The Government of Ontario has introduced new rules that will bring more transparency to the home buying and selling process.
The changes will make real estate transactions more open by allowing home buyers to see information about other offers being made on a home, provided the seller and other parties consent.
The changes were part of a package of reforms that the Ontario Real Estate Association (OREA), working closely with the Province, brought forward to strike the right balance between adding more transparency to the offer process and protecting a homeowner’s right to sell their home on their own conditions, instead of blanket bans on the traditional offer process. OREA called for the Province to introduce these common sense reforms.
In addition, the new measures will give the Real Estate Council of Ontario (RECO) new powers to better target enforcement and compliance initiatives to activities associated with the highest risk to the public. Since 2017, OREA has urged the Province to empower RECO to strengthen the discipline and enforcement process in a bid to raise professional standards in the industry.
The recent announcement also provides for a new, updated Code of Ethics regulation to enhance professionalism by focusing on ethical obligations that real estate registrants have toward clients and the public.
Ontario REALTORS® want to see North American-leading professionalism in the industry. According to OREA, “… it’s too easy to get into the business (real estate) and too hard to get kicked out.” These changes will give RECO extra powers to throw the book at agents who are violating consumer trust.
“Tougher disciplinary measures will go a long way in ensuring that the REALTOR®, who is by your side during one of the most critical decisions of your life, has the highest professional standards,” says Tim Hudak, CEO of the Ontario Real Estate Association (OREA).