Oakville, ON, March 29, 2023 - Real estate practitioners may have seen the recent communications from the Real Estate Council of Ontario (RECO) and the Ontario Real Estate Association (OREA) about delaying the implementation of Phase 2 of TRESA. We covered this information at yesterday’s Member Town Hall, but if you missed it, here’s what you need to know:
The Ford Government has entered into discussions with OREA to explore the option for designated representation, a tool that is used successfully in other Provinces, as part of TRESA Phase 2 regulations.
Designated Representation would permit two agents at the same brokerage to represent both a buyer and seller in a single transaction.
This change would allow designated agents within one brokerage to advocate and operate in the best interest of their clients during a single transaction, with the brokerage retaining oversight responsibility for the agents’ fulfillment of those duties.
If adopted, this change would dramatically strengthen TRESA by giving buyers and sellers increased choice and confidence when making the largest financial transaction of their life.
However, this positive step forward necessitates a delay to the Phase 2 implementation timeline to give Government more time to consider this option. As such, the April 1st implementation date of Phase 2 has been officially rescinded.
It’s important to ensure the development and implementation of TRESA’s Phase 2 regulations is done properly, so OMDREB supports the decision to delay implementation.
The Ontario Government has not yet announced the new implementation date. We will keep you informed as this work unfolds, providing regular updates to members on all of our communications channels.
If you wish to know more about the Phase 2 implementation delay, RECO has a video series highlighting substantive changes to the legislation. The videos focus on the changes that are expected to have the greatest impact on the day-to-day activities of registrants, including your interactions with consumers. Watch here.
OMDREB is on top of this and working to ensure our members have the information you need to stay compliant with this new legislation.