Government wants public input in review of real estate transactions

On January 31 the Ontario Government announced that it has launched a consultation to modernize real estate laws. The stated purpose is to modernize laws governing real estate professionals to better reflect today’s market, reduce red tape, and strengthen transparency and consumer protection. Bill Walker, Minister of Government and Consumer Services, said,

It has been almost two decades since the last comprehensive review of the Real Estate and Business Brokers Act. The market has dramatically changed since then. Our government is looking for input from the public, including homeowners, renters and real estate professionals, about strengthening the legislation so the people are better served.

Under today’s rules, for example, in multiple offer situations a broker representing a seller can only disclose the number of competing offers on the property to every person who has made an offer but cannot disclose the competing price. The government will be looking at these types of rules during the consultations and review to determine how best to modernize.

Ontarians can have their say by filling out an online survey at ontario.ca/RealEstateAct. The government is also looking for feedback on a consultation paper posted to the Ontario Regulatory Registry. Both the survey and feedback on the consultation paper will close on March 15, 2019.

Click HERE to complete the online survey.

Walker said,

We need to make sure the rules governing real estate professionals, and the brokerages that employ them, are efficient, fair and up-to-date with modern realities. This review is part of our government’s plan to strengthen consumer protection, increase transparency and make life better for the people of Ontario.

The media release notes that the vast majority in the real estate industry believe in raising the ethical standards, so the people of Ontario have peace of mind when purchasing, leasing or selling a home.

 Quick facts

• The Real Estate and Business Brokers Act, 2002 regulates real estate and business brokerages and the individual brokers and salespersons who are employed by a brokerage.
• Ontario real estate brokerages, brokers and salespersons must be registered with the Real Estate Council of Ontario that administers and enforces the act.
• In 2017, there were over 82,000 registered real estate brokerages, brokers and salespersons.
• Real estate is an important part of the provincial economy, representing approximately $95.5 billion in home sales in 2017.

Georgakopoulos, J. (2019, Jan.31) Ontario Government Launches Consultations to Modernize Real Estate Laws [News release]

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