The mood was jubilant at the Ontario Real Estate Association’s REALiTY Conference last week when OREA president Sean Morrison announced that the Ontario Government has passed the Trust in Real Estate Service Act, 2019 (TRESA).
“This is a huge win for our Realtor members, their clients and hardworking Ontarians across the province,” said Morrison. OREA has been advocating for a review of REBBA for over a decade.
TRESA is one of the few pieces of legislation in Ontario to receive bi-partisan support.
The new act will finally allow real estate professionals in Ontario to incorporate, which has been in place in several other provinces for years.
It also includes updates to the Real Estate Council of Ontario’s regulatory and enforcement powers; changes to eligibility requirements for registration; regulatory changes to enhance consumer choice in the real estate transaction process; and enhancements to ethical requirements for real estate professionals.