On November 19, Bill 145, the Trust in Real Estate Services Act, 2019 was introduced into legislation. If passed, Bill 145 will:
- Permit personal real estate corporations;
- Protect multiple representation; and,
- Enable specialist certification.
RAHB is encouraging all members to e-mail your MPP asking them to vote YES in support of Bill 145.
MPPs in the RAHB Market Area
|Oakville – North Burlington||Effie Triantafilopoulosfirstname.lastname@example.org|
|Flamborough — Glanbrook||Donna Skellyemail@example.com|
|Hamilton Centre||Andrea Horwathfirstname.lastname@example.org|
|Hamilton East — Stoney Creek||Paul Milleremail@example.com|
|Hamilton Mountain||Monique Taylorfirstname.lastname@example.org|
|Hamilton West — Ancaster — Dundas||Sandy Shaw||SShaw-CO@ndp.on.ca|
|Niagara West||Sam Oosterhoffemail@example.com|
What are the most important changes?
There are many reforms in the legislation that will improve protection for Ontario buyers and sellers:
- Adding clarity for buyers and sellers so that they know whether they are represented by a brokerage, or if they are self represented;
- Requiring new disclosures to buyers and sellers to support informed decisions;
- Additional regulatory powers that will give RECO more tools to get the worst offenders in the industry out of the business; and
- Making it easier for RECO to levy fines against real estate salespeople for certain violations of the legislation.
Why did the government introduce this legislation?
The real estate industry has evolved in many ways since 2006 when the last significant changes were made, so it was time to revisit the laws.
What will happen next, and when will the new rules come into effect?
There are several steps that need to take place before the rules and laws can change. It is also possible that the proposed rules may be amended through the process. The new rules could come into effect as early as 2021.