The Ontario Real Estate Association (OREA) recently released a whitepaper, Continuing to Raise the Bar for Real Estate in Ontario, which includes nine key policy recommendations aimed at enhancing professionalism and consumer trust in Ontario’s real estate market. This initiative, building on the Trust in Real Estate Services Act (TRESA) of 2020, outlines suggested reforms for the third phase of TRESA, focusing on eliminating loopholes, raising educational standards, and enforcing stronger penalties for violations.
Table of Contents
Key Recommendations for Consumer Protection and Market Integrity
- Enhanced Consumer Protection Measures
- Closing Loopholes: OREA advocates for a unified system requiring real estate auctioneers to register with the Real Estate Council of Ontario (RECO) to ensure consistent regulatory oversight.
- Improved Disclosure: Amending TRESA to mandate clearer disclosures on latent property defects and guaranteed sales terms, thus enabling informed purchasing decisions.
- Ombudsperson Oversight: Appointing an independent Ombudsperson to promote transparency in RECO’s processes, aligning it with over 1,000 government bodies already using similar accountability measures.
- Strengthening REALTOR Education and Professionalism
- Two-Year Mentorship Requirement: OREA suggests a two-year articling and mentorship program to better equip new REALTORS® for industry challenges and consumer needs.
- Specialty Certifications: With growing market demands, the proposal recommends specialty designations in areas such as commercial, farm, waterfront, and condominium properties, which would require the implementation of Section 8 of TRESA.
- Increasing Accountability and Penalties for Violations
- Monetary Penalties: Introducing Administrative Monetary Penalties (AMPs) for violations like misleading advertising to deter unethical behavior.
- Disgorgement of Profits: Empowering RECO to require that profits from misconduct be returned to affected clients, thus reducing incentives for repeat violations.
- Extended Cooling-Off Periods: Extending mandatory “cooling off” periods for those who violate TRESA, prohibiting their reapplication for a period of nearly two years.
OREA’s Vision for Ontario Real Estate
OREA President Rick Kedzior expressed that these measures are essential to protect home buyers and sellers. He emphasized that real estate transactions are often life-changing financial decisions for Ontarians, underscoring the importance of trustworthiness in the profession.
Freedom Mobile Scraps Internet Launch with Bell and Telus, Criticizes CRTC Regulations
Ontario Parks Cancellation Policy 2024: Fees, Site Details, and Contact Information
New CRTC Fibre Rates Could Lower Internet Costs for Alberta Residents by 2025
CRTC Promises Cheaper Internet Access for Canadians: Will This Time Be Different?
The association believes that if implemented, these nine proposals will position Ontario as a leader in North American real estate standards, enhancing consumer confidence and professionalism. This move to strengthen Ontario’s real estate standards could help transform the industry for years to come, promoting integrity and consumer protection at every level of the home-buying process.