Real Estate Professionals Can Now Incorporate in Ontario
Today, the Ontario government announced the first phase of regulatory changes related to the Trust in Real Estate Services Act, 2020 (TRESA). The new changes are intended to modernize rules for registered real estate brokerages, brokers, and salespersons across the province and also to address consumer concerns.
The new measures in Phase One will:
- Allow real estate professionals to incorporate and be paid through Personal Real Estate Corporations (PRECs).
- Let salespersons and brokers use additional advertising terms such as “real estate agent” and REALTOR® in their advertisements, better reflecting the services they provide to consumers across the province.
Expected later this fall, the second phase of regulatory development will include public consultations with consumers and real estate professionals that focus on further measures to support trustworthiness and the highest ethical standards in the real estate sector.
Measures in Phase Two include:
- Updating and modernizing the Code of Ethics for real estate professionals;
- Implementing disclosure requirements to better protect consumers; and
- Improving regulatory efficiency and enhancing professionalism in the industry by updating the authority and powers of the Real Estate Council of Ontario.
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