TORONTO, ON – As the provincial economy continues to recover from the impact of the COVID-19 pandemic, it is more important than ever that the Government of Ontario support those who are trying to invest in their businesses and create jobs in their communities.
OREA would like to congratulate and thank Minister of Government and Consumer Services Lisa Thompson and the Ford Government on today’s introduction of a draft regulation that, if adopted following a period of public consultation, will finally allow Ontario REALTORS® to form Personal Real Estate Corporations (PRECs). This proposed regulation supports the Trust in Real Estate Services Act, 2020 (TRESA), which passed third reading in the Ontario Legislature earlier this year.
TRESA will ensure that Ontario’s homebuyers and sellers can have greater confidence that the REALTOR® at their side during the largest financial transaction of their life has the highest professional standards, training, and modern tools in North America, such as PRECs. PRECs are a modern business tool that will allow REALTORS® to benefit from better tax planning, which they could use to reinvest in their business, technology, and better customer service.
OREA has been fighting for tax fairness for REALTORS® for over 15 years. PRECs were part of our review of REBBA where we gathered 4,000 pieces of Member feedback, reviewed over 50 policy proposals, generated four white papers, and published two submissions to the Government related to modernizing the regulations that govern Ontario REALTORS®. Our Members are happy to see the Ford Government take another important step forward in making it happen.
I want to thank Minister Thompson and Premier Ford for bringing this draft regulation forward, which finally treats Ontario REALTORS® fairly and provides them with the best modern tools for business.