TREB (Toronto Real Estate Board) has come on-board in its assent and agreement to proposed real estate regulatory changes made by the provincial Government. The Government has attempted at changing regulations for those trading in realty in Ontario. This will boost overall standards of industry professionalism while also enabling a fairer and more transparent business ambience while also safeguarding customers. These changes are being ushered in via the Trust in Real Estate Services Bill and has got an assent from TREB as well. The Bill has come up after thorough discussions with the present and ex-provincial Governments.
According to the President of TREB, Michael Collins, the Ontario real estate industry contributes hugely to the economy of the province. Real estate transactions, according to Collins, are indicative of the biggest financial life-decisions taken by people and hence the sector should have more efficient regulations along with contemporary operational mechanisms enabling clients and realtors to keep contributing to economic growth.
Key aspects worth remembering
The Trust in Real Estate Services Bill has several changes and provisions including the following:
- Changes in the regulatory mechanism for boosting confidence of customers in the entire process behind a real estate transaction.
- Updates for the regulatory and enforcement powers of the Real Estate Council of Ontario and changes for registration eligibility factors.
- Enhancements to the ethical requirements that real estate professionals have to abide by.
- Changes for fair treatment of professionals in real estate and enabling them to function efficiently through such integration.
The Minister of Government and Consumer Services, Lisa Thompson, has already stated that the Government has consulted with more than 7,000 stakeholders and individual citizens including TREB (Toronto Real Estate Board) for working out changes to the bill which would enable a more conducive and transparent environment to do business. These changes will go a long way towards safeguarding customers while also enhancing their overall trust and confidence levels in the real estate sector while purchasing homes. This bill has come out of several years of discussions and reviews by the real estate associations and boards in Ontario and also collaborative measures taken in tandem with provincial governments. TREB has already put in sizable work in this aspect and initiated several proposals/changes outlined in the bill.
TREB has already stated that being the biggest real estate board in Canada, it is always attempting at making necessary improvements for benefiting realtors and also clients in the real estate sector. The bill will be a major landmark according to the board in this aspect and it is happy at the efforts made towards bringing it into existence. TREB has also held consultations and discussions with innumerable members through dedicated focus groups and surveys for coming up with the new foundation for enhancing these regulatory changes and proposals. The board has also consulted with the Ontario Real Estate Association for these changes.
TREB has also stated that fairness and ethics in business will be upheld even more by this bill. There will be assent for all realtors for efficiently doing business by setting up their own real estate corporations. There is a tool for realtors in 6 more provinces and several industries in Ontario for this purpose. OREA has also played a vital role in partnership with TREB for this major move.
What else should you know?
The upgrade to the real estate regulations in Ontario is taking place for the very first time in two decades. This will automatically enhance protection of customers while giving more powers to the regulator for the industry to instantly fine brokers/agents or sanction them legally for violation of the regulations and ethics of the sector. The 2002 REBBA (Real Estate Business Brokers Act) is being renamed as The Trust in Real Estate Services Act. This bill now ensure more options and data for sellers and home buyers alike.
There have been widespread changes transforming the Ontario real estate market ever since this act was officially passed around 20 years earlier. Real estate has boomed from an economical perspective. Between the years 2005 and 2015, the full values of residential units have already doubled and even more in the province as per reports. Ontario will now be at the forefront when it comes to instilling more faith in realtors and professionals in the industry as per OREA senior professionals. Home sellers will now have the choice to reveal competing offers in scenarios where multiple buyers are involved. The present regulations mandate agents selling property to inform all prospective buyers about the number of offers in hand for a particular property. However, they cannot presently reveal the monetary aspect for these offers and other terms and conditions. However, it could change in the future as per RECO (Real Estate Council of Ontario) registrar, Joe Richer, in a move that will enable, at the discretion of the property seller, the disclosure of how much other offers are worth. Opinions are still divided on this aspect although more changes could be in the pipeline as per several reports.