethical conduct and superior client service. Working collaboratively with regulatory bodies, Stephen acknowledges the industry’s obligation: “We understand that it’s our obligation to clean up the behaviour” of a minority of CREA members whose actions might tarnish the profession’s image. However, he also notes that regulators desire to see more proactive measures from the industry itself. This call to action translates into a commitment to robust self-regulation. “We really need to double down and have an enforceable code that is enforced the same way in Kootenay as in St. John’s and everywhere in between.” This emphasis on consistent, nationwide enforcement ensures fairness and builds greater public trust, demonstrating a uniform commitment to professionalism regardless of geographical location.
Stephen firmly believes that by placing the consumer experience at the forefront of their efforts, the industry will naturally bolster its reputation. A positive, transparent, and ethically sound interaction with a Realtor not only benefits the client but also reinforces the value of the profession. “By focusing on the experience of consumers when dealing with a Realtor, the industry will improve its reputation and then it’s going to be more money in the pockets of our members at the end of the day,” he states, drawing a direct link between enhanced professionalism, increased consumer confidence, and the economic prosperity of Realtors.
Embracing Technological Innovation for Realtors
The third pillar of Stephen’s presidency is dedicated to the continuous development of technology designed to empower Realtors and enhance their service delivery. In an increasingly digital world, access to advanced tools is not just a convenience but a necessity for competitive advantage. Initiatives such as improvements to WEBforms and Realtor.ca are central to this strategy. WEBforms streamlines the contractual process, reducing administrative burdens and increasing efficiency, while Realtor.ca serves as a vital platform connecting buyers and sellers with expert Realtors and comprehensive property information. These technological advancements are critical for keeping Realtors at the forefront of the industry, enabling them to provide faster, more accurate, and more convenient services to their clients.
Navigating Disruption and Upholding Realtor Value
In an era frequently characterized by discussions of “disruptors” within various industries, the real estate sector has its share, including emerging models like iBuyers. However, Stephen remains largely unfazed by their potential impact, maintaining a clear perspective on the enduring value of the Realtor. “People rely more on the knowledge and advice than what the real estate (brokerage) model is,” he confidently asserts. His argument centers on the irreplaceable human element: the expertise, local market insight, and personalized guidance that a professional Realtor provides. While a homeowner might choose to sell independently, Stephen stresses the importance of understanding the broader market dynamics. “If you want to sell your house yourself, fine, but you need to understand what’s going on in the whole market.” He draws an astute parallel to the debate over sold price data: “Just having a sold price doesn’t explain the whole market picture. Why did Jason’s house sell for that?” This underscores that raw data alone is insufficient; context, analysis, and expert interpretation are crucial for informed decision-making, precisely what Realtors offer.
Indeed, Stephen notes a paradoxical outcome regarding the availability of sold data in his home province. Since sold data became publicly accessible in New Brunswick, “the need for Realtors has just gone up,” he observes. This counter-intuitive trend suggests that rather than diminishing the Realtor’s role, increased transparency has amplified the consumer’s desire for trusted professionals who can interpret complex information, provide strategic advice, and navigate the intricacies of the market. It reinforces the idea that in an information-rich environment, reliable expertise becomes even more valuable.
Adapting to Change: Lessons from the Past, Vision for the Future
Stephen’s career has spanned significant shifts within the real estate industry, allowing him to reflect on its remarkable capacity for adaptation. He recalls his time as president of the Saint John Real Estate Board in 2010, a period marked by considerable apprehension. “We were going through the Competition Board changes and the world was going to fall apart then. The membership was very uneasy about how things were going to go down.” Yet, the industry persevered and evolved, demonstrating its inherent resilience in the face of regulatory and market transformations.
This historical perspective informs his current emphasis on technological readiness. “I’ve been in the business for 20 years,” Stephen notes, highlighting the dramatic evolution he has witnessed firsthand. “When I started, it was acceptable to call people back two days later. The MLS system was a book. We would walk into the brokerage on a Monday and the administrator would say, here are your emails – printed out. And each email would ask that you call them – it was never two-way!” This vivid comparison underscores the seismic shift in professional expectations and operational efficiency driven by technology. Today’s fast-paced, digitally connected market demands instantaneous communication and sophisticated tools, which CREA strives to provide its members.
Leadership, Balance, and the Path to Presidency
Serving as CREA President is an incredibly demanding role, requiring immense time and energy. Stephen openly credits his wife, Heather, who also serves as his team’s executive assistant, for her unwavering encouragement and support. He admits he “never would have tackled the job” without her. Recognizing the need for balance, he approaches his presidency with a deliberate strategy, delegating some appearance requests and fostering a more team-based approach within the board. This pragmatic leadership style allows him to manage the extensive responsibilities while maintaining a healthy personal life.
“I’m a 44-year-old full-service Realtor in Saint John. I run a small real estate team (at Royal LePage Atlantic) and I have a 14-year-old and an 11-year-old and a wife who still loves me. I have to take that balance,” he humorously yet earnestly states, emphasizing the importance of family and personal well-being. His diverse interests extend beyond real estate, as evidenced by his nine-year wait for New England Patriots season tickets – a small but relatable detail that paints a picture of a well-rounded individual. Stephen’s journey to the presidency was also largely unexpected. “I never thought I would be president of CREA. I just wanted to be on the Federal Affairs Committee and then I got on the committee and I guess people saw how I acted around the table and encouraged me to run.” This humble origin story highlights that leadership often arises from consistent effort, demonstrated competence, and the encouragement of peers.
The Enduring Value of Organized Real Estate
Stephen is a passionate advocate for involvement in organized real estate. When asked why Realtors should engage with their local boards and associations, his message is clear: “I tell people they are shortchanging themselves if they don’t get involved with a local board.” The benefits extend far beyond networking; they encompass access to vital resources, educational opportunities, and a collective voice for advocacy. For Stephen, the perks of being CREA President are profound, particularly “the ability to be connected into the discussions” of real estate across the entire country. This unparalleled access to national trends, challenges, and innovations “will make you a better Realtor for your clients,” directly enhancing their professional capacity and market insight.
Beyond professional growth, Stephen has also relished the unique personal experiences afforded by his role. Touring the country has allowed him to visit diverse communities, such as Timmins, Ontario, places he figures he “would have never seen” otherwise. These travels offer invaluable insights into the varied housing markets and community needs across Canada. He has also had some truly unique opportunities, including the memorable occasion when he was called upon to introduce former U.S. President George W. Bush at a conference. These moments underscore the expansive nature of the presidency, blending high-level advocacy with extraordinary personal encounters. “It’s been a remarkable experience,” he concludes, encapsulating a tenure defined by dedication, vision, and a deep commitment to the Canadian real estate profession.