Phase 2 of TRESA will come into effect December 1, 2023. The Real Estate and Business Brokers Act, 2002 (REBBA) will be renamed the Trust in Real Estate Services Act, 2002 (TRESA).
This legislation brings important changes for consumers and those trading in real estate in Ontario.
This TRESA Explained section of RECO’s website provides a one-stop resource, and will be updated regularly.
- Brokerages will be permitted to enter designated representation agreements with clients
- Clients and self-represented parties will continue, but customer relationships will be eliminated. This means that a party to a trade will be either a client or a self-represented party
- Sharing contents of offers will be permitted with the seller’s written direction
- Adjustments to information and disclosure obligations to promote clarity in communication
- A new RECO Information Guide will be shared by registrants with those they engage with
- New powers and tools to help RECO operate more efficiently and focus its compliance and enforcement efforts where they are most effective
- A revamped Code of Ethics that focuses on ethical obligations including provisions around conflicts of interest and confidentiality
- Revisions to RECO’s Discipline Committee, composition and procedures
These videos provide a more detailed overview of key elements of the legislation, to support you in implementing changes to the way you trade in real estate.
RECO Bulletins are a series of publications developed to provide helpful information to brokerages and real estate agents about their duties and obligations under TRESA and its regulations.