On Friday, April 12, the Travel Industry Council of Ontario (TICO) and Real Estate Council of Ontario (RECO) 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, 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.
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.
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.