New rules aim to increase confidence in real estate services. These key changes will take effect April 1, 2023.
RECO is pleased to announce that the provincial government is making important changes to the law that governs real estate registrants in Ontario. The changes will strengthen consumer protection and raise consumer confidence in the real estate sector.
Some of the key themes include:
· Renaming the current law (REBBA) to the Trust in Real Estate Services Act, 2002 (TRESA, 2002)
· Updating the code of ethics
· Providing greater clarity about consumers’ options
· Removing the barrier to open offers
· Introducing a mandatory consumer guide
· Expanding RECO’s disciplinary and investigation powers
For more information on the changes, which will take effect on April 1, 2023, see Government announces key changes to REBBA effective next year.
RECO will communicate further about the changes and what they mean for registrants over the coming months. The regulations are available on the Ontario e-Laws website. If you have any questions, please contact the ministry at [email protected].
We’d welcome an opportunity to discuss this important report or if you have any questions about our services, please contact our team today.