REBBA Importance

REBBA Importance

The Importance of the Act

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.

condominium community updated condo regulations

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.

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  • 1

    Who We Are

    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.

  • 2

    Our Mission

    OREA's mission is to support our Ontario REALTORS® in helping people find a great place to call home, work and thrive.

  • 3

    Guiding Principles

    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.

1

Who We Are

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.

2

Our Mission

OREA's mission is to support our Ontario REALTORS® in helping people find a great place to call home, work and thrive.

3

Guiding Principles

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.

The revisions of REBBA happened in two phases

First, we focused on the practice of multiple representation

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First, we focused on the practice of multiple representation

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:

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What is REBBA?

young family with a dog viewing a potential new home

What is REBBA?

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:

  • → an established and clear framework for the registration process, as well as the regulation of the activities of brokers and sellers and brokerage operations;
  • → trading rules were moved to the Provisions section of the new edition from the previous version of the Law;
  • → programs and procedures were supplemented that relate to insurance, the code of ethics, as well as the complaints process; 
  • → the maximum size of fines for violating any paragraphs of the Law was also increased.

blurred office park in the summer

A Goal is Set

2009

OREA set a goal to modernize REBBA, and began an internal review of the legislation while lobbying the Government of Ontario on needed reforms.
Legal team discussing issues in the boardroom

Facing the Issue Head On

2016

The media took a scathing look at real estate agents in Ontario and British Columbia. OREA faced the issue head on and led the charge for higher industry standards and REBBA reform.
female business professional shaking hands with a colleague

Ontario Government Agrees to Work with REALTORS®

2017

The Government of Ontario announced a review of REBBA in April, and OREA struck the REBBA Review Task Force to conduct a top-to-bottom review of the legislation over the next 16 months.
a REALTOR shows a couple around a home with new kitchen

GETTING TO THE HIGHEST PROFESSIONAL STANDARDS IN NORTH AMERICA

2018

To ensure Ontario REALTORS® are North American leaders when it comes to professionalism and ethics, OREA’s Task Force generated four white papers, 4,000 points of feedback, and 45 proposals, which were used to inform OREA’s recommended modernizations to REBBA.
business associates in business attire smiling

OREA's Vision for a Modern REBBA

2019

28 recommendations for REBBA reform were put forward by OREA, with the goal of ensuring that the Ontario REALTOR® at your side during the largest financial transaction of your life has the highest professional standards, training, and modern tools in North America.
blurred image of Queen's Park in the evening from the street

TRESA passes unanimously with all-party consent

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.

In October, Phase 1 regulations came into effect. REALTORS® are now allowed to form personal real estate corporations (PRECS), and can use new descriptors and advertising terms, including ‘REALTOR®’.

two professional men deep in conversation

ENHANCING PROFESSIONALISM AND ETHICS

2021

OREA worked closely with the Government of Ontario and real estate partners on the development of Phase 2 TRESA regulations, successfully advocating for:

  • An updated “principle-based” Code of Ethics
  • New definitions, disclosures and terms
  • A new consumer “Information Guide”
  • Strengthening RECO’s Discipline Committee
  • The option for a new, more transparent offer process
  • Introducing Designated Representation

A discrimination provision was also 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 in our Fighting for Fair Housing Report.

three people in a large wood panelled boardroom

TRESA is here!

2023

On December 1, 2023, REALTORS® across Ontario entered a new era of professionalism as the Trust in Real Estate Services Act (TRESA) officially replaced REBBA, and Phase 2 regulations came into effect. TRESA makes Ontario a North American leader by ensuring the REALTOR® at your side during the largest financial transaction of your life, has the highest professional standards, ethics, training, and modern tools in North America. Phase 2 also includes tougher enforcement for bad actors who break the rules and erode confidence in the profession. Visit orea.com/TRESA to learn more about this historic moment and what the changes mean for Ontario REALTORS®.
Shot of a middle aged couple consulting with their REALTOR

Continuing the work we started

2024

Work on TRESA Phase 3 is underway, and OREA conducts a Member Survey on priorities to help inform advocacy for the third and final phase of TRESA regulations.

OREA’s new whitepaper, Continuing to Raise the Bar for Real Estate in Ontario, tables several bold policy proposals for the Government of Ontario to implement, aimed at improving consumer confidence with increased protections, raising the bar on REALTOR® education and professionalism, and deterring bad behaviours with stronger penalties.

Here are some things we’ve done to tackle this problem

clauses

Facilitated Discussions

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

faq

Consult With Members

We’ve intiated an extensive member consultation to understand how we can do our best to modernize REBBA.

faq

Lobbying for REBBA Review

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.

Here are some resources to learn more

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

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