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

February 1, 2018

Pursuing the highest standards of professionalism and ethics in real estate: OREA

TORONTO, ON, February 1, 2018– Fifteen years ago the Real Estate and Business Brokers Act, 2002 (REBBA) set the bar for professional standards, and now the Ontario Real Estate Association (OREA) is calling for that bar to be raised to reflect modern practices in the current marketplace in its fourth and final white paper published today: Pursuing the Highest Standards of Professionalism and Ethics in Real Estate. Updating the Act governing the real estate profession is key to maintaining the highest professional standards and protecting consumer interests, say Ontario Realtors.

“The real estate market has changed tremendously since 2002 when REBBA and its Code of Ethics were first introduced,” said Ettore Cardarelli, OREA President. “Industry practices, business models and technology that are common place today were not present for the drafting of REBBA. Updating the Act will ensure Ontario Realtors are held to standards that make sense in today’s real estate market.”

The proposals contained in the Leading North America Once Again white paper are intended to encourage feedback from Ontario Realtors and the public, which will inform the final recommendations that OREA presents to the government later this year. The OREA REBBA Review Taskforce is asking for feedback on various aspects of the Act, including:

  • Expanding the definition of a trade under REBBA to eliminate grey areas and enhance consumer protection
  • Removing the exemption that allows salespeople who work for builders or developers to trade in real estate without registered
  • Reviewing and updating provisions in real estate contracts to ensure they reflect a modern real estate market
  • Allowing for greater transparency in the offer process
  • Instituting a mandatory “cooling off” period of at least two years before a Realtor who has had their license revoked can re-apply for registration

“Modernizing the Act is an opportunity for Ontario Realtors to strengthen our industry and enshrine the highest professional standards in North America,” said Cardarelli. “We may not get the chance to do this again for many years. We are making the most of this opportunity to once again set the gold standard for real estate regulation in North America.”

OREA has been advocating for the REBBA review since the fall of 2016 and in April 2017 the Ontario Government committed to the review as part of its Fair Housing Plan. Since then, OREA has released four white papers each with a specific focus aimed at improving professional standards. OREA’s consultation has engaged thousands of Realtors in a conversation about the future of the Act and the profession, as well as higher standards in education. OREA members can go to www.REBBAreform.ca to submit their feedback.

-30-


For more information contact:

Katarina Markovinovic-Praljak

Head of Communications & Media Relations

katarinam@orea.com


More News & Press Releases

articleimage

Ontarians Feel Municipal Governments Need to Find Savings and Control Spending Before Being Given New Tax Powers

Ontarians believe that their municipal governments could be much more efficient with use of their funding, with about 7-in-10 agreeing that a lot more could be done to find savings and control spending.

Read More
articleimage

Minister Steve Clark joins OREA for discussion on housing and real estate in Eastern Ontario

The Ontario Real Estate Association (OREA) was joined today by the Honourable Steve Clark, Minister of Municipal Affairs and Housing, for a roundtable on housing and real estate in the Eastern Ontario region.

Read More
articleimage

Letter to Minister Thompson

Congratulations once again on your appointment as Minister of Government and Consumer Services. We look forward to working with you in your new capacity. I hope one of the first things you do is fix the broken real estate disciplinary system in Ontario.

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