TRESA Archives - REM https://realestatemagazine.ca/tag/tresa/ Canada’s premier magazine for real estate professionals. Wed, 05 Nov 2025 16:25:34 +0000 en-US hourly 1 https://wordpress.org/?v=6.8.3 https://realestatemagazine.ca/wp-content/uploads/2022/09/cropped-REM-Fav-32x32.png TRESA Archives - REM https://realestatemagazine.ca/tag/tresa/ 32 32 RECO issues freeze order, proposes to revoke registration of Oakville brokerage https://realestatemagazine.ca/reco-issues-freeze-order-proposes-to-revoke-registration-of-oakville-brokerage/ https://realestatemagazine.ca/reco-issues-freeze-order-proposes-to-revoke-registration-of-oakville-brokerage/#comments Mon, 03 Nov 2025 16:20:57 +0000 https://realestatemagazine.ca/?p=40923 Ontario’s regulator is taking action against Rexig Realty Investment Group Ltd. as the province reviews audit on RECO’s conduct in the iPro scandal

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Paul Poliszot, 2021 (supplied)

 

The Real Estate Council of Ontario (RECO) has issued an order to freeze the bank accounts of Oakville, Ont.-based Rexig Realty Investment Group. The regulator has also issued a proposal to revoke the registrations of both the brokerage and Broker Paul Poliszot, the brokerage’s director and president. 

The measures, announced Oct. 30 under the Trust in Real Estate Services Act, 2002 (TRESA), are intended to protect consumer deposits. RECO says the freeze order prevents funds from being withdrawn from the brokerage’s bank accounts. It uses freeze orders “when necessary” to ensure that money held in brokerage accounts is not at risk of being misused.

Rexig, which employs 10 agents according to the regulator, remains open. RECO says the broker of record will oversee remaining transactions and facilitate the transfer of agents and active listings to other brokerages.

 

Appeal process

 

A proposal to revoke registration is issued when the Registrar believes a brokerage or registrant is not entitled to registration. The decision can be appealed within 15 days. If no appeal is filed, Rexig and Poliszot’s registrations will be terminated, and they will no longer be permitted to trade in real estate.

Poliszot did not respond to Real Estate Magazine’s request for comment.

In a 2021 interview with REM, Poliszot described his firm as working “much like a real estate investment bank,” advising smaller investors — such as medical professionals, lawyers and entrepreneurs — on building real estate portfolios.

 

Province reviewing iPro audit

 

The enforcement action comes as the Ontario government confirms it has received Dentons Canada’s audit into RECO’s handling of the iPro Realty scandal, which involved the alleged misuse of millions in trust funds. Minister Stephen Crawford has said the findings will be made public once his review is complete, though no timeline has been given.

Consumers and agents affected by the Rexig freeze order are encouraged to contact RECO.

 

Editor’s note: Realty Executives has no affiliation with Rexig Realty Investment Group Ltd. A previous reference has been removed to avoid confusion.

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See the agreement RECO’s former registrar signed with iPro’s Colucci and Alves https://realestatemagazine.ca/read-the-agreement-recos-former-registrar-signed-with-ipros-colucci-and-alves/ https://realestatemagazine.ca/read-the-agreement-recos-former-registrar-signed-with-ipros-colucci-and-alves/#comments Thu, 25 Sep 2025 09:06:31 +0000 https://realestatemagazine.ca/?p=40125 Brokers exit real estate, and agree to repay $10.5-million shortfall. RECO agrees not to pursue charges or further disciplinary actions.

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The following is the text from the undertaking agreement signed on Aug. 8 by iPro Realty Ltd. principals Fedele Colucci and Rui Alves, and Joseph Richer, former Real Estate Council of Ontario registrar. The agreement is contained within RECO’s motion record filed with the Ontario Superior Court of Justice, which can be found here.

 

WHEREAS Fedele Colucci is registered as a broker under the Trust in Real Estate Services Act, 2002 is the broker of record, an officer and a shareholder of iPro Realty Ltd.;

WHEREAS Rui Alves is registered as a broker under TRESA and is an officer and a shareholder of iPro Realty Ltd.;

WHEREAS iPro Realty Ltd. is registered as a brokerage under TRESA;

WHEREAS an inspection conducted in May 2025 determined that there was a significant shortage in the Brokerage’s real estate trust account and commission trust account (The RETA and CTA) of approximately ten million five hundred thousand dollars
($10,500,000);

WHEREAS Colucci and Alves have undertaken efforts towards complete restitution;

AND WHEREAS the Brokerage has entered into an agreement wherein it will receive the sum of three million dollars ($3,000,000) from the proposed brokerage of iCloud Realty Ltd. on or before July 31, 2025;

NOW THEREFORE, in consideration of the mutual covenants and promises set out below, the Parties agree as follows:

1. Colucci, Alves, and the Brokerage each agrees and undertakes to cancel their registrations no later than August 19, 2025, by providing notice of cancellation in writing to RECO and if they fail to do so, then they each hereby direct RECO to cancel their registrations on August 20, 2025.

2. Colucci, Alves, and the Brokerage each agrees and undertakes that any monies or other Brokerage related remuneration owing, now or in the future, to Alves or Colucci shall not be paid to them, but shall instead be deposited into the Trust Accounts shortfall.

3. Colucci, Alves, and the Brokerage each agrees and undertakes to transfer all the Brokerage’s receivable funds, including direct entitlements (such as transaction remuneration share, monthly/desk fees, etc.), to the Brokerage Trust Accounts, to be applied to the Brokerage’s trust shortfalls , with the exception of amounts are identified in advance and communicated to RECO prior to payment.

4. Colucci, Alves, and the Brokerage each agrees and undertakes to immediately deposit all funds received under any agreement with iCloud Realty Ltd.to the Trust Accounts, to be applied to the Brokerage’s trust shortfalls.

5. Colucci, Alves, and the Brokerage each agrees and undertakes that all funds held at the time of execution of this Undertaking Agreement, in any financial institution accounts in the name of Hippo Holdings Corporation shall immediately be transferred to the Brokerage’s Trust Accounts, to be applied to the Brokerage’s trust shortfalls.

6. Colucci, Alves, and the Brokerage each agrees and undertakes to make best efforts to ensure that consumer deposits received in trust by the Brokerage on or after May 19, 2025 will be reserved and allocated for the transactions for which the deposits were received, and not to satisfy Brokerage obligations pertaining to earlier deposits that were misappropriated for other Brokerage business or
transactions.

7. Colucci, Alves, and the Brokerage each agrees and undertakes that they, and the person designated to act as the broker of record during the course of the Brokerage wind-up, will manage the distribution of funds from the Trust Accounts under the guidance of RECO and the Professional Liability Insurance Program administration.

