Holiday Closure
The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th. Normal business hours will resume on Thursday, January 2nd. Happy Holidays!
Holiday Closure
The OREA office will close for the holidays at 12 p.m. Tuesday, December 24th. Normal business hours will resume on Thursday, January 2nd. Happy Holidays!
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Advocacy
CONTINUING TO RAISE THE BAR FOR REAL ESTATE IN ONTARIO
For years, REALTORS® across Ontario have called for the modernization of legislation governing real estate in Ontario. OREA’s advocacy led to the unanimous passage of the Trust in Real Estate Services Act (TRESA) in 2020. With Phase 3 on the horizon, OREA’s latest whitepaper offers several bold policy ideas for TRESA aimed at improving consumer confidence with increased protections, raising the bar on REALTOR® education and professionalism, and deterring bad behaviour through stronger penalties.
DOWNLOAD WHITEPAPER EMAIL YOUR MPP
When it comes to professionalism and consumer protections, Ontario is a leader in North America – but there is still work to be done during the third and final phase of TRESA. Help OREA ensure Ontario REALTORS® continue to lead: tell your MPP to raise the bar for real estate in Ontario today.
EMAIL YOUR MPPA WHITEPAPER FOR TRESA PHASE 3
A WHITEPAPER FOR TRESA PHASE 3
In 2016, OREA put forward a vision to raise the bar on consumer protection and make Ontario the North American leader for professional standards and consumer protections in real estate. The government listened to the REALTOR® voice and in 2020, TRESA passed unanimously in the legislature. The Government of Ontario staggered implementation into three phases, with work on the third and final phase of TRESA implementation is currently underway.
Although many of OREA’s key proposals were implemented during Phase 1 (October 2020) and Phase 2 (December 2023), there is still work to be done during Phase 3.
OREA is preparing for the third and final phase of regulations by bringing forward ideas to improve training and continuing education for REALTORS® and close loopholes that put consumers at risk. Continuing to Raise the Bar on Real Estate in Ontario offers nine policy proposals for the Government of Ontario to implement, building off our previous recommendations around professional standards, ethics, and consumer protection.
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THREE KEY RECOMMENDATIONS
Ontario’s REALTORS® are strong advocates for strengthening the rules that govern the profession, ensuring homebuyers and sellers can have peace of mind when undergoing one of the largest financial transactions of their lives.
This whitepaper and the nine recommendations within serve as a roadmap to ensuring Ontario continues to lead in North America, helping to instill public confidence in REALTORS®, the regulator, and the province’s homebuying and selling process.
1
IMPROVING CONSUMER CONFIDENCE WITH INCREASED PROTECTIONS
Eliminating the auctioneer exemption loophole, ending the two-tiered system of consumer protection by requiring auctioneers who transact real estate to register with RECO.
- 9 in 10 Ontario REALTORS® support eliminating the auctioneer loophole.
2
RAISING THE BAR ON EDUCATION AND PROFESSIONALISM
Introducing a new two-year mentorship and articling requirement for new registrants, providing practical training and better equipping new agents to handle the evolving demands of a modern market.
- 9 in 10 Ontario REALTORS® support introducing an articling requirement for new registrants.
3
DETERRING BAD BEHAVIOUR WITH STRONGER PENALTIES
Allowing RECO to issue administrative monetary penalties for minor black-and-white infractions, such as an advertising violation, allowing disciplinary resources to be focused on the profession’s worst offenders.
- 8 in 10 REALTORS® support the regulator using administrative monetary penalties for minor infractions.
9 RECOMMENDATIONS TO RAISE THE BAR
Building on REALTOR®-led solutions from TRESA Phase 1 and Phase 2, OREA is on a mission to continue raising the bar and keep Ontario as the leader in North America when it comes to professionalism and consumer protections in real estate.
