Our Realtors AppreciationPublished on March 10, 2020
March 9th 2020
Dear MPP Hogarth:
On behalf of Ontario’s 80,000 REALTORS® and the people they work hard for every day, I am writing to thank you for voting in favour of the Trust in Real Estate Services Act, 2020 (TRESA), when it was brought forward for a Third Reading vote on February 27, 2020.
Our goal at the Ontario Real Estate Association (OREA) is straightforward. When Ontario families are making the biggest financial decision of their lives – buying and selling a home – the REALTOR® at their side should have the highest level of professionalism, training, and tools in North America. We believe that the changes to the Real Estate and Business Brokers Act, 2002 (REBBA) brought about by the passage of TRESA will allow this goal to finally become a reality. Specifically, TRESA will:
• Raise professionalism – the provisions of TRESA will make Ontario a North American leader in professional standards for REALTORS® and Brokers. • Fix the broken real estate disciplinary system – the regulator, the Real Estate Council of Ontario, will have greater ability to suspend or revoke licenses and pursue investigations of the worst offenders. • Create higher education standards – specialty designations for real estate professionals will allow Ontario consumers to identify REALTORS® who have training or expertise in a particular area of real estate, like commercial or waterfront properties. • Increase fines for rule breakers – maximum fines will double to reflect current real estate prices including a maximum penalty for salespeople of $50,000, while brokers and brokerages could face fines of up to $100,000. • Allow for Personal Real Estate Corporations – like many other regulated professions, REALTORS® will finally be able to incorporate, allowing them to offer more services to clients, invest in new technology, and create jobs in their community.
The rules governing REALTORS® were last updated 18 years ago and the profession has evolved considerably since then. We are happy to see that, with the passage of TRESA, Ontario is again a North American leader the leading jurisdiction in real estate standards and practices.
Simply put, TRESA is a true game changer for our members and the consumers they serve, and we want to offer you our sincere appreciation for voting in favour of this historic piece of legislation.
Thank you for your vote in support.
Tim Hudak, CEO Ontario Real Estate Association
Sean Morrison, President Ontario Real Estate Association