New Ontario Real Estate Rules You Can’t Afford to Ignore

Published on 29 August 2022, 07:22:56 AM

As of December 1, 2023, phase two of the reforms to the Real Estate and Business Brokers Act (REBBA) will come into effect as it continues to be replaced by the new TRESA (Trust In Real Estate Services Act). TRESA is reshaping and redefining how Ontario realtors do business. Indeed, Tim Hudak, CEO of the Ontario Real Estate Association (OREA) says TRESA represents the “most substantial change in the province’s real estate industry in over twenty years and will impact the day-to-day business of our 96,000 Members and 34 Member Boards.”

Most notably, three of the most significant changes include: (1) new rules and clarifications for Self-represented parties (for example, a self-represented party will not be permitted to receive services from a brokerage); (2) allowing realtors to share the contents of a competing offer with prospective buyers if directed to do so by a seller; and (3) the introduction of “designated representation”. There are many new and evolving regulations under TRESA that realtors in Ontario realtors need to be aware of and we’ll be sharing ongoing updates leading up to and on December 1.