TORONTO, Oct. 29, 2024 (GLOBE NEWSWIRE) — Today, the Ontario Real Estate Association (OREA) released its latest whitepaper, Continuing to Raise the Bar for Real Estate in Ontario, as part of its continued effort to make Ontario a leader in North America when it comes to professional standards in real estate.
For years, REALTORS® across Ontario have called for the modernization of legislation governing real estate in Ontario, previously known as the Real Estate and Business Brokers Act (REBBA). OREA’s advocacy led to the unanimous passage of the Trust in Real Estate Services Act (TRESA) in 2020, which the government committed to implementing in three phases.
OREA’s latest whitepaper offers nine bold policy recommendations for the Government of Ontario to implement in the third and final phase of TRESA, aimed at improving consumer confidence with increased protections, raising the bar on REALTOR® education and professionalism, and deterring bad behaviours with stronger penalties. These recommendations include:
- Eliminating the auctioneer exemption loophole, ending the two-tiered system of consumer protection by requiring auctioneers who transact real estate to register with the Real Estate Council of Ontario (RECO).
- Introducing a new two-year mentorship and articling requirement for new registrants, providing practical training and better preparing new agents for the evolving demands of the market.
- Allowing administrative monetary penalties (AMPs) for minor black-and-white infractions, such as an advertising violation, allowing disciplinary resources to be focused on the profession’s worst offenders.
“Buying or selling a home is one of the biggest financial decisions most Ontarians will make in their lifetime. They deserve a REALTOR® they can trust and depend on during this transaction,” said Rick Kedzior, 2024 OREA President. “By implementing OREA’s nine bold policy proposals, the Government of Ontario has the opportunity to continue to lead in professional standards and consumer protections, strengthening Ontario real estate for generations to come.”
With these recommendations, OREA’s whitepaper outlines a clear path for the Government of Ontario in this final phase of TRESA regulations, ensuring Ontario families have the utmost confidence in their REALTOR®, the regulator, and the home buying and selling process.
Click here for the backgrounder and here to read the full whitepaper.
For more information, please contact:
Jean-Adrien Delicano
Senior Manager, Media Relations, OREA
[email protected]
416-459-6059
