The Government of Ontario has just introduced legislation that will modernize the Real Estate and Business Brokers Act, 2002 (REBBA). The Trust in Real Estate Services Act, 2019, is a game-changing piece of legislation that, once passed, will allow REALTORS® to form Personal Real Estate Corporations.
- Fix the broken real estate disciplinary system – the provincial regulator, RECO, will have greater ability to suspend or revoke licenses and pursue investigations of the worst offenders.
- Create higher education standards– implement specialty certifications for REALTORS® that will allow Ontario consumers to identify REALTORS® who have training or expertise in a particular area of real estate.
- Maintain a consumer’s right to choose the REALTOR® they know and trust– continue to permit the practice of multiple representation.
The Act will bring forward several other key changes to reflect real estate in Ontario. We will be sharing the details of all the changes with you in the coming days.