Government Introduces Bill to Reform REBBA
The Ontario government has introduced the Trust in Real Estate Services Act, a bill which proposes changes to the Real Estate and Business Brokers Act, 2002 (REBBA). If passed by the legislature, the changes would support and strengthen consumer protection and professionalism in the real estate sector.
“The Real Estate Council of Ontario (RECO) is pleased to have worked closely with the Ministry through the consultation and development of this important piece of legislation,” said Michael Beard, RECO CEO. “The updated legislation will provide enhanced protection for consumers and provide additional clarity for registrants around their role and responsibilities to both the buyer and seller. These changes reflect the rapidly changing and modern marketplace and will help to ensure that consumers are protected when they make the biggest purchase of their life.”
The proposed changes follow an invitation to the public to comment on possible changes to REBBA in the spring of 2019, to which many consumers and registrants responded. RECO provided a detailed submission to government with recommendations across a wide range of topics in support of enhancing REBBA to strengthen consumer protection and clarity to registrants, and to assist RECO in its journey to continually modernize its approach to regulation of the sector. RECO is pleased to see that many of its recommendations are reflected in the bill. You can read RECO’s submission at RECO Submission to Government March 2019.
About the Bill
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The Real Estate Council of Ontario regulates real estate professionals in the province on behalf of the Ontario government by enforcing the Real Estate and Business Brokers Act, 2002 (REBBA). We protect the public interest through a fair, safe and informed marketplace. RECO holds registered brokers and salespersons to professional standards, protects the public interest, and enhances consumer confidence in the real estate profession. In addition, RECO strives to educate consumers to ensure they understand the benefits of a regulated real estate sector. For more information, visit www.reco.on.ca.