Ontario Changes Real Estate Rules For The First Time in 20 Years
Thursday Feb 13th, 2020
Long outdated real estate legislation is being revamped to reflect today’s housing market . The new bill updates the regulations for realtors which includes more disclosure of competing bids for homes, new means of enforcement for ethical breaches, and various rules on business structures.
The bill’s also being renamed from the 2002 Real Estate Business Brokers Act (REBBA) to The Trust in Real Estate Services Act. Practically speaking, it allows for more transparency in real estate transactions for both home buyers and sellers
Specifically, home sellers would have the option of revealing the exact details of competing bids in a multiple buyer situation.
Up until now, sellers could only tell prospective buyers the number of bids that had been submitted.
Government and Consumer Services Minister Lisa Thompson said new legislation was urgently needed.