For the first time in 15 years, the Ontario government is reviewing the Real Estate and Business Brokers Act, 2002 by seeking public input in an effort to modernize real estate laws. The Act regulates real estate and business brokerages and the individual brokers and salespeople that are employed by a brokerage.
“It has been almost two decades since the last comprehensive review of the Real Estate and Business Brokers Act. The market has dramatically changed since then,” said Bill Walker, Minister of Government and Consumer Services, in a press release. “Our government is looking for input from the public, including homeowners, renters and real estate professionals, about strengthening the legislation so people are better served.”
The government will be reviewing the rules of the Act during consultations and review to determine how best to modernize.
Ontarians can fill out a survey at Ontario.ca/RealEstateAct. The government is also accepting feedback on a consultation paper posted to the Ontario Regulatory Registry. Both the survey on modernizing real estate laws and feedback on the consultation paper will close on March 15, 2019.
“We need to make sure the rules governing real estate professionals, and the brokerages that employ them, are efficient, fair and up-to-date with modern realities,” added Walker. “This review is part of our government’s plan to strengthen consumer protection, increase transparency and make life better for the people of Ontario.”
“The rules governing Realtors were set 16 years ago,” said Tim Hudak, CEO of the Ontario Real Estate Association, in a statement. “The industry has changed tremendously since then. It’s time for the legislation, as well as enforcement and education, to catch up with the modern real estate market. Updating the rules will increase professionalism in our industry, which is what Realtors want and what home buyers and sellers deserve.”