Bill 145, the Trust in Real Estate Services Act, 2019 (TRESA) has officially passed and the new rules will now reflect today’s changing housing market.
According to OREA, the legislation was called back for a third reading on Wednesday, and, at 11:50 am on Thursday, the Bill unanimously passed third and final reading and TRESA amends the Real Estate & Business Brokers Act, 2002 (REBBA).
Morrison said the passing of TRESA is a "huge win" for its realtor members, their clients, and Ontarians.
“Thanks to the Ford Government’s newly passed legislation, Ontario’s homebuyers and sellers can have greater confidence that the Realtor at their side during the largest financial transaction of their life has the highest professional standards, training and modern tools in North America, such as the ability to form personal real estate corporations.”
The passing of the Bill will help "enhance professional standards, create a more fair and efficient business environment, and better protect consumers dealing with those who trade in real estate in Ontario, including realtors."
OREA says it's been advocating for a review of REBBA for over a decade and the passing of the legislation is "historic" as the rules of the former act were outdated and over 18 years old.
“By strengthening consumer protection and fixing the broken real estate discipline system, the Government of Ontario is showing Realtors and home buyers and sellers that it is on their side,” said OREA CEO, Tim Hudak.
“Ontarians deserve the best when it comes to making the biggest financial transaction of their lives and TRESA will make this province the North American leader once again when it comes to a well-regulated real estate market.” Speaking with Toronto Storeys earlier this month ahead of the bill's passing, Hudak explained that it would put Ontario realtors at the "forefront of professional standards." Adding that while real estate is changing, "trust in a realtor remains king”.
TRESA is one of the few pieces of legislation in Ontario to receive bi-partisan support with positive and constructive debate in the Legislature led by Minister Lisa Thompson and NDP Consumer Critic Tom Rakocevic, as well as other MPPs.
Now, OREA says it will continue to work closely with the provincial government to develop regulations for the Bill and work towards enacting the legislation into law.