The second phase of legislative and regulatory changes under the Trust in Real Estate Services Act, 2020 (TRESA), formerly known as the Real Estate and Business Brokers Act, 2002 (REBBA), came into effect December 1, 2023.

There are several changes including seller approved sharing of non-confidential information in an offer of purchase and sale, disclosure obligations by real estate professionals to self-represented parties and prospective clients, an updated Code of Ethics that focuses on fraud and ethical obligations, and the Real Estate Council of Ontario (RECO) having greater compliance and enforcement authority.

A comprehensive list of the changes can be found here and RECO’s explanation of the TRESA changes can be found here.

Categories: Real Estate