With the changes that the provincial government is making to real estate laws, how will I be affected when I buy or sell a home?
Good on you for keeping your finger on the pulse of real estate in Ontario.
In November of this year, the Ontario government announced plans to change the rules that real estate salespeople and brokerages must follow. The changes are outlined in Bill 145, the Trust in Real Estate Services Act, 2019. A bill that proposes changes to the, the Real Estate and Business Brokers Act, 2002 which the Real Estate Council of Ontario (RECO) now administers in order to protect home buyers and sellers and to uphold professional integrity within the real estate industry.
This is good news for you, and other home buyers and sellers throughout Ontario.
The answer to your question, for now at least, is that the current rules remain in place until the bill is passed and new regulations are implemented. RECO is hopeful that new rules, if passed, will be introduced as early as 2021.
There are many important reforms in the legislation that, if passed, would improve protection and choices for home buyers and sellers across the province. A few of the notable changes that you should be aware of are:
- Greater clarity surrounding how brokerages represent buyers and sellers and how a buyer or seller can be self-represented (meaning they are making decisions without the advice of a real estate professional)
- New and revised disclosures by salespeople and brokers to buyers and sellers to support informed decision making; and
- Increased regulatory authority that will help RECO in fulfilling its consumer protection mandate.
The changes would also include updates to reflect changes in the marketplace, streamlined business processes for professionals in the industry and of highest priority to RECO, enhanced consumer protection for buyers and sellers throughout Ontario.
I encourage you to visit RECO.on.ca regularly for updates on the Trust in Real Estate Services Act, 2019 and what it means to consumers and to find other useful information as you prepare for your next real estate transaction.
If you have a question for Joe about the home buying or selling process, please email firstname.lastname@example.org.
Joseph Richer is Registrar of the Real Estate Council of Ontario (RECO). He is in charge of the administration and enforcement of all rules that govern real estate professionals in Ontario. You can find more tips at reco.on.ca, follow on Twitter @RECOhelps or on YouTube at http://www.youtube.com/RECOhelps.