TORONTO, ON, October 12, 2018 – Ontario Realtors have turned the mirror on their own industry to find ways to improve the home buying and selling experience for Ontarians. In a new report, Roadmap to a New REBBA: Making Ontario the North American Leader in Real Estate Professionalism, the Ontario Real Estate Association (OREA) outlines 37 recommendations for modernizing the legislation governing real estate professionals in Ontario, raising professional and education standards, and better protecting Ontario’s home buyers and sellers in the biggest transaction of their lives.
“When you are working with a Realtor on the biggest transaction of your life – buying or selling a home – we want to make sure you have the highest level of professionalism in North America at your side,” said Tim Hudak, OREA CEO. “OREA’s comprehensive review of the industry and its practices uncovered a number of areas in need of improvement and modernization. If we can make these changes happen, the home buying and selling experience will surely improve.”
The Roadmap to a New REBBA Report focusses on recommendations for improvements to the Real Estate and Business Brokers Act, the enforcement regime and real estate education. Some of the recommendations include:
Level playing field if buying a new or resale home: REBBA currently exempts builders and developers from having to follow the rules that all real estate salespeople in Ontario must follow when trading in real estate.
Protect consumers against unlicensed operators: There are some unlicensed real estate ‘consultants’ in Ontario operating outside of the rules designed to protect consumers. The grey area in REBBA that allows this should be removed.
Providing the option for a more transparent offer process: If buyers and sellers want a fully transparent, multiple-offer process, REBBA should allow for it with buyer and seller consent.
More demanding education: An education program that requires more in-class training and specialization in areas like condominiums, industrial and rural or waterfront properties.
Tougher enforcement: The industry regulator, the Real Estate Council of Ontario, should have the authority to proactively investigate the worst offenders and kick people who break the rules out of the profession.
“The rules governing Realtors were set 16 years ago, when smart phones weren’t yet invented and fax machines were the norm – the industry has changed tremendously since then” said Hudak. “It’s time for the legislation, as well as enforcement and education to catch up with the modern real estate market. Updating the rules will increase professionalism in our industry, which is what Realtors want and what home buyers and sellers deserve.”
OREA is working with the provincial government to modernize the Act, something that all Parties supported. The recommendations outlined in the Roadmap to a New REBBA Report are the result of feedback received from 4,000 OREA members, engaged Realtors who took part in the grassroots review to raise the bar on professional standards.
To view a copy of the report, visit: www.rebbareform.ca.
The Ontario Real Estate Association represents 70,000 brokers and salespeople who are members of the 38 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy, and other services.