New Real Estate Rules & How They Affect You

February 3, 2020
We all know that things are constantly shifting in Real Estate. After 28+ years in the industry we have seen and experienced our fair share of changes to Real Estate Policies and Regulations. 

Change is inevitable, but knowing how these changes affect you as a home owner, a renter, a buyer or a seller can be the more difficult part. That is where we come in… we are here to help you navigate your way through these changes.
 
The Ontario government recently introduced Bill 145: Trust in Real Estate Services Act which includes broad changes that will affect the entire Real Estate Industry. This Act will implement new policies to continue and strengthen consumer protection. Good news for you!

Clarity is key! We believe that all consumers deserve to work with a Real Estate Representative that takes the time to explain, educate and support you through the buying and selling process. We are thrilled that the Ontario Government is in the process of implementing these changes province wide to provide consumers more protection.

The most important changes of this new legislation are:
  • Adding clarity for Buyers and Sellers so that they know whether they are represented by a brokerage, or if they are self represented; 

  • Requiring new disclosures to Buyers and Sellers to support informed decisions; 

  • Additional regulatory powers that will provide RECO with more tools to remove the worst offenders from the real estate industry; and 

  • Making it easier for RECO to levy fines against real estate salespeople for certain violations of the legislation. 
Consumer Protection in Real Estate

Even though this new legislation has not taken full affect yet, the current laws do offer robust protection for you as a consumer. It is important that you choose your Real Estate Representative carefully and ensure that you understand exactly what duties your brokerage owes you, and what your responsibilities are too.


These new policies will further improve consumer protection and progress our Real Estate Industry in general. It is our job as your Real Estate Professional Representatives to provide as much information as possible so you can stay informed.


Whether you are a past client or not, we have your interests at heart. We look forward to hearing from you to find out how we can help you in your Real Estate journey!

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