In prior posts titled “New Real Estate Act Proposed for Ontario” I outlined some sweeping changes that had been put forth to the Ontario government that would impact both consumers and REALTORS®. I further updated this information in a second post, New Real Estate Act Proposed for Ontario Part 2.
This past week I spent three days at the Ontario Real Estate Association’s annual conference in Niagara Falls. Heading into this conference the new Bill which is called the “Trust In Real Estate Services Act 2019” (TRESA) was in it’s third and final reading at the Ontario Legislature. At roughly noon last Thursday, it was announced at the Conference that TRESA had gone through the third and final reading and was passed unanimously!
The passing of the new Trust In Real Estate Services Act 2019 with amend the outdated Real Estate and Business Brokers Act 2006. This is great news for consumers, REALTORS® and the citizens of Ontario as a whole.. Stemming from this newly passed legislation, Ontario’s home Buyers and Sellers will have greater confidence that the REALTOR® working on their behalf during what for many is the largest financial transaction of their life, will be done with the highest level of professional standards, training and modern tools not only across Canada but North America as a whole.
The passing of TRESA will serve to 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. A new licensing education system for REALTORS® in Ontario has already been implemented and is being administered through Humber College. I have in fact submitted my application to be one of the facilitators of that new education system.
More importantly, the passing of TRESA will grant greater authority for the Real Estate Council of Ontario to go after those REALTORS® who flaunt the law at the expense of consumers with practices that violate the trust and benefit of the very people with have been entrusted to serve.
The new Act has been a long time coming, approximately 10 years. The days of REALTORS putting themselves first above the well being of their clients is over and I couldn’t be happier. No matter what the transaction is whether it’s real estate, a retail purchase, car repair you name it, everyone is entitled and deserving of the most trustworthy and honest level of service possible. Hopefully this initiative implemented by the real estate profession with encourage other areas of business to follow suit.
If you have any questions on what these changes mean relative to your real estate buying and selling needs, please feel free to Contact Me for a confidential, no obligation conservation and I would be happy to assist you any way I can.