The Ontario government has revealed that the overall value of homes in the province is estimated at more than $2 trillion.
“The total value of all homes in Ontario more than doubled between 2005 and 2015, increasing to more than $2 trillion,” it said attributing the data to Statistics Canada.
It also announced that the provincial government has introduced a bill proposing changes to the Real Estate and Business Brokers Act, 2002 that would, if passed by the legislature, modernize rules for registered real estate brokerages, brokers and salespersons.
The Act aims to:
- Enable regulatory changes that would give consumers more choice in the purchase and sale process and improve the information they receive about what a real estate professional and brokerage must do for them.
- Improve professionalism among real estate professionals and brokerages by allowing for regulatory changes to enhance ethical requirements.
- Update the Real Estate Council of Ontario (Reco)’s regulatory powers, by allowing it to levy financial penalties (also known as administrative penalties) to encourage compliance with the Act.
- Create a stronger business environment by laying the foundation for allowing real estate professionals to incorporate and be paid through the corporation while maintaining measures that protect consumers.
- Bring legislation up-to-date and reduce regulatory burden.
“Real estate salespersons and brokers are the experts for home buyers and sellers,” said Lisa Thompson, Minister of Government and Consumer Services. “Whether a transaction involves a fixer-upper, a move-in ready dream home or a commercial property, every consumer should know that the person they are dealing with is professional, knowledgeable and accountable.”
Between January and March 2019, almost 7,000 consumers and real estate professionals responded to an online government survey and consultation paper about potential changes to the act. The Trust in Real Estate Services Act, if passed by the legislature would address the need for a stronger and more ethical business environment, to protect consumers when making their biggest purchase.