New rules could soon be coming for the business behind Ontario real estate, with the Ontario Government’s new Trust in Real Estate Services Act (TRESA) announced yesterday, which aims to strengthen consumer protection and professional standards for the industry in the province.
The Act would replace the Real Estate and Business Brokers Act, 2002, putting Ontario at the forefront of professional standards, training and tools for real estate professionals in North America.
“We are in full support of the new regulations that will help govern how Ontario real estate professionals conduct business,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX of Ontario-Atlantic Canada. “Consumer protections remain at the forefront of our advocacy, as the relationship between a real estate professional and a homebuyer or seller needs to be built on a foundation of trust.”
The Trust in Real Estate Services Act will:
“The Ford government’s implementation of incorporation for real estate professionals will be a positive step forward for this industry,” Alexander adds. “The ability to incorporate only raises the bar for the industry, as it helps uphold the standards of what it means to be a full-time, regulated real estate professional. This recognition from the Ford government is a step in the right direction of helping real estate professionals acquire the same rights as many other regulated professionals in the province.”
This article was originally posted on November 20, 2019 by Lydia McNutt from RE/MAX Integra.