8. Colucci, Alves, and the Brokerage each agrees and undertakes that any and all surplus funds remaining Trust Accounts following the closing of all pending Brokerage transactions, will be conveyed to RECO’s Professional Liability Program administration.

9. Colucci, Alves, and the Brokerage each agrees and undertakes that as of August 15, 2025 they will not receive or deposit any new consumer funds into the RETA.

10. Colucci, Alves, and the Brokerage each agrees and undertakes to terminate all client representation agreements at the earliest practicable opportunity and further agrees to facilitate the sharing or transfer of any related information or documentation with a new brokerage of the client’s choice.

11. Colucci, Alves, and the Brokerage each agrees and undertakes to provide the Registrar, no later than August 12, 2025, with:

i. a comprehensive list of all Brokerage liabilities;

ii. the May 2025 and June 2025 reconciliations of all accounts maintained by the Brokerage including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage;

iii. the May 2025 and June 2025 official financial institution statements of account for all accounts maintained by the Brokerage, including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage, including cancelled cheques;

iv. a list of all pending trades, including transactions pending completion and active representation agreements, with details regarding the timeline for concluding the trade, whether transaction completion or representation agreement termination;

v. A report detailing the total gross remuneration outstanding to each salesperson and broker within the brokerage for pending trades; and

vi. A report detailing the total gross remuneration owing to each salesperson and broker within the brokerage for completed trades.

12. Colucci, Alves, and the Brokerage each agrees and undertakes that, on or before August 11, 2025, they will hire a broker under TRESA to assume the responsibilities and obligations of the broker of record for the Brokerage to wind up the operations of the Brokerage, with the wind-up to commence no later than August 19, 2025. They further agree and undertake to hire an Ontario Certified Public Accountant , who is in good standing with CPA Ontario, to oversee and conduct the proper, effective and efficient execution of the Brokerage wind-up. They further agree that the person assuming the role of broker of record must be approved by RECO and have brokerage management
experience and the CPA Ontario member must be approved by RECO.

13. Colucci, Alves, and the Brokerage each agrees and undertakes that commencing August 27, 2025, and until the activities of the Brokerage are wound up, the Brokerage shall provide RECO delivered every Wednesday no later than 5:00 P.M. current to the previous Friday, detailing Brokerage wind-up activities completed, including, but not limited to the following information and documentation:

i. The July 2025 reconciliation of all accounts maintained by the Brokerage including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage;

ii. The July 2025 official financial institution statements of account for all accounts maintained by the Brokerage, including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage, including cancelled cheques;

iii. An updated list of all trades completed since July 31, 2025, accompanied by final trade record sheets that detail all disbursements for each trade;

iv. An updated list of all trades that failed to complete, detailing the status of any deposit funds related to the trade;

v. An updated list of representation agreements that continue to be active with the Brokerage, detailing the timeline for termination of the agreement;

vi. An updated list of all pending transactions, detailing for each transaction: the address of the property that is the subject of the trade; names of the buyer and the seller; their respective brokerages; completion date; Multiple Listing Service (MLS®) number; amount of deposit being held by the Brokerage; outstanding remuneration; transaction completion date; and the date by which any outstanding conditions are to be waived or fulfilled;

vii. For each pending transaction transferred to another brokerage, details of which brokerage, and whether the trust funds connected to that trade have been transferred from the Brokerage;

viii. The monetary quantum of liabilities for all accounts operated by the Brokerage including but limited to the RETA and CTA of the Brokerage and of iPro Realty Inc.;

ix. The sum of all funds disbursed;

x. A current financial institution statement of account for all accounts maintained by the Brokerage, including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage indicating all account activity within the reporting period; and

xi. Any other information, documentation or reports as RECO may request.

14. Colucci and Alves each agrees and undertakes to not seek, at any future time, registration under TRESA or any successor legislation, and further acknowledges, understands and agrees that:

i. The Undertaking Agreement is binding, permanent, and irrevocable;

ii. The Undertaking Agreement expressly prohibits Alves s right, eligibility and entitlement, however so arising, to registration under TRESA or any successor legislation at any future time;

iii. Colucci and Alves each expressly and irrevocably waive any and all rights, no matter howsoever arising, to seek registration under TRESA or any successor legislation; and

iv. Any future attempt to seek registration under TRESA, or any successor legislation, shall be considered a fundamental breach of the Undertaking Agreement and shall constitute valid, reasonable and sufficient grounds for refusal and/or denial of an application for registration, including, amongst other things, constituting reasonable grounds for belief that Colucci and Alves will not carry on business, under TRESA or any successor legislation, in accordance with law and with integrity and honesty.

15. Effective the date of the cancellation of their registration, neither Colucci nor Alves shall, in any manner, trade in real estate, subject to the exceptions under section 5 of TRESA, or similar provision under any successor legislation. Further, Colucci and Alves each agrees, represents and warrants that, from the date of the cancellation of their registration, neither shall act as a sole proprietor, partner, shareholder,
officer, director, branch manager, interested person or associated person of any brokerage registered under TRESA or any successor legislation, nor engage in any activity that could reasonably be interpreted as performing the functions of any of the aforementioned roles and positions.

16. Colucci and Alves and the Brokerage each agrees and undertakes to cooperate fully with any inquiry or investigation surrounding the past conduct and operation of the Brokerage, and to provide to RECO, through counsel, a full account of the financial issues affecting the Brokerage. This includes but is not limited to: identifying all investors from whom the Brokerage accepted funds, specifying the amounts
received from each investor, payments made to each investor and outstanding amounts owing to each investor; detailing the creation and use of bank accounts including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage; and describing any systems implemented in respect of the financial operations of the Brokerage.

17. In consideration of, and in reliance upon the terms of this agreement, RECO agrees and undertakes to not request of the Court that Provincial Offences Act charges be filed against Colucci and Alves and to not take any further administrative action against Colucci and Alves.

18. Colucci, Alves, and the Brokerage each acknowledges and agrees that nothing in the Undertaking Agreement restricts RECO and/or the Registrar from taking any action against Colucci and/or Alves with respect to any new conduct on unrelated matters.

19. Colucci, Alves, and the Brokerage each further agrees and undertakes to cooperate fully with RECO and any other party in all activities that support the efficient and effective wind-up of the Brokerage, for the benefit and convenience of all impacted parties.

20. Colucci, Alves, and the Brokerage each understands that the Undertaking Agreement is not confidential and information of the circumstances surrounding the Brokerage wind-up may be disclosed to the public at the sole discretion of the Registrar.

