RECO (Real Estate Council of Ontario) Information Guide
In 2009, the Ontario Real Estate Association (OREA) began lobbying the Ontario Government to modernize legislation for the real estate profession. In 2020, the Trust in Real Estate Services Act 2002 (TRESA) was established to provide enhanced protection and offer more consumer choice.
Phase 2 of TRESA takes effect today and replaces what we have known as the Real Estate and Business Brokers Act 2002 (REBBA).
When the OREA began advocating for a new REBBA, they knew they needed to make big changes, and so they set a big goal: ensuring the REALTORĀ® at your side during the largest financial transaction of your life, has the highest professional standards, training, and modern tools in North America.
Today, TRESA makes that goal a reality and includes tougher enforcement for those who break the rules and erode confidence in the profession.
You may have seen articles in the news regarding Open Bidding. The media is a bit misleading as itās not as simple or āopenā as many are interpreting it.
As TRESA is all about more disclosure and protecting clientās best interest, we thought it would be prudent to send out the HOT OFF THE PRESS āRECO (REAL ESTATE COUNCIL OF ONTARIO) INFORMATION GUIDEā. Click this link to view your GUIDE.
If your REALTORĀ® has not alerted you about these changes and doesnāt send this guide to you when you FIRST CONTACT them, then you should be looking for another REALTORĀ®. Sound harsh? It is! But thatās just how serious these new regulations are.
The Rioux Baker Team will continue to keep you posted on the new changes and are here to answer any questions you may have. There will be a learning curve, but be assured, our team is working hard to make sure we understand and comply with all the new regulations.
