Ontario Government’s new Trust in Real Estate Services Act focuses on tougher enforcement and new business tools for REALTORS®
TORONTO, ON, NOVEMBER 19, 2019 – The biggest financial transaction of one’s life – buying or selling a home – deserves the expertise of a REALTOR® with the highest professional standards, and that is what the Ontario Government delivered on today with its introduction of the Trust in Real Estate Services Act (TRESA). If passed, the new Bill will replace the decades-old Real Estate and Business Act, 2002 (REBBA) and make Ontario the North American leader when it comes to professional standards, training and modern tools for real estate professionals.
“The Ontario Real Estate Association (OREA) applauds the Government of Ontario’s introduction of Trust in Real Estate Services Act, 2019,” said Karen Cox, OREA President. “This Bill has been a long time coming, and we’re thrilled to see the Ontario Government is determined to put buyers and sellers first, while ensuring REALTORS® have the tools and training needed to do the best job for their clients in today’s modern marketplace.”
The Act promises to:
Fix the broken real estate disciplinary system by giving the provincial regulator, RECO, greater ability to suspend or revoke licenses and pursue investigations of the worst offenders.
Create higher education standards – specialty designations for real estate professionals will allow Ontario consumers to identify REALTORS® who have training or expertise in a particular area of real estate, like commercial or waterfront properties.
Increasing fines for rule breakers – the maximum penalty for salespeople is $50,000, while brokers and brokerages could face fines of up to $100,000.
Allow for Personal Real Estate Corporations – like many other regulated professions, REALTORS® will finally be able to incorporate, allowing them to offer more services to clients, invest in new technology and create jobs in their community.
“Today marks a historic day for Ontario REALTORS® and the home buyers and sellers they represent every single day,” said Tim Hudak, OREA CEO. “For years, Ontario REALTORS® have advocated for higher professional standards, stronger consumer protections and better enforcement of the rules governing real estate practices. We are grateful to the Ontario Government for delivering on its promise to modernize real estate rules and in doing so, improving the home buying and selling experience for Ontario families.”
For more information on TRESA, visit https://news.ontario.ca/mgs/en/2019/11/ontario-government-strengthens-trust-in-real-estate-services.html