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
Hamas says latest ceasefire talks have ended. Israel vows military operation in 'very near future'
The latest round of Gaza cease-fire talks ended in Cairo after "in-depth and serious discussions,"{ the Hamas militant group said Sunday, reiterating key demands that Israel again rejected.
Montreal man on the hook for thousands of dollars after a feature on his Tesla caused an accident
A Montreal man is warning Tesla drivers about using the Smart Summon feature after his vehicle hit another in a parking lot.
B.C. man wants homes for thousands of books he soon won't be able to read
In the 10 years since John William started to lose his vision, he's been finding new ways to enjoy his vast personal library.
‘Love has no boundaries’: Sask. couple in their 90s and 80s get married
Eighty-two-year-old Susan Neufeldt and 90-year-old Ulrich Richter are no spring chickens, but their love blossomed over the weekend with their wedding at Pine View Manor just outside of Rosthern.
Trudeau 'absolutely' best person to lead the Liberals in next election: LeBlanc insists
Cabinet minister Dominic LeBlanc insists he's not planning a leadership campaign to head the Liberal party, should current leader and Prime Minister Justin Trudeau resign, seemingly quashing rumours he's planning to make a move for his boss' job.
Bombarded with spam texts? Stats show the problem is getting worse in Canada
In particular, messages that involve phishing — an attack where a scammer tries to trick the recipient into clicking a malicious link, downloading malware or sharing sensitive information — are on the rise.
One dead after potential wrong way crash on Highway 401 in Milton: OPP
One person is dead and another is in life-threatening condition after a driver was travelling in the wrong direction on Highway 401 in Milton Sunday, according to police.
opinion You don't need to be an influencer to earn income from social media
How legitimate are claims by some content creators that the average person can earn passive income from social media platforms like TikTok and Instagram? Personal finance columnist Christopher Liew says it's quite possible, if you're willing to put in the initial time and effort.
William Shatner says he would consider 'Star Trek' return: 'Here comes Captain Kirk!'
The Montreal-born actor, famed for his portrayal of Captain Kirk in "Star Trek," says he is open to reprising the iconic role in the sci-fi franchise as long as the storytelling is stellar.