As of December 1, 2023 there are new Rules and Regulations for Real Estate Agents. The governing body once called “REBBA” Real Estate and Business Brokers Act, 2002 is being renamed “TRESA” Trust in Real Estate Services Act, 2002. The reforms to the legislation bring important changes for consumers and those trading in real estate in Ontario.
So how does this affect you? For starters, Realtors@ are no longer allowed to answer questions, provide service or show homes to Buyers until they have signed a Buyer Representation Agreement unless it’s about a property that they, the Brokerage is selling, which will help their Seller client, the “Listing”.
The Real Estate Council of Ontario has also removed the “Customer “option and changed it to a Self-Represented Party, which means this party has to do everything on their own. Realtors@ can no longer provide information such as valuations, suggestions of prices to offer, or write offers on the behalf of the self-represented party, unless that Buyer signs on as a client.
The biggest change is for Sellers. Sellers will now have the option, at their discretion, to disclose the highest offer when in multiple offers, certain conditions or preferences of the offers they have received. They can choose to disclose a bit, everything or nothing, the choice is theirs. Yes, this can be frustrating. If you are a Buyer and in this scenario, you can put a clause to withdraw the offer if any or all of your Offer information is disclosed to the existing written Offers in hand.
There is also new paperwork to sign. This will be a learning curve for everyone involved. So now, more than ever, if you are considering entering the market, make sure to interview agents and ensure you have someone working for you that will give you the very best and most knowledgeable service possible.
If you have questions on this or any other part of the new TRESA regulations, and how it may affect you, I would be more than happy to have a chat!
Derek Bissonnette – Realtor®
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