21. Colucci and Alves each agrees to not make any representations that are inconsistent with the Undertaking Agreement.

22. If any term of the Undertaking Agreement is deemed to be invalid, illegal, unenforceable or a mutual mistake, the Parties may elect to sever that term from the agreement and the remaining terms shall remain in full force and effect.

23. The Undertaking Agreement may be executed in counterparts, and a scanned or electronic copy shall constitute a valid and binding agreement between the Parties.

24. Colucci, Alves, and the Brokerage each acknowledges and agrees that each has had an opportunity to obtain independent legal advice in respect of the terms of the Undertaking Agreement, has read this agreement in its entirety, understands its contents and is signing this agreement freely and voluntarily without duress or undue influence from any person.

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OPINION: As Realtors cross provincial borders, consumer safeguards can’t lag behind https://realestatemagazine.ca/opinion-as-realtors-cross-provincial-borders-consumer-safeguards-cant-lag-behind/ https://realestatemagazine.ca/opinion-as-realtors-cross-provincial-borders-consumer-safeguards-cant-lag-behind/#comments Thu, 12 Jun 2025 09:05:02 +0000 https://realestatemagazine.ca/?p=38651 As Canada moves toward as-of-right real estate labour mobility, consumer protection must remain paramount in a sector where one misstep can upend lives.

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The dream of a truly mobile Canadian workforce, where a registered professional in one province can easily work in another, is long overdue. 

In an era of global economic instability exemplified by the ongoing U.S. trade war and rising protectionist policies, labour mobility must be part of Canada’s plan to strengthen its internal economy.

But resilience should be built on a foundation of trust, especially in sectors as vital and consumer-facing as real estate. 

When it comes to buying or selling a home, the largest financial transaction most Canadians will ever make, consumer protection must not be sacrificed on the altar of as-of-right labour mobility.

 

Stakes are higher compared to other professions

 

Across Canada, provincial governments are introducing legislation, like Ontario’s Bill 2, the Protect Ontario Through Canada Free Trade Act, 2025, to permit “as-of-right” recognition of professional registrations or licenses.

On paper, that’s a promising step. Real estate professionals, like their clients, should be able to practice across provincial borders with minimal barriers and red tape. 

Except real estate is not like other regulated professions. 

If a hair stylist or an accountant from another province makes an error because they lack knowledge of local regulations, the consequences are usually fixable. In real estate, a bad transaction can be financially devastating, upending a family’s future, draining life savings, or leaving someone without a home. 

When it comes to dealing with the financial well-being of Canadians, the stakes are too high to treat real estate labour mobility as a rubber-stamp process.

 

Frameworks built on hyper-localization

 

Real estate professionals do not operate in one uniform national market, but in deeply local ones shaped by regional cultures, economies, and consumer expectations. The provincial regulatory frameworks governing those markets did not emerge by accident. They were shaped by the unique needs of local consumers across each province. 

Ontario’s regulatory system, for example, is designed to balance the complexity of Toronto’s condo market with the very different realities of rural or northern transactions. 

While each provincial framework may not always get it right, they have evolved to remain flexible enough to work across a wide range of property types, transaction structures, and market pressures. To ignore that complexity in the name of expedient labour mobility is to misunderstand how real estate functions in this country. 

 

Proceeding with guard rails

 

Real estate industry leaders should advocate for as-of-right labour mobility with requirements.

Rather than fight against the removal of internal trade barriers, industry associations, regulators and government should collaborate to design reciprocal registration recognition frameworks that allow real estate professionals to get certified quickly, while also ensuring that consumers are protected.

For example, out of province registrants should be required to demonstrate knowledge of provincial real estate laws and regulations. That would mean, for example, implementing jurisdiction-specific knowledge tests, such as the Real Estate Council of Ontario (RECO) interprovincial challenge exam to ensure that agents understand the legal and regulatory frameworks they’re working within.

It also means requiring proof of appropriate insurance coverage in the province of practice. 

In Ontario, for example, this would involve mandatory participation in RECO’s professional liability program. 

Agents or brokerages should also be required to maintain trust accounts within the province where they are trading to ensure consumer deposits are subject to local oversight and can be audited if necessary. 

And finally, in a future where corporate brokerage headquarters could be anywhere in Canada, there must be clear lines of accountability so that consumers know exactly who to contact if they need to resolve a complaint or get support during a transaction.

 

Big changes set for Canada Day

 

For real estate association leaders across Canada, this future is coming faster than you may think. 

Prime Minister Carney and Canada’s premiers have set a target of July 1st, 2025 for removing all internal trade barriers.

Many provinces have entered memorandums of understandings (MOUs) to negotiate the specific changes and as-of-right labour mobility regulations. 

Thankfully, associations like the Toronto Regional Real Estate Board (TRREB), the Ontario Real Estate Association (OREA), and the Canadian Real Estate Association (CREA) are at the table for these discussions alongside our provincial regulators. 

Beyond changes to government policy, association leaders should also prioritize professional development programs that equip agents and brokers with the knowledge needed to operate effectively outside their home province. 

Brokerages, particularly those in multiple provinces, must proactively develop compliance systems that meet or exceed the highest regulatory standards across jurisdictions. 

At the same time, real estate regulators must collaborate to develop shared disciplinary databases that prevent individuals with problematic histories from simply moving provinces to avoid consequences.

The future is coming fast. Labour mobility is not a matter of if, but when. The real estate industry must lead in designing a system that encourages greater mobility while keeping consumers safe.

Let’s ensure that when we say any license can work anywhere, we also mean that every consumer is protected everywhere.

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The Realty Firm welcomes Ray and Amie Ferris-owned Erie’s Edge https://realestatemagazine.ca/the-realty-firm-welcomes-ray-and-amie-ferris-owned-eries-edge/ https://realestatemagazine.ca/the-realty-firm-welcomes-ray-and-amie-ferris-owned-eries-edge/#respond Mon, 02 Jun 2025 09:01:00 +0000 https://realestatemagazine.ca/?p=38499 Erie’s Edge Real Estate joins forces with The Realty Firm, marking a strategic partnership rooted in shared values and vision for Ontario’s evolving real estate landscape

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Ray and Amie Ferris’s Erie’s Edge Real Estate will soon fly The Realty Firm’s banner as the two Ontario brokerages forge a partnership.

Ryan Hodge and Sandra Tavares are welcoming Erie’s Edge as a partner company of The Realty Firm, forming the newly-named The Realty Firm Erie’s Edge Real Estate Ltd. 

Both brokerages say the collaboration is more than just a name change; it signals an alignment of values and vision.

