OREA CEO Tim Hudak Statement on TRESA Phase 2 Implementation

“The biggest financial transaction of one’s life – buying or selling a home – deserves the expertise of a REALTOR^® with the highest professional standards, and that is what the Ontario Government delivered when it passed the Trust in Real Estate Services Act, 2020, otherwise known as TRESA. This was the biggest change to Ontario real estate in over twenty years and will impact the day-to-day business of our 96,000 Members and 34 Member Boards.

We are on the right track when it comes to strengthening consumer protection in real estate and the changes brought by TRESA will make Ontario the North American leader when it comes to professional standards in real estate, provide our Members with new tools to help their businesses succeed, and discipline the bad actors who break the rules and erode confidence in our industry.

Since the passage of TRESA, the Government of Ontario has been introducing supporting regulations in phases. Today, the Ministry of Public and Business Service Delivery released its regulations for the second phase of TRESA and OREA is happy to share that the government has listened to our advice to further advance the profession and include an additional option in multiple representation scenarios, known as ‘designated representation’. This will dramatically strengthen TRESA by offering consumers more choice when making the most important financial transaction of their life.

The new regulations will come into effect on December 1st, 2023. It was paramount that we get this right, and that any new tools align with our goal of improving professionalism and ethics in real estate. Buyers and sellers deserve the confidence of working with the real estate professional they know, trust, and has their best interests at heart.

As we continue this important work, we strive to keep Ontario REALTORS® and Board Leaders updated on new and upcoming TRESA developments. To ensure that our Members are prepared for the upcoming changes, OREA has launched the TRESA Guidance Hub, the one-stop shop with all of the information that you will need to help you navigate the new rules and regulations.”

– Tim Hudak, CEO, Ontario Real Estate Association