BRACEBRIDGE, ON: The Ontario Government is seeking public input to modernize laws governing real estate professionals to better reflect today’s market, reduce red tape, and strengthen transparency and consumer protection.
“It has been almost two decades since the last comprehensive review of the Real Estate and Business Brokers Act. The market has dramatically changed since then,” said Parry Sound-Muskoka MPP Norman Miller “Our government is looking for input from the public, including homeowners, renters and real estate professionals about strengthening the legislation to better serve the people of Parry Sound-Muskoka and across Ontario.”
Ontarians can have their say by filling out an online survey at ontario.ca/RealEstateAct. The government is also looking for feedback on a consultation paper posted to the Ontario Regulatory Registry. Both the survey and feedback on the consultation paper will close on March 15, 2019.
“We need to make sure the rules governing real estate professionals, and the brokerages that employ them, are efficient, fair and up-to-date with modern realities,” said Bill Walker, Minister of Government and Consumer Services. “This review is part of our government’s plan to strengthen consumer protection, increase transparency and make life better for the people of Ontario.”
The Real Estate and Business Brokers Act, 2002 which regulates real estate and business brokerages and the individual brokers and salespersons who are employed by a brokerage, hasn’t been changed in 15 years. The Real Estate Council of Ontario administers and enforces the Act.
Real estate is an important part of the provincial economy, representing approximately $95.5 billion in home sales in 2017.
“I encourage anyone who is interested to visit www.ontario.ca/RealEstateAct to fill in the survey by March 15, 2019,” said Miller.