“We are very selective about who we partner with, so this relationship is very exciting to us,” Hodge told Real Estate Magazine. “Ray has spoken for and contributed to our organization at the highest of levels. We’ve watched from afar as he’s led his wonderful organization all along all while contributing to the entire real estate industry.”

Hodge said he and Ray Ferris began to discuss the possibility of a partnership “over many discussions, explorations, and early morning conversations.”

The Realty Firm launched in London, Ont. in 2013, and has since gradually expanded into several other markets.

Along the way, the firm created a “partner company” model that allows teams or brokerages to partner with The Realty Firm while retaining their personal brand elements and leadership. 

“We offer full back-end services and support while the leader usually remains as broker of record and continues a strong culture while merging with ours,” said Hodge.

“The partnership with Ray and Amie will be our fourth partner company.” 

 

Brand evolution

 

Ferris, former president of the Ontario Real Estate Association, says while his branding is evolving, “the heart of Erie’s Edge remains the same.”

“I’m still proudly serving as broker of record, and my wife, Amie, and I continue to own the brokerage together,” he said.

“Rachel Larose remains our talented and trusted brokerage manager, continuing to support our Realtors with the same excellence and care.”

By becoming a partner company, Erie’s Edge gains access to enhanced resources and support to enable its agents to provide better service to clients, said Ferris.

 

Ferris brings teaching skills to the table

 

Hodge said his firm puts a big emphasis on training, development, and supporting agents, a value shared with Erie’s Edge. 

Ferris, who been an instructor on real estate topics around the province, will bring training and coaching to everyone under The Realty Firm umbrella.

“I believe education is the foundation of confidence and success in real estate. At The Realty Firm, I plan to bring that same energy and commitment to our Realtors,” said Ferris.

“Whether it’s through hands-on training, contract coaching, or leading open forums, I want to help agents feel equipped, empowered, and supported.”

When the Trust in Real Estate Services Act (TRESA) was introduced, Ferris facilitated over 300 sessions across Ontario.  Most recently, he served as OREA’s Realtor In Residence, Standard Forms Instructor, and Lead Subject Matter Expert.    

After moving on from OREA, he was recruited as an instructor for the Real Estate Institute of Canada (REIC).  

In 2017, he was awarded the Fellow of the Real Estate Institute (FRI) designation.

“What I’ve learned as an instructor is that real impact comes from creating a space where people feel safe to ask questions, share ideas, and push themselves to grow,” said Ferris. “That’s exactly the kind of culture I see at The Realty Firm — and I’m excited to contribute in a meaningful way.”

In 2023, he was awarded the prestigious Cardarelli Legacy Award.

Amie Ferris concluded her term as chair of Ontario Realtors Care Foundation at its annual general meeting in March.

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New Ontario bill sparks concerns over Realtor standards  https://realestatemagazine.ca/new-ontario-bill-sparks-concerns-over-realtor-standards/ https://realestatemagazine.ca/new-ontario-bill-sparks-concerns-over-realtor-standards/#comments Thu, 15 May 2025 09:04:22 +0000 https://realestatemagazine.ca/?p=38280 Some Realtors worry a bill that proposes sweeping changes to Ontario’s trade barriers could have negative consequences for the real estate industry

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Ontario has tabled new legislation that will allow out-of-province Realtors to more easily work in the province, but some are warning the move could lower Ontario’s high standards and open the door to underprepared agents working in unfamiliar markets.

The Protect Ontario Through Free Trade Within Canada Act, 2025 (Bill 2) has passed its second reading. 

It proposes Realtors in co-operating provinces, which include New Brunswick and Nova Scotia, do not need to take an exam to begin working in Ontario. Instead, the Realtor simply has to apply to work in Ontario with the certification from their province. 

If their registration is approved, they can then work in Ontario without even having to be physically present in the province.

 

A threat to high standards?

 

Some working in the field fear the bill has the potential to weaken the high standards Ontario sets out for its real estate sector.

“Technically, (the bill) does (lower standards),” real estate agent Danny Dawson told REM. “You’re letting someone into a new province that has a whole different set of regulations and rules, and different systems, and they’re not trained on it yet.”

Dawson has a practice in both Ottawa and the Outaouais region in southwestern Quebec. He warns that if there’s no process in place to make sure the Realtor knows the regulations for Ontario to a tee, problems could arise.

“The consumer expects a Realtor to be educated in the law and the systems to buy a house,” Dawson said. “If you don’t know that, that’s a fail to the consumer. So there does need to be a system in place… if it’s just a simple transfer of license, then I see that being a problem.”

Toronto-based Realtor Scott Ingram agrees that simply airdropping into a different jurisdiction without a deep knowledge of the market may not work as Ford envisions. 

He said even going from Toronto to Port Hope, both in Ontario, means very different customs, and it took adjustments to make it work for him. 

For example, in a recent deal in Port Hope, he got a personal cheque for the deposit, which he said never happens in Toronto, and the deposit was a lot less than the five per cent he usually receives. 

Ingram imagines an out-of-province Realtor trying to manage a bidding war in Toronto.

“It could be a real shit show,” he said. “Real estate is an area of local specialization.”

He foresees younger, hungrier agents taking advantage of working in a different province rather than more experienced agents.

 

How it would work

 

In the proposed new process, the Realtor notifies the Real Estate Council of Ontario (RECO) that they want to practise in Ontario under the Labour Mobility Act. 

The regulator has 10 days to approve their request, according to an official with knowledge of the matter but who is not authorized to speak on it. 

The Realtor is then considered registered for up to six months and must submit a complete labour mobility application within 30 days, which RECO also has 30 days to approve or reject. If approved, the Realtor can continue to work in Ontario.

The current process requires the Realtor to be present in Ontario and take an exam that proves they are familiar with the Trust in Real Estate Services Act, or TRESA, the legislation that governs Ontario’s real estate industry.

 

A bill to remove barriers

 

Bill 2 doesn’t specifically say anything about real estate. Instead, it is a blanket decree to remove barriers for the free flow of goods and services between provinces, and real estate is just one of those services caught in its net.

“What we want to do is standardize right across the country,” Premier Doug Ford said during an April news conference in which Ontario signed a memorandum of understanding with Nova Scotia and New Brunswick. “If it’s good for one province… why isn’t it good for all provinces and territories?”

Ford, though, was talking about first aid kits when he posed that question, and real estate is much more complicated.

 

Overall impact remains unclear

 

Regulations for the bill, which will be informed by input from industry experts and associations, are set to begin shortly, and they may restrict the free flow that the province intends.

Cathy Polan, president of the Ontario Real Estate Association, said in a statement to REM that they are “working with the provincial government to understand the impact that this Bill may have on Ontario real estate.”

