You’ve probably heard the news by now: OREA is proposing higher fines for real estate registrants who break the rules.
It was reported on by media outlets all across Ontario, in response to a white paper called “Better Enforcement and a Regulator that Works,” that OREA shared with you earlier this week.
The white paper talks about a lot more than just fines. It has eight proposals on enforcement and strengthening RECO. Proposals which are part of the largest consultation OREA has ever launched with you, Ontario REALTORS®, on how the provincial government should modernize the Real Estate and Business Brokers Act, 2002 (“REBBA”).
Why did OREA launch the consultation?
Earlier this year, the provincial government announced it would be updating REBBA.
Times have changed in the real estate market, and we need a REBBA that makes Ontario a leader in North America when it comes to how real estate is regulated.
But the government shouldn’t be left to do it alone. They need our industry’s insights, knowledge and expertise to make changes that make sense. And who knows real estate rules better than REALTORS®?
So, OREA worked quickly to pull together a REBBA Review Task Force, a group of industry leaders, who could get the discussion started. All of those ideas have been collected in a white paper, which you can find at www.REBBAreform.ca. It’s the first of four white papers the Task Force is publishing on RECO/Enforcement, Continuing Education, Registration Education and the Code of Ethics.
This is our shot. We won’t get it again for a very long time. We need your feedback on the proposals so we can modernize REBBA to protect your business and maintain a strong real estate market.
Let’s work together to make Ontario a leader in North America when it comes to real estate.
Chair, REBBA Review Task Force