November 2019 released new changes to real estate agents and brokerages in Ontario. The draft bill to change the Real Estate and Business Brokers Act, 2002 (REEBA 2002) has not yet been approved. The new act will be called the Trust in Real Estate Services Act. The real estate market in Ontario has seen big changes since the act was first passed almost 20 years ago, and new realities required to review the old legislation.
We, realtors, keep an eye on what’s going on and what will be changed, but here is what public needs to know:
1. Difference between “customer” and “client” in real estate was confusing for many. There will be no more customers, so no more confusion. Under the proposed new rules, you are either a client of the brokerage, or you represent yourself.
2. Home sellers would have the option to diclose competing offers in a multiple buyer situation. It will be at the sellers’ discretion, not the brokerage’s discretion to tell other buyers the price that one of the buyers is willing to pay.
You can find more details on RECO website. Any questions, we’ll be glad to hear from you.