“As we move forward, OREA will continue to work alongside the Ontario government and RECO to ensure a smooth transition during this process and assist with labour mobility across Canada,” she said.

Matthew Thornton, founder of public affairs firm Real North Strategies, which has clients working on this file, noted that at the very minimum, Realtors working in Ontario will still have to follow the rules of TRESA. He said the province can still protect consumers through that legislation. 

“I can’t see standards being decreased,” he said. “It would be a step backwards and I think the industry is looking to ensure that our standards remain very high.”

Thornton noted that real estate is different from other industries in that consumer protection is a huge element, and it involves sensitive transactions that often deal with people’s life savings.

A RECO spokesperson told REM in a statement that they will communicate any changes with the sector as they review the details of the legislation. 

Ford has indicated he’d like all barriers between provincial trade removed by Canada Day, according to the source with knowledge of the matter, and Thornton said there’s some urgency in the government to get the bill through.

Both Dawson and Ingram don’t see the bill having too great an impact on the industry and predicted that not many Realtors will take the province up on its offer. 

Dawson noted that Realtors can already work in different provinces just by taking an exam, which he says is not a large barrier, but not many do it. 

Working in more than one province involves paying multiple membership fees to real estate boards, which Dawson said isn’t financially viable if they’re not active in both markets.

“(Bill 2) is not going to have a major impact,” Dawson said.

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RECO expands education options across Ontario https://realestatemagazine.ca/reco-expands-education-options-across-ontario/ https://realestatemagazine.ca/reco-expands-education-options-across-ontario/#comments Mon, 10 Mar 2025 09:06:15 +0000 https://realestatemagazine.ca/?p=37502 RECO has approved four education providers to deliver real estate registration courses in Ontario starting in the summer of 2025

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Ontario’s regulator has announced that four institutions will deliver real estate registration education across the province, with new student enrollment beginning in the summer of 2025. 

The Real Estate Council of Ontario (RECO)has named Algonquin College, Career College Group, Humber Polytechnic and Fleming College as approved providers. 

 

More choice for education

 

According to RECO, this initiative is intended to provide learners with greater flexibility and choice while maintaining the education standards required for real estate professionals in Ontario. 

“Since 2014, RECO has been committed to elevating real estate education in Ontario through its research and industry consultations,” said Joseph Richer, registrar at RECO. “This latest initiative aligns with our long-term vision and marks a significant step forward, offering learners greater choice while maintaining the rigorous education standards required for the real estate services sector to meet the needs of those they represent and engage with.”

 

New curriculum will include TRESA

 

The real estate education program, redeveloped in 2019, features “experiential learning and mandatory simulation sessions based on real-world transactions that better prepare learners for the demands of trading in real estate,” according to a press release from the regulator. 

RECO says that the curriculum has been updated to reflect recent legislative and regulatory changes to the Trust in Real Estate Services Act, 2002 (TRESA). Some providers may also offer additional courses and networking opportunities. Assessments across all education providers will be standardized, with Meazure Learning administering examinations as part of the transition to multiple institutions. 

The changes mark a shift from the current model, in which NIIT Canada, in collaboration with Humber Polytechnic, has been the sole education provider. NIIT/Humber Polytechnic will cease accepting new learners in the spring, and students currently enrolled in the program will be able to complete courses through September. 

RECO has stated that transition plans are in place, with exact dates to be confirmed in the coming weeks. Supplemental TRESA content will be incorporated into pre-registration and post-registration courses for current learners.

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OREA calls for enhanced education and oversight for Realtors in Phase 3 of TRESA https://realestatemagazine.ca/orea-calls-for-enhanced-education-and-oversight-for-realtors-in-phase-3-of-tresa/ https://realestatemagazine.ca/orea-calls-for-enhanced-education-and-oversight-for-realtors-in-phase-3-of-tresa/#comments Wed, 30 Oct 2024 04:04:52 +0000 https://realestatemagazine.ca/?p=35473 OREA is proposing reforms for the final phase of TRESA, including additional education for new Realtors, expanded regulatory oversight and stricter disclosure rules

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The Ontario Real Estate Association (OREA) is proposing reforms for the third and final phase of the Trust in Real Estate Services Act (TRESA), including additional education for new Realtors, expanded regulatory oversight and stricter disclosure rules.

In a white paper released Tuesday, OREA’s recommendations outline policy changes to address what the association describes as “remaining gaps” in the legislation. The proposed changes target areas including professionalism, consumer confidence and regulatory effectiveness.

 

Strengthening education

 

One notable recommendation is the introduction of a two-year articling and mentorship requirement for new Realtors. “The lack of practical knowledge is very evident in the industry, and ensuring Ontario’s newest registrants receive appropriate sales training is critical to ensuring consumer confidence in real estate,” the white paper states. 

OREA is also calling for the government to enact section 8 of TRESA, allowing Realtors to obtain specialty certifications. These certifications could include areas like commercial, agricultural, waterfront and condominium real estate.

Additionally, OREA is advocating for stricter disclosure requirements, especially for latent defects and guaranteed sales. This includes mandatory, detailed disclosures on hidden property defects, designed to help buyers make more informed decisions. For guaranteed sales, OREA recommends written disclosures outlining all specific terms and conditions, ensuring consumers understand the scope and limitations of these agreements.

 

Increased oversight and accountability for RECO

 

The white paper addresses expanded oversight measures for the Real Estate Council of Ontario (RECO), the provincial regulator. OREA recommends additional powers for RECO to monitor and address unethical practices, with increased fines and penalties for violations of TRESA and the Code of Ethics.

To reinforce RECO’s accountability, OREA is calling for the council to be placed under ombudsperson oversight, which would subject RECO to scrutiny, similar to other government organizations.

 

Stronger penalties for unethical behaviour 

 

To address unethical behaviour, OREA proposes granting RECO the authority to order disgorgement, allowing RECO to require registrants to repay profits earned through violations of TRESA. This would ensure any proceeds from breaches are returned to affected parties.

OREA also recommends expanding Administrative Monetary Penalties (AMPs) to address minor infractions, such as advertising violations, through direct fines rather than lengthy disciplinary hearings. Additionally, the white paper suggests lengthening the “cooling off” period for licensing revocations due to serious TRESA breaches to “two years less a day.” 

 

Closing the “auctioneer loophole”

 

OREA’s recommendations also address what it calls the “auctioneer loophole,” which allows auctioneers in Ontario to conduct real estate transactions without RECO registration. This creates a “two-tiered” system, according to OREA, where auctioneers operate outside the standard regulatory framework. The white paper recommends requiring all auctioneers involved in real estate transactions to register with RECO, aligning them with the standards Realtors must meet.

