The Trust in Real Estate Services Act, 2020 received Royal Assent in March 2020 following years of lobbying to bring about changes to the Real Estate and Business Brokers Act (REBBA) to ensure that Ontario is a leader in North America when it comes to real estate standards.
Due to the significant overhaul of TRESA, consultations on the new legislation was split into three phases, with the first being the permittance of Personal Real Estate Corporations. To read more about if forming a Personal Real Estate Corporation could be right for you and your business, please visit www.orea.com/PRECS.
The second phase of the consultation process included proposed reforms to the regulations, including a review of the REALTOR® Code of Ethics.
The government will be entering into the third phase of work under TRESA in fall 2022.
In April 2022, the government published the General Regulations under TRESA, as well as the Code of Ethics, Educational Requirements and the newly developed RECO Discipline Committee Regulation.
The regulations can be found here:
OREA recently held a webinar explaining what REALTORS® can expect from the new regulations and included a Member question and answer period with our team of experts.
All phase two regulations will come into force at the same time, with the proposed date being April 1, 2023.
Future communications can be found on www.orea.com/TRESA.
If you have further questions, you can email us at: firstname.lastname@example.org.