On Monday, November 25, Bill 145 passed a 2nd reading. It took only 2½ hours of debate to pass the “Trust in Real Estate Services Act 2019,” which if it passes a 3rd reading and Royal Assent, will replace the Real Estate and Business Act, 2002. The Real Estate Council of Ontario administers and enforces the Act to regulate the more than 86,000 registered sales people, brokers and brokerages in the province. This legislation protects consumers by helping to ensure that real estate professionals conduct themselves ethically. I support this move by the provincial government – something for which Ontario REALTORS® have been advocating for years.
Among the many improvements this bill incorporates are enhanced customer protection through increased transparency, improved professionalism, the streamlining of the code of ethics and adding to the Real Estate Council of Ontario’s ability to encourage compliance, and the creation of a stronger business environment including a potential specialist certification program. In addition, the new act permits real estate professionals to form personal real estate corporations so they will pay taxes at much lower corporate rates. It’s win-win all around, as it will make Ontario a North American leader in establishing professional standards for real estate professionals!
Things are happening quickly, so if you want to help make the “Trust in Real Estate Services Act 2019” a reality, you can contact your local MPP and ask that person to vote YES to Bill 145 www.REBBAReform.ca/action.html, and go onto social media and send emails to encourage others to contact their MPPs. To read the new act, visit The Legislative Assembly of Ontario at https://www.ola.org/en/legislative-business/bills/parliament-42/session-1/bill-145