Real Estate and Business Brokers Act examined in 15 years

 

Real Estate and Business Brokers Act examined in 15 years

 

Feb. 01, 2019

Global Korean Post

 

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.

 

Ontario’s Government is working for the People by seeking public input to modernize laws governing real estate professionals to better reflect today’s market, reduce red tape, and strengthen transparency and consumer protection.

“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,” said Bill Walker, Minister of Government and Consumer Services. “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.

 

“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,” said Walker. “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 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.

 

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.

Real estate is an important part of the provincial economy, representing approximately $95.5 billion in home sales in 2017.