Bill passed for modernization of real estate regulations in Ontario

The Trust in Real Estate Services Act, 2019 or the TRESA has been officially passed as the Bill 145 and the new rules will now be more in sync with the changing scenario of the housing market. The Ontario Real Estate Association’s REALiTY Conference and AGM was held recently and the President of OREA, Sean Morrison, announced that the Ontario Government had passed the Bill 145 successfully.

According to OREA, a third reading from the legislation was invited on Wednesday and the bill was passed unanimously the next day with the final reading. TRESA also amended the Real Estate and Business Broker’s Act, 2020 or the REBBA. According to Morrison, it was a huge victory for the realtor members, all their clients and the Ontarians in general, without whose support this would not have been possible.

Some other aspects worth remembering

Ontario’s home buyers and sellers will now have greater confidence when they are transacting in properties, thanks to the newly passed legislation of the Ford Government. The Realtor will now be on their side during the largest financial transaction and now there are going to be professional standards to safeguard their interests. In addition, there will be access to training and modern tools in North America and realtors will have the ability to form personal real estate corporations. The new Bill will also ensure that a proper and fair business environment will be created and will enhance professional standards in the industry. It will protect both the consumers as well as the realtors in the Ontario region.

OREA also says that it had been advocating in favor of a review of the REBBA over the last ten years and the passing of the new legislation will set a new momentum as it reformed laws which were over 18 years old and were hence redundant and outdated for the modern home buyers. The consumer protection aspect has been strengthened and the broken real estate system had also undergone a change with the active involvement of the Government, which is reassuring for the home buyers and realtors as they know that the governing bodies are on their side, opined OREA CEO Tim Hudak.

He also went on to explain that the Ontarians deserved the best when they made the biggest investment of their lives and the TRESA will make this province the leader in North America again when it comes to a well- regulated real estate market. It would put the realtors of Ontario in the forefront when it came to meeting professional standards and no matter what changes are made, trust will always be the foundational element in real estate, said Hudak in a recent discussion.

TRESA also happens to be one of the few pieces in legislation in Ontario which had received bi-partisan support with positive and constructive debate in the Legislature which was led by Minister Lisa Thompson and the NDP Consumer Critic Tom Rakocevic, as well as other administrative leaders. OREA will now continue to work closely with the provincial government for the development of regulations for the Bill and will be working towards the enactment of the legislation as a law. These new changes are further going to put Ontario on the map when it comes to buying premium real estate.