REBBA review update: Ontario government passes key legislation
This month, the Ontario government passed the Strengthening Protection for Ontario Consumers Act, which included measures to revise the Real Estate and Business Brokers Act, 2002 (REBBA). Here’s what that will mean for the real estate sector:
The maximum fines for salespeople and brokers who violate the Code of Ethics will increase from $25,000 to $50,000. The maximum penalty for brokerages will increase to $100,000. The new fine levels came into effect in December 2017, when the legislation received royal assent.
Multiple representation rule changes
The legislation will enable the government to revise the multiple representation rules that are currently in REBBA. Before new rules are put in place, there is much work ahead to consult with the public and draft detailed regulations. As such, the government does not expect these changes to be in place before 2019.
The government plans to kick off phase two of the REBBA review in 2018. This review will take a comprehensive look at other changes to REBBA that could improve protection for Ontario’s consumers.
RECO will continue to advise registrants of any further developments.