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TRESA Resources
Trust in Real Estate Services Act (TRESA)
TRESA is replacing the Real Estate and Business Brokers Act (REBBA). This is what the new legislation means for Ontario REALTORS®.
Buying or selling one’s home deserves the expertise of a REALTOR® with the highest professional standards, and that is what the Government of Ontario delivered when it passed TRESA in 2020. TRESA replaces REBBA, and makes Ontario a North American leader in professional standards for real estate professionals. OREA is proud to have been advocating to modernize REBBA since 2009.
TRESA Updates
Communications from OREA on TRESA
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Statement on the Delayed Implementation of Phase 2
Statement on the Delayed Implementation of Phase 2
Read More→ -
Bringing Transparency to the Real Estate Offer Process
The Government of Ontario introduced new rules today that will bring more transparency to the home buying and selling process.
Read More→ -
New Protections for Buyers and Sellers Of New Homes
Consumers have a right to expect that they are going to be protected from those who would violate their trust.
Read More→ -
Historic Real Estate Legislation Clears Important Hurdle with All Party Support
Bill 145 proposes to amend the Real Estate & Business Brokers Act, 2002 (REBBA) to make Ontario a leader in North America.
Read More→ -
Pursuing the Highest Standards of Professionalism and Ethics in Real Estate
The real estate market has changed tremendously since 2002 when REBBA and its Code of Ethics were first introduced.
Read More→
TRESA Regulations Seminar
TRESA Regulations Seminar
OREA is excited to offer Member Boards and brokerages the opportunity to schedule virtual (preferred) or in-person TRESA seminar sessions, featuring industry experts. These sessions will share information on the following:
- The history of TRESA (including Personal Real Estate Corporations)
- A new model of designated representation
- The new “principle-based code of ethics”
- New options for consumers when interacting with REALTORS®, including as “self-represented parties”
- A new consumer information guide
These seminar sessions are 1.5 hours long. The cost is free for Member Boards and $200 per brokerage.
For more information and to book a session, contact REALTOR® and TRESA expert, Ray Ferris, via email:
Schedule this seminar→What's the latest on TRESA?
What's the latest on TRESA?
The Government of Ontario has rescinded the April 1 implementation date of Phase Two TRESA regulations in order to consider the option of designated representation.
At the beginning of March 2023, Past-President and Chair of OREA’S TRESA Regulations Task Force, Ray Ferris, held a webinar to walk Members through key regulatory changes for TRESA.
Work on TRESA Phase Three will begin in the coming months.
WATCH WEBINAR→TRESA and Standard Forms
TRESA and Standard Forms
There will be updates on mandatory documented disclosures and acknowledgements to address:
- Differences between the old and new OREA Forms
- Clarifying terminology to describe brokerage/consumer relationships
- New Regulator Forms, like the “Information Guide,” that will be provided to clients and self-represented parties, and how they will affect Member trading
- Necessary updates to OREA Forms and Clauses to ensure TRESA compliance
We will update you on any new Forms resources as they come available.
FAQ
The Real Estate and Business Brokers Act, also known as REBBA, is an act that regulates the relations of all participants and processes of the Ontario real estate market.
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). TRESA is replacing REBBA and makes Ontario a North American leader in professional standards for real estate professionals.
Phase One of TRESA, permitting Personal Real Estate Corporations (PRECs) and new advertising terms, is in effect as of October 2020.
In April 2022, the government published the proposed reforms under Phase Two, which include the General Regulations under TRESA, the Code of Ethics, Educational Requirements and the newly developed RECO Discipline Committee Regulation.
The regulations can be found here:
- O. Reg. 357/22 – regulation amending O. Reg. 567/05 (General)
- O. Reg. 358/22 – regulation amending O. Reg. 536/20 (Personal Real Estate Corporations)
- O. Reg. 365/22 – new Code of Ethics regulation
- O. Reg. 366/22 – regulation amending O. Reg. 579/05 (Educational Requirements, Insurance, Records and Other Matters)
- O. Reg. 367/22 – new Discipline Committee regulation
All Phase Two regulations will come into force at the same time.
