Last week, the Ontario government passed the Strengthening Protection for Ontario Consumers Act, legislation that will strengthen protection for consumers making large purchases, including real estate.
The new legislation will introduce stronger rules and professional standards in the real estate sector, including new measures to address conflict of interest issues that can be present in multiple representation situations and larger fines for Code of Ethics violations by real estate professionals. These proposed rules for real estate agents are part of the Ontario government’s Fair Housing Plan.
Following an independent, public review of the Ontario New Home Warranties Plan Act and the Tarion Warranty Corporation, the Honourable Douglas Cunningham, Q.C. identified opportunities to improve consumer protection for new home buyers. The Strengthening Protection for Ontario Consumers Act will improve confidence in Ontario’s new home warranties and protections by establishing two administrative authorities: one that will administer the new home warranty program, and another to regulate new home builders and vendors.
“These new protections reinforce the government’s commitment to protecting consumers in the marketplace,” said Tracy MacCharles, Minister of Government and Consumer Services, in a press release. “As we develop the detailed regulations to put them into force, we’ll continue talking with people to make sure they effectively support consumers without creating undue burden on business.”