Log in as a…


Login

NEW!

We’ve partnered with CREA to help improve your member experience and give your information the best security possible.

You will be returned to OREA once you have successfully logged in.

Login as a Member

We can help

articleimage

August 22, 2017

OREA launches first of four white papers: Better Enforcement and a Regulator That Works

Today, the Ontario Real Estate Association’s (OREA) REBBA Review Task Force launched its first White Paper – Better Enforcement and a Regulator that Works – as part of its continued effort to make Ontario a leader in North America when it comes to professional standards in the real estate industry. This fall, as the provincial government prepares to rewrite the rules governing real estate professionals in Ontario, OREA is asking its 70,000 members to weigh in on the areas of the Real Estate and Business Brokers Act, 2002 (REBBA) that need updating.

“This White Paper is a bold first step towards modernizing Ontario’s real estate rules,” said Ettore Cardarelli, OREA President. “The rules governing Ontario REALTORS® were established 15 years ago – it’s time to update them to keep Ontario’s real estate market strong for consumers. OREA is committed to raising the bar on professional standards, and is leaving no stone unturned to make it happen.”

Outlined in the first of four White Papers are eight policy proposals that OREA is asking its members to provide feedback on via www.REBBAreform.ca. They are:
1) At least double the maximum fines for REBBA Code of Ethics breaches to a maximum $50,000 for salespeople and brokers and $100,000 for brokerages
2) The Real Estate Council of Ontario (RECO) be given the ability to order a registrant to repay either all, or a portion, of the profits gained as a result of a breach under the REBBA Code of Ethics
3) RECO be given the authority to suspend or revoke registration or apply terms and conditions
4) Permit the Auditor General of Ontario to conduct value for money audits of RECO and all its programs to ensure that registrants’ fees and other sources of revenue are being used efficiently
5) Make all RECO registration fee increases subject to ministerial approval
6) Make RECO subject to the oversight of an internal RECO Ombudsman
7) Provide RECO with powers to proactively investigate REBBA and the Code of Ethics violations; and
8) Make RECO more transparent when it comes to freedom of information requests

“The review of REBBA is a once in a lifetime opportunity to shape the future of our profession and to strengthen our industry,” said John Meehan, Chair of the 2017 REBBA Review Task Force. “Helping people through the largest financial transaction of their lives is a giant responsibility, and an enormous privilege. Ontario home buyers and sellers deserve to work with professionals who are being held to the highest standards.”

OREA’s White Paper is intended to encourage member discussion on the individual proposals which will inform the final recommendations that OREA presents to the government. OREA’s consultation with members will span the rest of 2017 and engage thousands of members in a conversation about the future of the Act and the profession.

Thanks to OREA’s advocacy, the Ontario government committed to a review of REBBA as part of its Fair Housing Plan in April 2017. Phase one of the two-stage review process focused on the issue of multiple representation to which OREA responded with a submission earlier this month. The second phase beginning this fall will look at all aspects of REBBA and will extend into 2018.


For more information contact:

Katarina Markovinovic-Praljak

Head of Communications & Media Relations

katarinam@orea.com


More News & Press Releases

articleimage

With Open Houses Permitted in Toronto and Peel, OREA Continues to Urge Caution

As Toronto and Peel Region prepare to enter Stage Three of Ontario’s Framework for Reopening the Province, home buyers and sellers in these regions will once again be able to host and attend open houses

Read More
articleimage

Ontario REALTORS® Stepping Up to Make Open Houses Safe

With Ontario moving into Stage Three of its Framework for Reopening the Province, the big change for home buyers and sellers is the removal of government prohibitions on open houses.

Read More
articleimage

OREA CEO Tim Hudak Statement on The Passing of The Rebuilding Consumer Confidence Act

Home buying is one of the largest financial, and most emotional, transactions Ontarians will make in their lives. Home buyers deserve the highest level of consumer protection when purchasing a home. And now more than ever, they should be confident that the home they put so much into is safe and built properly.

Read More
Back to News & Press Releases
To MP Survey
OREA Contract