OREA CEO Tim Hudak Statement on Government of Ontario Plan to Ban Notices of Security Interest (NOSIs)

“The Ontario Real Estate Association (OREA) commends Minister McCarthy for his unwavering commitment to consumer protection and homeownership in Ontario. His recent announcement to legislate a ban on Notices of Security Interest (NOSIs) is a pivotal step toward protecting vulnerable Ontarians from bad actors.

Too many Ontarians, when selling their home, have been surprised by one or more NOSIs – fine print in contracts that include exorbitant buyout charges that must be paid out before the home can be sold. This only adds undue financial burden and stress to the largest transaction many Ontarians make in their lives.

Banning NOSIs is just one more step in the right direction to protect consumers and deliver fairness in Ontario’s real estate landscape – in addition to the government stopping illegal builders and establishing a mandatory legal review and cooling off period for buyers who purchase newly built homes from developers.”

- Tim Hudak, CEO of the Ontario Real Estate Association