“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 when it passed the Trust in Real Estate Services Act (TRESA), replacing the decades-old Real Estate and Business Brokers Act (REBBA).
With the passage of TRESA and the ongoing introduction of supporting regulations, we are on the right track when it comes to strengthening consumer protection in real estate and making Ontario the North American leader when it comes to professional standards, training, and modern tools for real estate professionals.
Since 2017, OREA has been calling on the Government of Ontario to allow for an additional option in multiple representation scenarios known as ‘designated representation’, which would permit two agents at the same brokerage to represent both a buyer and seller in a single transaction. This model is currently used successfully in other Provinces and would dramatically strengthen TRESA by offering consumers more choice when making the largest financial transaction of their life.
RECO initiated discussions with OREA and the Ontario Government on this issue, and we have been working closely with them on a proposed solution. Ontario REALTORS® are pleased to tell you that the Ford Government has entered into discussions with OREA to explore the option for designated representation as part of the TRESA Phase 2 regulations. Buyers and sellers deserve the confidence of working with the real estate professional they know, trust, and has their best interests at heart when searching for a great place to call home.
However, this positive step forward necessitates a delay to the Phase 2 implementation timeline to give Government more time to consider this option. OREA supports the Ontario Government’s decision to rescind the April 1 implementation date: if adopted, it is paramount we get this right, and that any new tools align with our goal of improving professionalism and ethics in real estate.
We are committed to continuing to work with RECO and the Ontario Government on a path forward that includes the option of designated representation. As this work unfolds, we will keep Members updated on the new implementation timeline at www.orea.com/TRESA.
- Tania Artenosi, President of the Ontario Real Estate Association
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Ontario Real Estate Association
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