TORONTO, ON, NOVEMBER 26th, 2019 – Bill 145, the Trust in Real Estate Services Act, 2019 (TRESA), passed second reading last night in the Ontario Legislature with all Party support. Bill 145 proposes to amend the Real Estate & Business Brokers Act, 2002 (REBBA) to make Ontario a leader in North American when it comes to consumer protection, education and business tools in real estate.
“The Trust in Real Estate Services Act will ensure that the REALTOR® at your side during the largest financial transaction of your life has the highest professional standards, training and modern tools in North America,” said OREA CEO Tim Hudak. “Getting it through second reading is an important step towards getting passed into law.”
OREA has been pushing for a review of REBBA, advocating that Ontario should be leaders in North America when it comes to education, professional standards and modern business tools for real estate professionals. Ontario’s real estate rules were outdated – they were over 18 years old and passed at a time when fax machines were the way most real estate deals were made.
Bill 145 received strong support from Members in the House, demonstrating the broad consensus that exists for higher professional standards and personal real estate corporations.
Excerpts from Debate on Bill 145 TRESA in the legislature last night:
“When I met with the real estate professionals at the OREA conference, it was palpable. You could feel it. It was time for us here at the Ontario Legislature to act,” said Minister of Government & Consumer Services, the Honourable Lisa Thompson (Huron-Bruce) during the debate. “I can tell you that it was very easy to stand up and share the fact that through the years from consumers and real estate professionals alike, we heard loud and clear what was needed to modernize this particular sector. I’m very, very proud of the work that has been done to date.”
“I want to say that I really appreciate OREA, TREB, the submissions made by RECO and, certainly, those real estate agents and realtors who sent me submissions, as well, to be able to share in their own words the need to modernize, because certainly we’re now in 2019, 20 years have passed and it’s really good to be able to see legislation finally coming where we see the modernization,” said NDP Critic Tom Rakocevic (Humber River – Black Creek)
“Bill 145 is really going to mean more confidence for first-time home buyers, more opportunity for energetic and creative real estate professionals, and more trust in the entire process of buying or selling a home,” said Parliamentary Assistant Bob Bailey (Sarnia-Lambton). “It’s been almost two decades since the last time this business brokers act was updated in a meaningful way.”
For more information on Bill 145, visit https://www.ola.org/en/legislative-business/bills/parliament-42/session-1/bill-145
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