Consultation on the review of the Real Estate and Business Brokers Act, 2002
O. Reg. 567/05 – General
O. Reg. 579/05 – Educational Requirements, Insurance, Records and Other Matters
O. Reg. 580/06 – Code of Ethics
Bill or Act:
Real Estate and Business Brokers Act, 2002
Summary of Proposal:
The Ontario government is considering making changes to the Real Estate and Business Brokers Act, 2002. This legislation governs real estate brokerages, brokers and salespersons, setting the rules for how they conduct business and interact with consumers.
As part of the review, the government will consult with consumers and real estate registrants about changes to legislation to better support a fair and competitive marketplace. To do this, the government is considering rules and practices that fall under one or more of the following themes:
A. Consumer protection - To better protect consumers and enhance choice, there is need for greater transparency in the offer process, improved disclosures and more clarity about what types of professional services are available.
B. Enhanced professionalism - Educational and ethical requirements should be reviewed to ensure they reflect the realities of the modern real estate sector.
C. Modern regulation - Modern governance approaches and compliance tools should be considered to enhance the effectiveness and accountability of the Real Estate Council of Ontario's regulation of the profession.
D. Strong business environment - Legislative and regulatory frameworks and processes should be streamlined to enhance business viability.
In addition, we are looking at opportunities to make changes that would reduce burden for consumers, registrants and/or the regulator (Real Estate Council of Ontario) while maintaining consumer protection.
The consultation is about updating the Real Estate and Business Brokers Act, it does not cover issues related to the real estate market itself, nor does it address the actions of buyers and sellers of real estate.
Your advice is important. All input is welcomed and appreciated. Providing the reasons behind your views will help provide a better understanding of your perspective. All comments received may be used in the course of the review to inform recommendations for potential changes to the act and its regulations. This will involve disclosing some or all comments or materials, or summaries of them, to other interested parties during and after the consultation. The collection, use and disclosure of information is subject to the Freedom of Information and Protection of Privacy Act.
Please provide your written submissions no later than March 15, 2019.
You may send your comments by e-mail to REBBA@ontario.ca, or by mail to:
Consumer Policy and Liaison Branch
Policy, Planning and Oversight Division
Ministry of Government and Consumer Services
56 Wellesley St. W. - 6th Floor
Toronto, ON M7A 1C1
Once the feedback has been reviewed, the government will consider any changes to the act and regulations.
January 31, 2019
Comments Due Date:
March 15, 2019
56 Wellesley St. West, 6th Floor, Toronto, ON M7A 1C1