This morning the Ontario government announced new legislation that will increase consumer protection in the real estate marketplace. Read the official announcement here. RECO has issued a public statement regarding the announcement:
The Real Estate Council of Ontario (RECO) is pleased with the announcement made by Minister Tracy MacCharles earlier today about proposed changes to real estate regulations in the province. These changes reflect recommendations that RECO made to government in January 2017.
As the regulator and consumer protection body for real estate in Ontario, RECO is committed to protecting the public interest through a fair, safe and informed marketplace.
The bill that was introduced into the Legislature today commits to implementing “new measures to address conflict of interest issues that arise in multiple representation situations and heavier fines for the Code of Ethics violations by real estate professionals,” as stated in the government’s press release.
It follows a consultation process led by government this past summer.
In January 2017, RECO submitted recommendations to the Ministry of Government and Consumer Services on how to enhance the rules around multiple representation so that consumer protection could be strengthened. We were pleased to see that today’s announcement reflects these recommendations.
The introduction of the bill is one step toward changes taking effect. RECO looks forward to working with government and all other stakeholders on the next steps of drafting and implementing these new rules to ensure they meet our shared priority of enhancing consumer protection.
RECO is also committed to extensive communication about the changes with both consumers and the industry as we get closer to implementation.
The announcement is part of Phase One of the government’s 2-part review of the Real Estate and Business Brokers Act, 2002 (REBBA), the legislation administered by RECO. Phase Two will be a full review of all aspects of REBBA, scheduled to take place in 2018. RECO looks forward to participating in that review.
Read RECO’s submission on the REBBA review here.