RECO/TICO & Short-Term Rentals

Real Estate Brokerages & Short Term Rental Properties-100.jpg

 

Today, we received notice that the Travel Industry Council of Ontario (TICO) and Real Estate Council of Ontario (RECO) have affirmed the right of real estate brokerages to transact short-term rental properties.

The affirmation comes in the form of bulletins from both regulators that clarify the rights of Ontario real estate brokerages under REBBA to transact short-term rental properties.

Thanks to this ruling, our members will not have to register as travel agents in order to transact vacation properties provided they do it through their brokerage – saving members thousands of dollars in costs and dozens of hours taking courses/passing exams.

You will recall that this issue was brought to OREA’s attention by the Southern Georgian Bay Association of REALTORS® and The Lakelands Association of REALTORS® whose local members were receiving compliance letters from TICO asking them to register as travel agents.

Through some quick action, OREA was able to get TICO to stop their double registration compliance campaign. TICO and RECO then set about creating a short-term solution to the problem which was announced today in the form of the below bulletins.

Going forward, OREA will be working with Minister Bill Walker and his team to address the issue for the long-term as part of the Province’s updates to REBBA.

Congrats everyone.

This is another great example of what a united and strong REALTOR® voice can do to protect its members from unnecessary red tape and costs.

Read OREA’s statement here: https://www.orea.com/…/News-an…/Press-Releases/April-12-2019

Read the RECO bulletin here: https://www.reco.on.ca/reg…/short-term-accommodation-rentals

Read the TICO bulletin here: https://www.tico.ca/news/advisory/330-advisory-short-term-accommodation-rentals.html

Author: bramptonrealestateboard

At the Brampton Real Estate Board (BREB) we believe in the ownership of Real Estate. Our objective is to contribute to the capability and growth of our members in their endeavors by marketing all forms of real property throughout the greater Brampton, Halton Hills and Caledon marketplaces and beyond. The Brampton Real Estate Board is dedicated to providing an environment in which it’s Member REALTORS®, employees, Board of Directors, and Committee volunteers are encouraged to grow, succeed and develop in order to provide the highest level of professional conduct and service.

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