 

Building on TRESA’s 2023 reforms

 

TRESA’s initial rollout began in 2020, which replaced the 2002 Real Estate and Business Brokers Act, more commonly referred to as REBBA.

Phase 3 of TRESA builds on reforms implemented in December 2023, such as the transparent offer process, which allows sellers to share offer details with all bidders, and designated representation.

Another notable change in 2023 replaced the term “customer” with “self-represented party” (SRP), clarifying representation distinctions for consumers who choose not to work directly with a Realtor.

The Ontario government is expected to introduce Phase 3 regulations by late 2024 or early 2025.

Read OREA’s full white paper here.

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ITSO halts implementation of new exclusive listing feature in light of CREA’s compliance concerns https://realestatemagazine.ca/itso-halts-implementation-of-new-exclusive-listing-feature-in-light-of-creas-compliance-concerns/ https://realestatemagazine.ca/itso-halts-implementation-of-new-exclusive-listing-feature-in-light-of-creas-compliance-concerns/#respond Tue, 18 Jun 2024 04:03:21 +0000 https://realestatemagazine.ca/?p=31974 CREA says functionality appears to be non-compliant with Realtor Code and Realtor Cooperation Policy as it segregates exclusive listings from MLS listings

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On May 23, 2024, Information Technology Systems Ontario (ITSO) provided a memo to the boards of its member associations about new exclusive listing functionality it planned to implement as early as this month within its Matrix system.

ITSO sought feedback from its CEO Advisory Group on whether the functionality should be made available system-wide or on an opt-in basis as a non-basic service. However, the organization halted its efforts less than two weeks later.

 

Issues with adding exclusives to an MLS system

 

REM obtained ITSO’s memo, which discusses the issues of adding exclusive listings to the Matrix system after those listings have sold (which is often done for tracking statistics, financing purposes or use in comparative market analyses).

It notes, “The practice raises concerns under Rule 2.08, which provides that a listing is not acceptable if it is not available for showings and the registration of offers. If a listing is already sold before it is entered into the ITSO system, then it is not available for other realtors to cooperate on and therefore is a violation of Rule 2.08.

It is extremely frustrating for realtors to see a new listing, or have their clients see one in an auto-email, only to find out that the property is already sold when they contact the listing realtor for a showing. Adding these listings as MLS listings diminishes confidence in what is supposed to be a cooperative system. Further, the sale price for an exclusive listing is not necessarily reflective of what would be obtained for an MLS listing, so entering these listings into the ITSO system can skew statistics.”

 

How the functionality would help the industry

 

The memo goes on to note there are legitimate reasons for entering these listings into ITSO’s system: “Historically there was no easy way to capture this data for sales records or for financing purposes. The ITSO board of directors wants to respond to the needs of our users so that they will not be forced to breach the MLS rules or, alternatively, find a workaround to avoid compliance issues.”

It then explains this is why ITSO created the Alternative Listing Task Force (ALTF) in 2022, which determined the following, and unanimously agreed to recommend proceeding with the closed exclusive listing functionality:

  1. “Augmenting the ITSO system with exclusive listings would be beneficial for statistical and financing purposes.
  2. Enabling realtors to put exclusive listings into the ITSO system directly to a pending or closed status will likely increase compliance with Rule 2.08 for MLS listings, as there will no longer be a need to add exclusive listings to system inaccurately as MLS listings.
  3. Adding this functionality to the ITSO system could also potentially entice more commercial realtors to put listings into the ITSO system, as MLS rules are often seen as a constraint for commercial listings.
  4. Augmenting the ITSO system with exclusive listings could also provide an avenue for assignment listings to get exposure to realtors without being publicly advertised.”

 

The process and journey

 

The memo continues to describe the process and journey ITSO took in developing the exclusive listing functionality.

ITSO’s board of directors approved the ALTF’s recommendation in September 2022 along with its finalized rules for sold exclusive listings in March 2023, which the CEO Advisory Group discussed in April 2023. After some delays in development work and the Trust in Real Estate Services Act (TRESA) coming into effect on December 1, 2023, ITSO changed the rules for exclusive listings to include TRESA terminology changes before meeting with the CEO Advisory Group in December 2023. The intent was to consult about active exclusive listings, but this was put on hold (due to member associations’ work being done with the Ontario Realtor Wellness Plan).

The ALTF met this year to discuss and finalize changes to the exclusive listing rules to accommodate active listings. This caused a delay in launching the functionality for sold exclusives.

In the end, ITSO’s board approved the exclusive listing rules at its May 2024 meeting. The board found the proposed system enhancement would be welcomed by realtors “to fill a void they have been working around” along with association staff “who should see a reduction in listings violating the MLS rules as a result of providing a legitimate method of adding sold exclusive listings to the system for internal use.”

The memo encourages member associations and realtors to familiarize themselves with the exclusive listing rules and notes that Rule 9.01 requires realtors to obtain consent from their clients to collect, use and disclose the exclusive listing in the ITSO system (with sample language provided).

 

Response from CREA

 

After the memo was sent, ITSO had planned to consult with its members on the new functionality and determine how the service could be implemented. However, this was stopped on June 4, when the organization received an email from James Mabey, chair of the Canadian Real Estate Association (CREA).

Mabey tells REM that CREA became aware of the new functionality towards the end of May. “When it came to our attention, we took the opportunity to meet with them and make sure we had a really good sense of what they were trying to accomplish and why. Once we started looking at it, we came to the conclusion quite quickly that it was fundamentally, in our opinion, offside with Article 30 of the Realtor Code and also the Cooperation Policy.”

His email notes that CREA learned of ITSO’s proposal on May 27 in a memo entitled New Matrix Functionality. It says that the functionality appears to be non-compliant with the requirements of Article 30 of the Realtor Code (Duty of Cooperation) and the Realtor Cooperation Policy (the “Policy”) because the proposed functionality “appears to segregate “exclusive listings” from MLS listings “when a client is looking to limit marketing of the property” (as stated in (ITSO’s) memo).”

Mabey writes that placing listings in ITSO’s system this way falls under the definition of “public marketing” under the Realtor Cooperation Policy, as follows:

““Public marketing” means the representation or marketing of a listing to the public or anyone not directly affiliated with the listing brokerage/office in a business capacity. For clarity, public marketing does not include one-to-one direct communication with a realtor unaffiliated with the listing brokerage/office. Public marketing includes any representation regarding the sale of a property, including but not limited to, flyers, yard signs, digital marketing on public-facing websites, brokerage website displays (including IDX and VOW) and onsite brokerage promotion, digital communications marketing (i.e. email blasts, newsletters, social media posts), multi-brokerage listing sharing networks and applications available to the general public.”

