IMPORTANT CHANGES to Real Estate in Ontario as of December 1st 2023

Important Changes came to the Real Estate Industry in Ontario as of December 1st. Consumers need to be aware of how this can impact them.

Phase 2 legislative reforms came into effect December 1, 2023. The Real Estate and Business Brokers Act, 2002 (REBBA) will be renamed the Trust in Real Estate Services Act, 2002 (TRESA).

The reforms to the legislation bring important changes for consumers and those trading in real estate in Ontario.
The TRESA Explained section of RECO’s website provides a one-stop resource, and will be updated regularly.

This legislation brings important changes for consumers and those trading in real estate in Ontario, here is a summary -

• Brokerages will be permitted to enter designated representation agreements with clients
• Clients and self-represented parties will continue, but customer relationships will be eliminated. This means that a party to a trade will be either a client or a self-represented party
• Sharing contents of offers will be permitted with the seller’s written direction
• Adjustments to information and disclosure obligations to promote clarity in communication
• A new RECO Information Guide will be shared by registrants with those they engage with
• New powers and tools to help RECO operate more efficiently and focus its compliance and enforcement efforts where they are most effective
• A revamped Code of Ethics that focuses on ethical obligations including provisions around conflicts of interest and confidentiality
• Revisions to RECO’s Discipline Committee, composition and procedures

Click here for more information on TRESA.

With these changes come questions, I am here to help. Please feel free to reach out directly, always open to a conversation over coffee! #TRESA2023 #RECO #OakvilleRealtor #EducatingConsumers