Better professional standards, incorporation for salespeople in new Ontario bill
Nearly 20 years after it was passed, the act governing Ontario’s real estate industry is getting an update. The government introduced the Trust in Real Estate Services Act, 2019 in the Ontario legislature on Tuesday.
Ontario’s new real estate act, if passed, will give the Real Estate Council of Ontario broader powers to crack down on bad conduct and to consider factors such as past conduct and the public interest when determining registration eligibility. It will allow real estate professionals to incorporate. During the negotiations for a sale, it will permit salespeople to disclose details of competing offers if the seller agrees.