As previously discussed, we are going to have a conflict effective 1 April 2023 when the new TRESA Regulations come into effect. This is the new provision: “Disclosure of facts …
Conflict between the Code and Fiduciary Duties at Common Law
Under existing legislation, all the obligations of an agent under the Code of Ethics and under the common law were consistent. The Code reflected the common law. Now, we are …
Consequences of the Breach of Fiduciary Duties at Common Law
The Ontario Court of Appeal considered these issues almost 30 years ago. In Raso v. Dionigi, 1993 CanLII 8664 (ON CA), The Court dealt with matter of an Agent “double …
Bank of Canada Increases Overnight Rate by Half of One Percent
On 7 December 2022, the Bank of Canada raises interest rates again in order to combat inflation. Will this be enough? Next time will be 26 January 2023. Remember, that …
Toronto and GTA Markets in November 2022
GTA REALTORS® Release November Stats TORONTO, ONTARIO, December 6, 2022 – Homeownership market activity in November continued to be influenced by the impact of higher borrowing costs on affordability. Sales were …
Information Guide under TRESA
An important new step with the TRESA legislation is the preparation of a new Information Guide for Consumers, which will explain the Act, RECO, the role of the real estate …
Third Party Disclosure of Material Facts
TRESA Now, we actually come to a breach of an agent’s fiduciary duties to their own client. Previously, under the old Code of Ethics, there was no such provision. Now, …
Client Disclosure of Material Facts
TRESA This provision is changing with TRESA. Old Code Material facts 21. (1) A broker or salesperson who has a client in respect of the acquisition or disposition of a particular …
Disclosures under the Act and Regulations
General Regulation under TRESA There are some policies and procedures set out in the legislation which are new to Regulation 567/05 being the General Regulation, including a paragraph dealing with …
Use of Forms in Real Estate Transactions
OREA Forms “likely” There are some policies and procedures set out in the legislation which are amendments and changes to Regulation 567/05 being the General Regulation. “Forms 2.1 A registrant shall …