The new TRESA legislation will be delayed somewhat. It should come into force shortly.
Phase 1 came into force and permitted registrants to use different words to describe themselves and incorporate companies to save taxes.
Phase 2 was scheduled for 1 April 2023. It contained a number of provisions dealing with representation, disclosure, open bidding and fiduciary duties.
Phase 3 was scheduled to come into force subsequently. It dealt with “designated agency”. There was actually no real reason to delay this any further, so this Phase will be moved up to coincide with Phase 2.
At present, there is no new date for Phase 2, other than to say that it will come out “shortly”.
My expectation would be a 3 or 6 month delay.
Brian Madigan LL.B., Broker