So, he concludes, a listing appearing as an “exclusive listing” would trigger the requirement to also place that listing on an MLS system within three days as set out in paragraph 2 of the Policy: “Within three (3) days of public marketing, realtors must place the listing on an MLS system for cooperation with other realtors.”

Mabey highlights that a listing appearing only in the “exclusive listing” portion of ITSO’s system and not on the MLS system doesn’t satisfy the Policy (regardless of the fact that MLS listings are searchable in Matrix).

 

Request to immediately suspend functionality implementation

 

He then makes some other related points and states it’s CREA’s view that ITSO’s proposal “may expose ITSO member boards, associations and realtors to disciplinary action under CREA’s bylaws and rules for failing to comply with CREA’s policies and the Realtor Code.”

The email concludes with CREA’s request that ITSO “immediately suspend all implementation of its proposal and notify CREA member boards and associations that are members of ITSO that it has done so,” along with, “We respect ITSO’s attempts to provide innovative solutions for its members and if ITSO Boards and Associations believe there is an opportunity for improvements to the Realtor Cooperation Policy our door remains open to that feedback.”

During his interview with REM, Mabey points out that the Realtor Cooperation Policy was put together with a lot of consultation from CREA members, and it was passed with a very large majority. “Anytime a policy comes into place, we look to make sure our members are well served. We have a Realtor Code committee that reviews policies on a regular basis. We’re always happy to collaborate. We value our relationship with ITSO and our collaborative efforts to work well with them,” he explains.

Mabey suggests that anytime a board or association is working on something like this, the sooner they reach out and engage with CREA to confirm everyone’s on the same page and that any barriers or differences in interpretation are established, the easier it will be to collaborate and ensure that joint members are served as well as possible.

 

ITSO’s response

 

On June 6, Blair Campbell, president of ITSO, responded to Mabey’s email, confirming that ITSO agrees to suspend the new exclusive listing functionality implementation in Matrix. 

 

Authority to interpret and apply Realtor Code as deemed appropriate

 

Campbell goes on to explain why ITSO is disappointed that CREA feels the new functionality breaches the Realtor Cooperation Policy, particularly since CREA’s rules state that boards and associations have exclusive authority to interpret and apply the Realtor Code as they deem appropriate. He points out that ITSO enforces the Realtor Code for 11 real estate boards, pursuant to CREA’s bylaws and rules, and therefore feels ITSO should have this same authority.

He then explains that ITSO has been actively enforcing Article 30 of the Realtor Code since it came into force and is well versed in the requirements of the Realtor Cooperation Policy, plus the organization’s staff have talked to every realtor named as a respondent in these “PSC (professional standards committee) incidents” — which is how they know that realtors want the functionality.

In response, Mabey tells REM, “Our boards and associations have some latitude in interpreting the code. In this case, we believe the interpretation is fundamentally different. It’s not just a grey area. (The code) was evaluated by our legal team and the people who had developed the policies with us and (the interpretation) is just fundamentally inconsistent — it’s not a degree of latitude difference.“

 

Realtors can’t always meet MLS listing standards only with additional effort

 

Campbell also writes, “Our end users want a way to comply with the Realtor Cooperation Policy while still respecting their clients’ wishes and the nature of exclusive listings. At the same time, ITSO wants to maintain the integrity of the MLS data in our system. We respectfully disagree with your assertion that realtors are always able to meet the standards of MLS listings simply by incurring additional effort.”

The examples Campbell cites include properties that can’t be shown because there’s no access during the winter or where tenants will not allow anyone to enter the property, including properties the listing realtor can’t enter to verify basic details like the number of bedrooms or measurements, whether due to a power of sale or uncooperative tenants.

“These listings cannot meet the standards of an MLS listing and must be taken exclusively,” he writes. “Permitting these listings to be entered on our system as MLS listings with remarks saying ‘no showings’, that ‘the listing brokerage takes no responsibility for the accuracy of the information’ or ‘buyer to verify all details’ goes against CREA’s three pillars and interpretations of the MLS marks and will deteriorate the quality of the MLS data on ITSO’s MLS system.”

Mabey tells REM that MLS systems across the country have different rules and different barriers to entry into the system in terms of the number of fields, the amount of data that must be put in, restrictions on showings, etc.

“If those pieces of MLS rules need to be reevaluated in context of the Realtor Cooperation Policy, then those boards and associations could definitely review the rules in that context to ensure they’re still best serving their members (and) maybe prohibit some of those listings going into the MLS,” he suggests. “I would encourage (them) to review the MLS policies they feel might not be working well with the new cooperation policy and figure out what’s best for them.”

While Mabey notes that if a realtor can’t provide the sufficient level of detail, maybe public marketing the property isn’t the best choice, he points out that CREA isn’t aware of any situation where the barrier is so high that the decision shouldn’t be made to publicly market a listing. “In (that) case, they have other opportunities because the policy doesn’t (forbid) taking an exclusive listing.”

 

A matter of enforcement

 

Campbell also points out that CREA’s stance assumes all listings entered into ITSO’s MLS system as active exclusives would fall under the Realtor Cooperation Policy, but how listings are entered (as MLS or exclusive) is actually a matter of enforcement.

“ITSO and its member associations could still require all listings falling under the Realtor Cooperation Policy to go on the system as MLS listings. Then, the exclusive functionality could be used for the legitimate purposes it was created for — capturing sold exclusives, commercial listings, new builds, assignment sales with clauses that disallow advertising as an MLS listing, etc.”

 

‘Enforcing (the) Realtor Cooperation Policy within current MLS system limitations puts ITSO and its members at risk’

 

Campbell notes that ITSO feels enforcing CREA’s Realtor Cooperation Policy within the current MLS system limitations put both ITSO and its members at risk in light of:

  • the United States Department of Justice’s position on the National Association of Realtors’ Clear Cooperation Policy,
  • recent press suggesting CREA’s policy may be anti-competitive and
  • the Ontario TRESA regulations that require registrants to abide by the lawful instructions of their clients.

He concludes by urging CREA to reconsider its position, stating: “The Realtor Cooperation Policy does not specify that listings must be entered on an MLS system as MLS listings — it says the listings must be placed on an MLS system for cooperation with other realtors.

It is open to CREA to interpret the policy to allow listings on the MLS system as exclusive listings provided the listing realtor is willing to cooperate with other realtors. This would achieve the purpose of the Realtor Cooperation Policy while maintaining the exclusive nature of the listing, respecting sellers’ wishes, enabling Ontario realtors to comply with their regulatory obligations and allowing ITSO to maintain the integrity of the MLS system data that we have worked so hard to achieve.”

