In November of 2019, the Ontario government announced plans to change the rules that real estate salespeople and brokerages must follow. The changes are outlined in Bill 145, the Trust in Real Estate Services Act, 2019. A bill that proposes changes to the, the Real Estate and Business Brokers Act, 2002 which the Real Estate Council of Ontario (RECO) now administers in order to protect home buyers and sellers and to uphold professional integrity within the real estate industry.
This is good news for you, and other home buyers and sellers throughout Ontario.
The answer to your question, for now at least, is that the current rules remain in place until the bill is passed and new regulations are implemented. Real Estate Council of Ontario (RECO) is hopeful that new rules, if passed, will be introduced as early as 2021.
There are many important reforms in the legislation that, if passed, would improve protection and choices for home buyers and sellers across the province. A few of the notable changes that you should be aware of are:
- Greater clarity surrounding how brokerages represent buyers and sellers and how a buyer or seller can be self-represented (meaning they are making decisions without the advice of a real estate professional)
- New and revised disclosures by salespeople and brokers to buyers and sellers to support informed decision making; and
- Increased regulatory authority that will help RECO in fulfilling its consumer protection mandate.
The changes would also include updates to reflect changes in the marketplace, streamlined business processes for professionals in the industry and of highest priority to RECO, enhanced consumer protection for buyers and sellers throughout Ontario.
Contributed By: Joseph Richer – Registrar of the Real Estate Council of Ontario (RECO).