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REBBA Importance
Given the changes in the real estate sector of Ontario, there is a need for tighter and thorough regulation of the market, as well as a revision of some points of the Act.
Since 2002, the maximum penalty for violating REBBA clauses has not changed and currently stands at$25,000(for individual sellers) and$50,000(for brokerage companies). The fines were set back when the average price of a second home in the province was$211,000. Now, this figure has more than doubled.
The PCOA amended the Condominium Act, 1998, and enacted the Condominium Management Services Act, 2015 (CMSA) to regulate condominium managers and condominium management providers. PCOA will be implemented in phases with many of the regulatory changes to come into effect on July 1, 2017. Condominiums represent over half of all new homes built; more than one million Ontarians live in this type of housing. Changes to the act might include steps that could influence affordability and consumer protection, which in turn may influence consumers’ decisions to buy or sell. We, along with the Toronto Real Estate Board, responded to the first proposed regulation and are currently in the process of responding to two new proposed regulations.
Quick Actions to take
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The Ontario Real Estate Association represents nearly 100,000 brokers and salespeople who are members of the 23 real estate boards throughout the province. Members of the association may use the “REALTOR®” trademark, which identifies them as real estate professionals who subscribe to a high standard of ethics and service. OREA serves REALTORS® through a wide variety of professional publications, educational programs, government lobbying and other services.
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OREA's mission is to support our Ontario REALTORS® in helping people find a great place to call home, work and thrive.
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At OREA, our staff say we’re family and feel a deep sense of pride in their work and as part of the team. Our guiding principles empower staff to be their best and generate value for our Members. They are what makes OREA a great place to work. We invite you to come and learn what OREA pride means for the team who work at OREA.
This is a placeholder blurb that summarizes what this means for people who don’t have a ton of context on this project. It may include bullet points:
This legislation Act governs the activities of registered companies and individual brokers engaged in the selling of real estate in Ontario – a province of Canada. The provincial government passed the first Real Estate and Business Brokers Act in 1930. RECO fully regulates the REBBA on behalf of the Ontario Department of Consumer Services.
The 2002 edition of the REBBA is an updated version of the 1990 Act. The main changes made in the updated version of the regulation include:
2009
2016
2017
2018
2019
2020
In February, TRESA passed unanimously. It is one of the few pieces of legislation in Ontario to receive bi-partisan support with positive and constructive debate in the Legislature. Phase One work began.
In October, Phase One regulations came into effect. REALTORS® are now allowed to form Personal Real Estate Corporations (PRECS), and can use new descriptors and advertising terms.
2021
A discrimination provision was added to the Code of Ethics, explicitly requiring compliance with the Ontario Human Rights Code, following a recommendation made by OREA’s Presidential Advisory Group on Diversity, Equity and Inclusion. See our Fighting for Fair Housing Report.
2023
2024
OREA launched a series of white papers on Enforcement, Continuing Education, Code of Ethics and Entrance Education to encourage member discussion and feedback that will inform final recommendations
We’ve intiated an extensive member consultation to understand how we can do our best to modernize REBBA.
We successfully lobied for the full review of REBBA - arguing that it was time to modernie the ligslation to make Ontario a real estate leader in North America.
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