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Ontario updating real estate law

Local realtors are applauding proposed changes to provincial legislation.

The Ford government has introduced the Trust In Real Estate Services Act to replace the Real Estate and Business Act of 2002 (REBBA).

According to a media release for the Durham Region Association of Realtors (DRAR), the new act would modernize decades-old rules from those in the real estate industry.

Some of the measures in the new act include:

  • Allowing realtors the ability to incorporate
  • Giving the Real Estate Council of Ontario greater ability to suspend and revoke licenses, and pursue investigations against realtors who break rules
  • Increasing the maximum penalties against realtors to $50,000, and $100,000 for brokers and brokerages
  • Developing specialty designations for real estate professionals who have training and expertise in particular areas of the industry, such as commercial properties

DRAR president Tina Sorichetti and other members of the organization’s board recently attended the first reading of the new act at Queen’s Park.

“This has been a point of conversation and political advocacy for many real estate professionals, and it’s such a win for our industry with no ill effect to our consumers,” Sorichetti said. “I’m very proud to be president of such a proactive and involved association.”