The government will be entering into the third phase of work under TRESA in the months ahead.
The first edition of the Act regulating the real estate market was adopted by the relevant authorities and approved by the Government of Ontario as early as 1930.
The governing body that controls and enforces all points of the Act is the Real Estate Council of Ontario (RECO).
Implementation
TRESA is being implemented in three phases
Due to the significant overhaul of TRESA, consultations on the new legislation were split into three phases.
1
Phase 1 - completed October 2020
Phase One regulations have been fully implemented and covered the following:
- Allowing for Personal Real Estate Corporations (PRECs)
- Amendments to The Code of Ethics that permit the use of new terms in marketing and advertisements, including ‘agent’ and ‘REALTOR®’
2
Phase 2 - expected in 2023
Under Phase Two, OREA has been advocating for:
- Allowing for seller choice of an open offer process, with all party consent
- Updating “principle-based” Code of Ethics
- Providing new options for consumers when interacting with REALTORS® (replacing the option of ‘customer’ with ‘client’ and ‘self-represented party’)
- Self-represented parties: Those who do not receive services and do not enter into an agreement with a brokerage.
- A new consumer information guide
- Renaming REBBA to TRESA
3
Phase 3 - regulatory work to begin soon
Consultations and regulatory work on Phase Three in the coming months, and is set to cover:
- Specialty certifications for REALTORS® and brokers
- Rules for new administrative monetary penalties
- Improving continuing education
- Updating RECO’s registration processes to reduce red tape for registrants
The Path to TRESA
A Goal is Set
2009
OREA set a goal to modernize REBBA, and began an internal review of the legislation while lobbying the Government of Ontario on needed reforms.
Facing the Issue Head On
2016
The media took a scathing look at real estate agents in Ontario and British Columbia. OREA faced the issue head on and led the charge for higher industry standards and REBBA reform.
Ontario Government Agrees to Work with REALTORS®
2017
The Government of Ontario announced a review of REBBA in April, and OREA struck the REBBA Review Task Force to conduct a top-to-bottom review of the legislation over the next 16 months.
GETTING TO THE HIGHEST PROFESSIONAL STANDARDS IN NORTH AMERICA
2018
To ensure Ontario REALTORS® are North American leaders when it comes to professionalism and ethics, OREA’s Task Force generated four white papers, 4,000 points of feedback, and 45 proposals, which were used to inform OREA’s recommended modernizations to REBBA.
OREA's Vision for a Modern REBBA
2019
38 recommendations for REBBA reform were put forward by OREA, with the goal of ensuring that the Ontario REALTOR® at your side during the largest financial transaction of your life has the highest professional standards, training, and modern tools in North America.
TRESA passes unanimously with all-party consent
2020
In February, TRESA passed unanimously. It is one of the few pieces of legislation in Ontario to receive bi-partisan support with positive and constructive debate in the Legislature. Phase One work began.
In October, Phase One regulations came into effect. REALTORS® are now allowed to form Personal Real Estate Corporations (PRECS), and can use new descriptors and advertising terms.
ENHANCING PROFESSIONALISM AND ETHICS
2021
OREA worked closely with the Government of Ontario and real estate partners on the development of Phase Two TRESA regulations, advocating for:
- An updated “principle-based” Code of Ethics
- New definitions, disclosures and terms
- A new consumer “Information Guide”
- Strengthening RECO’s Discipline Committee
- The option for a new open offer process
- Designated Representation
A discrimination provision was added to the Code of Ethics, explicitly requiring compliance with the Ontario Human Rights Code, following a recommendation made by OREA’s Presidential Advisory Group on Diversity, Equity and Inclusion.
See our Fighting for Fair Housing Report.
CONTINUING THE WORK WE STARTED
2023
Two regulations will be implemented this year. The consultations and regulatory work on Phase Three will begin over the coming months, and is set to cover the following:
- Improving continuing education
- Rules for new administrative monetary penalties
- Updating RECO’s registration processes to reduce red tape for registrants
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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
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