Ford government to update Real Estate and Business Brokers Act
The Ontario government has introduced a bill proposing changes to the Real Estate and Business Brokers Act, which has been in place since 2002.
“Real estate salespersons and brokers are the experts for home buyers and sellers,” said Lisa Thompson, Minister of Government and Consumer Services. “Whether a transaction involves a fixer-upper, a move-in ready dream home or a commercial property, every consumer should know that the person they are dealing with is professional, knowledgeable and accountable.”
The government says the Trust in Real Estate Services Bill would address the need for a stronger and more ethical business environment by giving the Real Estate Council of Ontario (RECO) more power.
“For years, Ontario REALTORS(r) have advocated for higher professional standards, stronger consumer protections and better enforcement of the rules governing real estate practices,” said Tim Hudak, CEO of the Ontario Real Estate Association. “Today, we are grateful to the Ontario Government for delivering on its promise to update the Real Estate and Business Brokers Act, 2002…”
The RECO would now be able to levy fines against non-complying real estate professionals and brokerages and have the power to reduce regulations.
The bill would also “laying the foundation for allowing real estate professionals to incorporate and be paid through the corporation”.
You can find more details here.
- Unique grocery store closes down in Mississauga
- Unexpected airport closure leaves Canadian travellers stranded on Cuban island
- Here’s when a highly-anticipated breakfast and brunch restaurant will open in Mississauga
- The longest picket line ever could be coming to Mississauga this Friday
- PHOTOS: Plane lands without wheel at Pearson Airport in Mississauga
- Get Ready for the Spring Real Estate Market with New Era Real Estate
- Are Foreign Buyers Eyeing Mississauga Real Estate?
- Stats Show Buyers Afraid of Real Estate Market in Mississauga and Beyond
- What Can You Do if a Real Estate Deal Falls Through in Mississauga?
- Here’s How Much Real Estate Prices Have Jumped by in Mississauga Over the Last Five Years