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November 30, 2022
TRESA replaced the decades-old Real Estate and Business Act, 2002 (REBBA) and made Ontario the North American leader when it comes to professional standards, training, and modern tools for real estate professionals.
"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) in 2020. TRESA replaced the decades-old Real Estate and Business Act, 2002 (REBBA) and made Ontario the North American leader when it comes to professional standards, training, and modern tools for real estate professionals. These changes are acting on many of the things recommended by the Auditor General in her report released today.
Among other things, TRESA is going to:
With the passage of TRESA and the ongoing introduction of supporting regulations, Ontario is on the right track when it comes to strengthening consumer protection in real estate. OREA was pleased to see the Auditor recommend stronger policies around criminal background checks, money laundering and stopping agents from profiting from breaking the rules. Many of the new rules will come into effect in April 2023 and we are grateful to Minister Rasheed and his government for delivering on its promise to modernize real estate rules and improve the home buying and selling experience for Ontario families.”
- Tim Hudak, CEO of the Ontario Real Estate Association
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Ontario Real Estate Association
Manager, Media Relations
416-445-9910 ext. 246
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