May 20, 2010
FRAUDULENT CHEQUE ALERT
Registrants may want to review the following alert that has been posted by Cassels Brock & Blackwell LLP on their website concerning an alleged fraudulent cheque scam. The firm says individuals have been
contacting real estate and law offices (primarily in the United States although one attempt was made in Windsor) by e-mail and arranging to purchase property without a face-to-face meeting. A bogus cheque then arrives for
an amount significantly higher than the deposit request with a note to send the excess funds to a furniture company to furnish the home.
Please review Cassels Brock's alert for more information. 
(View PDF)
November 01, 2009
EDUCATION ADVISORY
RECO introduces changes to Continuing Education Policy More...
August 17, 2009
NOTICE OF SUSPENSION
The majority of RECO's registrants have made the required insurance renewal payment by the Aug. 14, 2009 deadline.
The Registrar has now initiated the suspension process for each registrant who has failed to make the required insurance payment. These registrants will be receiving a notice of suspension
by registered mail which will become effective September 1, 2009. Suspended registrants are not entitled to trade in real estate and their names will be made available to the public on RECO's website.
More ...
July 13, 2009
Proposed Ontario Tax Harmonization (Single Sales Tax)
The Ontario Ministry of Revenue continues to provide updates setting out guidelines for the proposed Ontario sales tax harmonization as it will apply to residential property. It has also released transitional rules to be applied to residential new housing including builder disclosure requirements. Please access the documents
by logging on to the Ministry website.
www.fin.gov.on.ca/english/
June 08, 2009
Mortgage Broker Education and Experience Exemption Expires June 30, 2009
Under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), which went into effect on July 1, 2008, all individuals or businesses that wish to conduct mortgage brokering
activities in Ontario must be licensed with the Financial Services Commission of Ontario (FSCO). If you are a registered real estate broker and wish to be exempt from the mortgage broker education
and experience requirements, you must apply for a mortgage broker licence by
June 30, 2009.
For more information please log on to FSCO's website.
April 16, 2009
The Real Property Association of Canada (REALpac) Introduces the Green Office Lease
The REALpac Green Office Lease incorporates sustainability principles and objectives into REALpac's National Standard Office Lease, enabling landlords and tenants to set targets for energy, water, indoor air quality, and recycling, and allowing landlords to carry out "green" renovations to existing building stock.
Visit REALpac's website for more information about the Green Office Lease.
March 31, 2009
Bill C-25 changes Record Keeping and Reporting Requirements for Real Estate Developers
In 2006, the Federal Government introduced Bill C-25 to enhance the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. On February 20, 2009, new provisions of the Act came into effect impacting real estate developers.
The new provisions require real estate developers to:
- Create a compliance regime to identify clients and third parties to the transaction;
- Keep specified records, including receipt of funds records; and
- Make reports concerning certain transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Transactions involving $10,000 or more in cash are subject to additional record keeping and reporting requirements.
More... This document has been provided courtesy of McMillan LLP
February 23, 2009
RetroFoam Insulation – Health Canada Advisory
In the past 18 months, approximately 700 homes in Ontario have been insulated by RetroFoam
Canada with a banned formaldehyde-based product. Health Canada's advisory on RetroFoam Insulation
provides information for homeowners including a number to call to arrange for Government support to have
their air quality tested.
As a real estate professional it is important for you to be aware of all material facts related to a property
and for you to communicate this information to the public. For more information related to disclosure requirements
of material facts see Section 21 of the REBBA 2002 Code of Ethics.
February 23, 2009
FSCO Suspends the Licences of 79 Mortgage Brokerages
The Financial Services Commission of Ontario (FSCO) regulates the mortgage brokering industry in Ontario. FSCO
recently issued Interim Orders to suspend the licences of 79 mortgage brokerages for not having errors and
omissions insurance coverage.
Along with the Interim Orders, these mortgage brokerages were served with Notices of Proposal to revoke
their licences and impose an administrative monetary penalty of $1000 for not meeting this requirement. When
a mortgage brokerage's licence is suspended, neither the brokerage nor its brokers and agents can conduct
mortgage business in Ontario.
A list of the suspended mortgage brokerages is available on FSCO's website.
September 12, 2008
The National Do Not Call List Launches September 30, 2008
Registrants who use telemarketing to solicit new clients should be aware that the
National Do Not Call List (DNCL) is expected to be fully in force by September 30,
2008. You will be prohibited from placing unsolicited telemarketing calls to Canadian
phone numbers that consumers have placed on the DNCL developed and operated by Bell Canada.
You will not be allowed to place unsolicited marketing calls prior to subscribing to the list. There
will be a fee to subscribe to the National DNCL, which will be determined by the list operator once the
program is underway. In addition to the National DNCL, telemarketers are required to maintain
their own do not call lists at the request of consumers.
Does this apply to real estate registrants?
The Canadian Real Estate Association (CREA) made a submission to Canadian Radio-television
and Telecommunications Commission (CRTC) indicating that unsolicited telecommunications made
for the purpose of setting up an appointment or following up on a referral are distinctly
different from unsolicited telecommunications and the CRTC should establish an exemption. The
CRTC determined that it was not appropriate to establish an exemption for real estate registrants.
There are some exceptions to the legislation. For example, calls to consumers that you have
an existing business relationship with will be exempt from the National DNCL rules. The
definition of existing business relationship would include consumers you had a contract or
agreement with within the last 18 months or a consumer who had made an inquiry within the last 6 months.
What are the consequences if you fail to comply?
Once the National DNCL is launched the CRTC may, if it finds you have not followed the
rules, issue a notice of violation and impose monetary penalties for each violation of up
to $1,500 for individuals and up to $15,000 for corporations.
You may obtain more information from the CTRC links below:
https://www.lnnte-dncl.gc.ca/index-eng
Key Facts for Telemarketers
Key Facts for Consumers
For more information, visit the CRTC website at www.crtc.gc.ca or
call 1-866-580-3625. You may also be able to obtain more information from Bell Canada.
"Telemarketing" means the use of telecommunications facilities to make unsolicited
telecommunications for the purpose of solicitation.
"Solicitation" means the selling or promoting of a product or service, or the soliciting
of money or money’s worth, whether directly or indirectly and whether on behalf of another
person. This includes solicitation by or on behalf of charitable organizations.
"Existing business relationship" means a business relationship that has been formed by a
voluntary two-way communication between the person making the telecommunication and the
person to whom the telecommunication is made, arising from
(a) the purchase of services or the purchase, lease or rental of products, within the
eighteen-month period immediately preceding the date of the telecommunication, by the person
to whom the telecommunication is made from the person or organization on whose behalf the
telecommunication is made;
(b) an inquiry or application, within the six-month period immediately preceding the date
of the telecommunication, by the person to whom the telecommunication is made in respect of
a product or service offered by the person or organization on whose behalf the
telecommunication is made; or
(c) any other written contract between the person to whom the telecommunication is made
and the person or organization on whose behalf the telecommunication is made that is
currently in existence or that expired within the eighteen-month period immediately preceding
the date of the telecommunication.
