New Ontario real estate rules to give 'more transparency' for buyers
Potential home buyers in Windsor-Essex may no longer be left in the dark about competing offers, thanks to new rules in the Ontario real estate market.
"Now, home sellers have the option to disclose the highest offer they have, to disclose the conditions or disclose all of it if they do so choose but it is up to them top make that decision,” said Joyce Blackmere, broker and director of sales at Dan Gemus Real Estate. “It definitely is a positive. It gives more opportunity and more transparency for buyers to better understand potentially the property they are offering on.”
This is one of several new rules the province is putting into effect starting Dec. 1, 2023, completing Phase 2 of legislative and regulatory changes introduced under the Trust in Real Estate Services Act (TRESA), 2020.
The province also implementing an updated code of conduct, they say, will strengthen consumer confidence related to integrity, conflict of interest and the prevention of fraud.
“Buying, leasing and selling real estate is one of the biggest and most important decisions a person or business will ever make so it’s critical that rules for real estate brokerages, brokers, and salespersons reflect modern business practices that foster a strong and vibrant real estate market,” said Todd McCarthy, minister of public and business service delivery. “We want to ensure Ontarians feel empowered and informed when participating in real estate transactions, and for professionals in the sector to be seen as trusted and ethical. These latest rule changes coming into effect December 1 will help us do just that.”
The Real Estate Council of Ontario will also receive new powers and tools to better hold brokerages and their agents accountable for non-compliance with the new rules.
This marks a historic moment for real estate professionals in Ontario and is the result of a decade of hard work, advocacy and collaboration with the province,” said Tim Hudak, CEO of the Ontario Real Estate Association (OREA). “Thanks to TRESA, Ontario will raise the bar on consumer protections and become a North American leader in professional standards, ethics, and modern business tools. OREA commends the Ontario government for their work on TRESA and looks forward to collaborating on the third phase of implementation.”
CTVNews.ca Top Stories
'Repetitive partisan conduct': Conservatives to force vote on ousting Speaker Greg Fergus
The federal Conservatives have advanced a motion that will force MPs to vote on whether to oust Greg Fergus as House of Commons Speaker, after MPs' deputy adjudicator ruled Monday that the Liberal member's allegedly errant partisan event invite required urgent attention.
Teen was doing homework at family's Mississauga, Ont. restaurant when gunman opened fire: testimony
The 13-year-old sister of a young man killed in the attack on her family’s Mississauga restaurant in 2021 took the stand in a Brampton courthouse on Monday to describe the terrifying moments of coming under fire.
B.C. senior prepares to move due to devastating effects of fraud
A Courtenay, B.C., senior is downsizing and packing to move as she comes to accept she can no longer afford to stay in her home, after falling victim to a scam that robbed her of her life savings worth more than $100,000.
What a CBSA strike could look like, according to an expert
Slowed or interrupted travel, the passing of goods and significantly restricted borders should be expected if Canadian border workers take upcoming strike action.
WATCH Alta. man rescues wild foal trapped on steep cliffside
A man's daring rescue of a newborn wild foal that was trapped after falling down a steep embankment was caught on video over the weekend.
'Decades-long fight': MPs unanimously pass 'anti-scab' legislation
A bill that would ban federal employers from using replacement workers or 'scabs' during lockouts or strikes passed the House of Commons unanimously on Monday.
Netanyahu acknowledges 'tragic mistake' after Rafah strike kills dozens of Palestinians
Benjamin Netanyahu acknowledged Monday that a 'tragic mistake' had been made after an Israeli strike in the southern Gaza city of Rafah set fire to a tent camp housing displaced Palestinians and killed at least 45 people.
Severe thunderstorms, tornado watch in some areas of Canada. Here's where
Depending on where you live, you can expect to get a mixed bag of weather this week, as local forecasts predict heavy rain, strong wind, severe thunderstorms and even snowfall across some areas of Canada.
81-year-old arrested after police say he terrorized a California neighbourhood with a slingshot
An 81-year-old man who investigators say terrorized a Southern California neighbourhood for years with a slingshot has been arrested, police said.