Ford government to update Real Estate and Business Brokers Act

 

The Ontario government has introduced a bill proposing changes to the Real Estate and Business Brokers Act, which has been in place since 2002.

Real estate salespersons and brokers are the experts for home buyers and sellers,” said Lisa Thompson, Minister of Government and Consumer Services. “Whether a transaction involves a fixer-upper, a move-in ready dream home or a commercial property, every consumer should know that the person they are dealing with is professional, knowledgeable and accountable.”

The government says the Trust in Real Estate Services Bill would address the need for a stronger and more ethical business environment by giving the Real Estate Council of Ontario (RECO) more power.

For years, Ontario REALTORS(r) have advocated for higher professional standards, stronger consumer protections and better enforcement of the rules governing real estate practices,” said Tim Hudak, CEO of the Ontario Real Estate Association. “Today, we are grateful to the Ontario Government for delivering on its promise to update the Real Estate and Business Brokers Act, 2002…”

The RECO would now be able to levy fines against non-complying real estate professionals and brokerages and have the power to reduce regulations.

The bill would also “laying the foundation for allowing real estate professionals to incorporate and be paid through the corporation”.

You can find more details here.

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