Realtor Austin Bolt

New legislative changes for Real Estate in Ontario - effective today, December 1st, 2023

Today, REBBA (Real Estate and Business Brokers Act) becomes TRESA (Trust in Real Estate Services Act). TRESA - formerly REBBA - is the legislation that governs the conduct of Ontario Realtors and Brokers.

Consumers have requested more transparency in the real estate industry in Ontario and more resources to increase consumer confidence. In many ways this has been achieved, but is it being done in a way that consumers expected?

Although a highly anticipated open offer process has been implemented, it will be up to the Seller and their REALTOR® to determine when this strategy will be used and what contents of all offers on the table get disclosed. And get this, the Seller can change their mind at anytime on whether or not it’s an open offer process!

Curious as to how this affects you as the consumer? Stay tuned for more information, or reach out let’s chat about it now!