“The Ontario Government’s Trust in Real Estate Services Act (TRESA) will ensure that the REALTOR® at your side during the largest financial transaction of your life has the highest professional standards, training and modern tools in North America.
Ontario Realtors have been pushing for changes to our province’s broken real estate discipline system and outdated real estate rules for over a decade, and we are thrilled that this important piece of legislation is now one step closer to passing. TRESA will make Ontario a leader when it comes to consumer protection, education and business tools in real estate, such as personal real estate corporations.
OREA was invited to further discuss the changes proposed at the Standing Committee on General Government today, and we expressed our overall support for TRESA while also asking the government to consider two important amendments to the bill:
- OREA and its members believe that it is time to replace the archaic “salesperson” term currently used by REBBA to describe real estate professionals. Ontario Realtors do far more than simply broker a sale: they are educators, trusted advisors, advocates, researchers, and community experts. They go to great lengths to develop long-term relationships with their clients – one that is based on trust, not sales goals, and we believe this term should be updated to “representative” to reflect this.
- In the spirit of continuing to reduce red tape and support innovation within the industry, we are also advocating for the removal of a provision that would unnecessarily require the registrar to pre-approve forms of agreement before they can be used. Requiring the registrar’s approval of changes to any of our 205 Standard Forms is a significant piece of red tape that could prevent the real estate industry from appropriately reacting to new societal, legal or economic developments quickly.
OREA led the charge for a modern REBBA because we believe Ontario should be leaders when it comes to trust and professionalism in real estate services, and the introduction of TRESA is a huge win for our province’s home buyers, sellers, and Realtors.
I want to thank Minister Lisa Thompson and the Ford Government for their leadership and the thoughtful amendments already embodied in TRESA. This legislation will greatly strengthen the already robust real estate landscape in Ontario, ensuring the Realtor at your side during the largest financial transaction of your life has the highest professional standards, training and modern tools in North America.”
- Tim Hudak, CEO of the Ontario Real Estate Association