TRESA Intro Bill and Reading
Since 2005 our goal has been a new vision of REBBA and ensuring that REALTORS® have the highest professional standards, training and modern tools in North America.
In 2019, we set our focus on delivering North America leading real estate legislation to raise professional standards, fix a broken real estate discipline system and deliver modern REALTOR® tools like Personal Real Estate Corporations.
Introduced at our Ontario REALTOR® Party Conference, the Trust in Real Estate Services Act, 2019 (TRESA) went on to pass two readings at Queen’s Park and is now at Committee before heading to the third and final reading and vote.
If passed the bill would:
- Allow for Personal Real Estate Corporations – like many other regulated professions, REALTORS® will finally be able to incorporate, allowing them to offer more services to clients, invest in new technology and create jobs in their community.
- Fix the broken real estate disciplinary system by giving the provincial regulator, RECO, greater ability to suspend or revoke licenses and pursue investigations of the worst offenders.
- Create higher education standards – specialty designations for real estate professionals will allow Ontario consumers to identify REALTORS® who have training or expertise in an area of real estate, like commercial or waterfront properties.
- Increasing fines for rule breakers – the maximum penalty for salespeople is $50,000, while brokers and brokerages could face fines of up to $100,000.
UPDATE
On February 27, 2020, the Ontario Government passed the Trust in Real Estate Services Act, 2019 (TRESA).
Click here for more information.
In the News
New legislation Protects Consumers – The Star
Ontario Updates Real Estate Rules Making it Easier to Punish Bad Agents – The Star
New Real Estate Rules in Ontario Give Most Stakeholders Something, but the Devil will be in the Details – The Globe and Mail
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