By Toronto Real Estate Board
The Ontario government recently committed to conducting a broad-based, comprehensive review of the Real Estate and Business Brokers Act, 2002 (REBBA 2002). In this regard, the government has launched Phase 1 of the consultation process focusing on multiple representation.
The government’s consultation document (click here to view) seeks input (contact details for providing input are provided at the end of the consultation document) from the profession in the following areas:
- Requiring brokerages to use a designated representation model (also known as designated agency).
- Requiring the use of mandatory standardized disclosure clauses.
- Increasing the fines and penalties for registrants who contravene REBBA and/or the Code of Ethics.
The Toronto Real Estate Board supports the provincial government’s review of the Real Estate and Business Brokers Act, specifically with regard to the regulation of multiple representation scenarios, and more broadly. The Real Estate and Business Brokers Act has not been comprehensively reviewed since 2002, so the current review is both appropriate and needed to ensure that the Act is allowing for the best possible consumer protection and the most efficient business operations for REALTORS®. With regard to multiple representation, TREB has supported the designated representation model and looks forward to working with the government on details in this regard.