 

‘We do not want any of our members to be in breach of their obligations in organized real estate’

 

Campbell shares this statement about the situation and ITSO’s reason for suspending the functionality’s implementation:

“It is ITSO’s position alone that listings falling under the Realtor Cooperation Policy should be able to go on the MLS system as exclusive listings with cooperation. We did not have a chance to discuss all aspects of this functionality with our members prior to CREA sending us a letter requesting that we suspend its implementation.  

We are disappointed that CREA has reached this conclusion and prevented us from implementing functionality that would be of great benefit to the realtor users of our system.

ITSO views MLS listings as the preferred method for selling and buying properties. However, the value of an MLS system is determined not only by the integrity and accuracy of the data but also by the completeness of the database. We’ve all been in a meeting where a client asked about an exclusive listing, and we didn’t have access to the information the client wanted. Being able to capture exclusive listing data would increase the value of the MLS system while maintaining the integrity of MLS listing data. At the same time, capturing exclusive listings would enable realtors to appear more professional and to better serve their clients.

That said, the interests of our members are ITSO’s priority and we do not want any of our members to be in breach of their obligations in organized real estate. That is why we agreed to suspend the implementation of this functionality.”

 

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TRREB targets key changes for phase three of TRESA https://realestatemagazine.ca/trreb-targets-key-changes-for-phase-three-of-tresa/ https://realestatemagazine.ca/trreb-targets-key-changes-for-phase-three-of-tresa/#comments Fri, 22 Dec 2023 05:03:44 +0000 https://realestatemagazine.ca/?p=26888 TRREB will be engaging and consulting with members on these important changes and providing opportunities for them to help shape our feedback to government

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The passage of the Trust in Real Estate Services Act, 2020 (TRESA) has made Ontario a leader in North America when it comes to professional standards, consumer protection and modern tools for real estate professionals.

The Toronto Regional Real Estate Board (TRREB) has led the way in advocating for many of the changes that realtors and their clients are now benefiting from, like personal real estate corporations, the ability to use the realtor trademark “REALTOR®” in advertising and tougher penalties for breaches of the code of ethics. 

With the implementation of TRESA’s phase two regulations on December 1, 2023, TRREB is turning its attention to working with Minister McCarthy and his team on phase three of the regulatory process and key changes that, if passed, will benefit realtors and consumers. 

 

Advocacy work over the years

 

TRREB’s advocacy work on reforms to the Real Estate and Business Brokers Act, 2002 (REBBA) dates back to 2006 when we were the first association in the province to call on the government to allow realtors to form personal real estate corporations. 

From day one, TRREB’s work to reform REBBA and eventually introduce TRESA has been focused on raising the bar for the real estate profession in Ontario and providing even better protections to real estate consumers. With that in mind, here’s what TRREB is fighting for under phase three.

 

TRREB’s hopes for phase three of TRESA

 

1. Closing exemption loopholes. TRREB is calling on the province to end exemptions under TRESA that allow other parties to sell homes without the strong system of protection consumers enjoy when working with real estate brokers and salespeople registered under TRESA.

 

2. Creating a Real Estate Council of Ontario (RECO) ombudsperson. RECO is not subject to the same oversight as other self-regulated/managed organizations. TRREB is advocating for the creation of an ombudsperson which would add greater transparency and accountability to a regulator responsible for overseeing real estate — one of the largest and most important sectors of Ontario’s economy. 

 

3. Introducing specialist certifications. TRESA has introduced the ability to permit real estate registrants to hold themselves out as “specialists” provided they meet prescribed standards. TRREB is urging the province to move forward with enacting this section of the act into law and create certification standards, starting with commercial and condominium specialists. 

 

4. No cooling-off period on resale homes. Earlier in 2023, the Ministry of Public and Business Service Delivery consulted on introducing cooling-off periods for new freehold homes. While there are merits to cooling-off periods for new freehold homes that could establish protections for consumers against pressure tactics from a builder (similar to existing rules for new condominium units), TRREB strongly cautions that potential efforts to extend similar policies to the resale market should not be pursued.

This is because the resale market is very different from new construction in the sense that both sellers and buyers are consumers, and these transactions are intertwined and could have a negative domino effect on other transactions in a supply-constrained market. It’s for this reason that TRREB is working as part of our phase three advocacy to ensure that cooling-off periods are not extended to resale homes.

 

5. Higher education standards. Registration and continuing education are pillars of professionalism in the real estate industry. Through the phase three regulation process, TRREB will be consulting with members on ways RECO and the province can strengthen the real estate education system in Ontario to benefit members and consumers. 

 

TRREB expects the Ministry to start the phase three regulation process sometime in 2024. Going forward, TRREB will be engaging and consulting with members on these important changes and providing opportunities for them to help shape our feedback to government. 

TRREB would like to acknowledge Minister McCarthy for his commitment to modernizing TRESA. His leadership has been instrumental in bringing forward changes that are strengthening consumer protection and raising professional standards.  

The road to TRESA has been long, but we are excited to enter this third and final phase of regulation development. TRREB is committed to continuing our strong tradition of advocacy work on issues that matter to members, their clients and all Ontarians who one day dream of owning a home.

 

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Maximize Your Real Estate Success with Openn https://realestatemagazine.ca/maximize-your-real-estate-success-with-openn/ https://realestatemagazine.ca/maximize-your-real-estate-success-with-openn/#comments Wed, 13 Dec 2023 05:01:30 +0000 https://realestatemagazine.ca/?p=26455 Maximize your real estate success with Openn. Watch our webinar replay to understand TRESA compliance and how Openn can help grow your business.

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Navigating the Trust in Real Estate Services Act (TRESA) has proven a daunting process for agents and brokerages throughout Ontario, but a digital solution from OpennOffers.ca has made compliance much less frightening. In addition to complying, the Openn Offers platform also gives agents powerful advantages for negotiating, selling in less time and generating leads.

On December 5, Openn hosted an informative webinar discussing TRESA and the regulations that came into effect on December 1. The webinar included a product demo of OpennOffers.ca, highlighting features of the platform that were specifically added to simplify TRESA compliance. Also discussed were the integrations with Realtor.ca and CREA Webforms. These create ease of use and empower agents to publish information about received offers directly to their listing page on Realtor.ca, thereby attracting and engaging more attention and inquiries.

The webinar sheds light on what the medium and long-term implications of TRESA may be, and the unique opportunity available for agents and brokerages who proactively adapt and capitalize. With Openn Offers, you don’t just comply easily – you also become a better negotiator, sell listings faster, and generate qualified leads and referral business.

Click here to arrange a discussion about how Openn Offers ensures easy compliance with TRESA, while also powering growth for your business.

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