After lengthy efforts by TREB and OREA, the provincial government has introduced legislation to update and modernize the Real Estate and Business Brokers Act. Numerous changes supported by TREB have been introduced through the Trust in Real Estate Services Bill. A detailed summary of the changes proposed by the bill will be posted shortly.
Background
The proposed changes introduced by the provincial government through the Trust in Real Estate Services Bill include
- changes to treat real estate professionals fairly and allow them to operate more efficiently by incorporating. This represents a significant victory for REALTORS® and is a result of efforts that TREB initiated in past years by formally striking a task force to study, dating back to 2005. We determined Realtors across the province would benefit and therefore passed it on to OREA to take the lead as a provincial issue. We supported OREA by advocating directly with the province to make this happen;
- regulatory changes to enhance consumer choice in the real estate transaction process;
- enhancements to ethical requirements for real estate professionals; and
- updates to the Real Estate Council of Ontario's regulatory and enforcement powers and changes to factors for eligibility for registration.
A more detailed summary of the changes proposed by the bill will be posted shortly.
History
The Trust in Real Estate Services Bill is the result of many years of effort. TREB and OREA's goals throughout this process included
- enhanced professionalism and professional standards;
- less red tape, increased fairness and improved business environment and real estate tools; and
- better consumer protection.
How we got to this point:
- TREB and OREA's joint efforts involved numerous meetings with ministry staff and several ministers in charge of this file spanning two governments.
- TREB consulted with thousands of TREB Members via multiple surveys and focus groups, which formed the basis of our submissions to the government and OREA.
- Numerous TREB REBBA submissions to the Ministry, in addition to OREA industry REBBA submissions, including an unwavering support of consumer choice being our guiding principle on issues such as multiple representation, pre-emptive offers and other areas.
- TREB met multiple times with most MPPs in TREB's jurisdiction, including York Region.
- TREB Members participated in numerous "calls to action" in support of OREA and industry efforts on REBBA and personal real estate corporations.
- TREB initiated action on the need to allow Realtors to incorporate by formally striking a task force in 2005.
Next Steps
The Trust in Real Estate Services Bill has not yet been approved by the Legislature. TREB will be working to ensure its passage and will keep Members informed.