The Ontario Government has passed the Trust in Real Estate Service Act, 2019 (TRESA), and was announced at the Ontario Real Estate Association’s REALiTY Conference and AGM by new OREA President Sean Morrison. The Oakville, Milton and District Real Estate Board's Executives, Senior Management, and Staff Representatives were present to witness the announcement.
For approximately 10 years, OREA and provincial Real Estate Boards have been fighting to update the Real Estate Business Brokers Act, 2002 (“REBBA”). That hard work, dedication and commitment has paid off.
On Thursday morning, the Ontario Legislature called Bill 145, the Trust in Real Estate Services Act, 2019 (“TRESA”) for a final vote. Despite the sometimes partisan environment at Queen’s Park, TRESA passed unanimously with the support of all parties in the Legislature.
Previously, Ontario’s real estate rules were nearly 20 years old, which means this legislation brings the profession into the modern age.
TRESA is a historic win for Ontario REALTORS®. It adopts over twenty OREA recommendations, including:
Minister Thompson has also committed to changing regulations under REBBA to allow Members to use “REALTORS®” or “real estate agent” in their advertising.
It is important to note that even though TRESA passed the final vote in the Legislature, it’s not law yet. The Act still needs final proclamation and most sections require supporting regulations.
Most importantly, the section in TRESA on PRECs requires enabling regulations that will require some consultation to draft.
However, much like with TRESA, The Oakville, Milton and District Real Estate Board will work alongside OREA to push the government to move PRECs forward at the earliest opportunity.
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Please direct any questions to:
John Rich, OMDREB Communications
communications@omdreb.ca
905-844-6491, ext 1010
