Big Changes Coming To The Real Estate Business! Thoughts from Judy Stacee-Cleaver
Tuesday Mar 21st, 2023
Thoughts From Judy Stacee-Cleaver
Broker of Record, FRI, ABR, ASA
Big Changes Coming To The Real Estate Business!
Each province has their own governing body and though the Rules & Regulations are very similar, there are some very definite differences.
In Ontario, our governing body RECO, the Real Estate Council of Ontario has been extremely busy streamlining the Rules & Regulations for the Real Estate Business, and it's all about raising the bar in Consumer Protection.
Agents are already policing every sales transaction for FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This includes the detection of money laundering and financing of terrorist activities as it appears in our industry, while constantly adding changes and requirements to the mix. Fines and jail exist if a brokerage or agent is found not following the rules and regulations as set out by the government.
Most Sellers and Buyers do not realize what an agent must successfully complete to obtain a license to sell Real Estate, and the continuing mandatory education that is required, never mind the cost to do business.
REBBA, The Real Estate And Business Brokerage Act of 2002, is now being changed to TRESA, The Trust In Real Estate Services Act of 2020. The goal is (1) to raise the bar in consumer protection, (2) to mandate new disclosures for realtors to complete for every transaction, and (3), to provide more disciplinary power to RECO.
It seems like a lot now, but I can assure you there will be more paperwork involved, coming at a time when the last 10-12 months have been financially challenging for everyone as a result of the two-year hiatus dealing with the pandemic.
But, onward and upward. Stay tuned as we work through the new regulations as they are about to begin April 1st of this year.