OREA concluded with the following Summary:
“CONCLUSION
Overhauling legislation governing an entire profession is a massive undertaking, with real estate reform work spanning several years since the Government of Ontario agreed to a review of REBBA in 2017. OREA tabled 28 recommendations in 2019, designed to ensure Ontario REALTORS® are North American leaders when it comes to professionalism, ethics, and training.
Thanks to OREA’s advocacy, many of these changes were included in Phase 1 and 2 of TRESA, raising the bar for processional standards in real estate across North America.
But there is more work to be done, and Ontario REALTORS® are calling on the Government of Ontario to build off previous recommendations around professional standards, ethics, and consumer protection; further improving professionalism and increasing protections for buyers and sellers in three key areas:
- Improving consumer confidence with increased protections, by eliminating the auctioneer loophole, enhancing transparency and disclosures for latent defects, enhancing disclosures for guaranteed sales, and making RECO subject to ombudsperson oversight.
- Raising the bar on education and professionalism, through a better, more practical education for agents that includes a two-year articling/mentorship period and allowing for specialty certification designations.
- Deterring bad behaviour with stronger penalties, by allowing AMPs for minor infractions, eliminating the financial incentive for bad behaviour, and strengthening the “cooling off” period for registration revocations,
With these additional recommendations implemented during Phase 3 of TRESA, Ontario families will be able to have peace of mind knowing that the REALTOR® at their side during one of the largest financial transactions of their life is professionally trained to the highest standard, with ongoing education requirements to maintain their registration. Buyers and sellers would also enjoy greater confidence in Ontario’s real estate landscape, thanks to the elimination of dangerous loopholes, and increased regulator oversight and accountability alongside new enforcement mechanisms and penalties for bad actors who break the rules.
Buying or selling one’s home deserves the expertise of a real estate agent with the highest professional standards, and OREA is proud of the key role Ontario REALTORS® have played in bringing about historic changes under TRESA.
CONTINUING TO RAISE THE BAR FOR REAL ESTATE IN ONTARIO: A WHITEPAPER FOR TRESA PHASE 3
MEMBER INSIGHTS
The OREA Member insights expressed in this report are based on results from an online survey conducted by Environics Research on behalf of OREA between September 13 and September 26, 2024. Nearly 90,000 Members received the survey via email invitation containing a unique link. A total of 3,050 Members completed the survey, resulting in a margin of error of 1.8 percent.
COMMENT
At the outset it should be noted that here is NO ‘Phase Three’ of TRESA.
Nor, is there a ‘Final Phase’ of TRESA.
Changes and updates are coming. The Ontario Government continues to review updates, changes and new additions to TRESA, but not under the umbrella of a single (or final phase). The first two phases were rolled out, and there is a laundry list of potential changes and updates that are being reviewed on a priority basis.
It should be expected that any new TRESA details will roll out in separate pieces and they are being reviewed and discussed based on priority decided by the Ministry of Public and Business Service Delivery and Procurement (MPBSDC). There will indeed be new pieces of TRESA that will roll out, but due to the breadth and fluid nature of regulations, the idea of a singular phase 3 (or a finality to it) has been dismissed explicitly by the Ministry itself.
I would have thought that OREA would have been aware of this.
Improving consumer confidence with increased protections, by eliminating the auctioneer loophole, enhancing transparency and disclosures for latent defects, enhancing disclosures for guaranteed sales, and making RECO subject to ombudsperson oversight.
This proposal doesn’t make any sense. There are no complaints about auctioneers! Why would that be a high priority proposal? Latent defects are resolved by the Courts. Latent defects should be left to the Courts. OREA’s proposal demonstrates a lack of understanding. It should address its newest Form 299 and simply delete it, since it creates confusion. Guaranteed sales are already regulated. But, if they want to address this issue, why not have security for performance posted? RECO doesn’t need an Ombudsman to oversee its decisions.
Raising the bar on education and professionalism, through a better, more practical education for agents that includes a two-year articling/mentorship period and allowing for specialty certification designations.
Articling really isn’t any different, but mentorship would be helpful.
Deterring bad behaviour with stronger penalties, by allowing AMPs for minor infractions, eliminating the financial incentive for bad behaviour, and strengthening the “cooling off” period for registration revocations.
Victims of agents should be compensated.
There are 90,000 agents who were sent the survey., and only 3,050 replied. That means 86,950 or 96.6% failed to reply. That’s dismal. That demonstrates no interest whatsoever. That’s hardly something to promote if you were OREA!
Brian Madigan LL.B., Broker