Trust in Real Estate Service Act (TRESA) passed by Ontario
Steve Randall
Canadian Real Estate Wealth
The news that Ontario has passed the Trust in Real Estate Service Act (TRESA) has been welcomed by one of the province’s largest industry bodies.
Toronto Regional Real Estate Board (TRREB) says that it will help enhance professional standards, create a more fair and efficient business environment, and better protect consumers dealing with those who trade in real estate in Ontario, including Realtors.
“The real estate sector continues to be one of the most important parts of Ontario’s economy, and real estate transactions represent the single biggest economic transactions that most people make in their life. It’s important that we make sure the real estate sector is regulated in an efficient and modern way that allows Realtors and their clients; and the general public, namely home buyers and sellers, renters and business clients, to continue contributing to the growth of our economy and communities,” said Michael Collins, TRREB President.
The board has been calling for reforms for many years and has been consulting with the current and previous governments.
The proposed act includes:
- regulatory changes to enhance consumer choice in the real estate transaction process
- enhancements to ethical requirements for real estate professionals
- updates to the Real Estate Council of Ontario’s regulatory and enforcement powers and changes to factors for eligibility for registration
- changes to treat real estate professionals fairly and allow them to operate more efficiently by incorporating
“We always made sure that preserving consumer choice and consent, along with enhanced industry professionalism, remained central when proposing and discussing legislative improvements with the government. Furthermore, we are pleased to see business fairness being addressed by allowing all Realtors to run their businesses more efficiently by forming personal real estate corporations, if they so choose—a tool that’s available to Realtors in six other provinces and many industries in Ontario,” said John DiMichele, TRREB Chief Executive Officer.
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