Uncategorized 17 November 2023

New Realtor Regulations

In 2002 the Ontario government implemented the Real Estate & Business Brokers Act (REBBA 2002)which regulated how Real Estate agents and Brokerages conduct business. A lot has changed in 20+ years though and on December 01, 2023, a new act, the Trust in Real Estate Services Act (TRESA), will be in effect. Along with tightened disclosure requirements, there will no longer be the somewhat confusing “Customer Service” designation. Instead, a person working with a Realtor will either be a Client, with the full services of a Realtor, or a Self Represented Party.
If you already have a documented relationship with a Realtor though, don’t worry, it will remain in effect for a while yet. Any NEW documentation On and after December 1st though, will be with the new forms reflecting TRESA regulations.