REBBA will be amended and renamed the Trust in Real Estate Services Act, 2002 or TRESA. All registrants in the province will need to understand how the new laws affect them.
Though amendments to the legislation are scheduled to take effect April 1, 2023, the government is currently considering additional amendments RECO recently recommended be included as part of Phase 2. If the government accepts the recommendation, it may cause a delay in the proclamation of the Phase 2 changes. The proposed amendments, which are supported by OREA, would provide more flexibility in how consumers and registrants choose to interact with each other, and would provide greater consumer options and protection, while maintaining options for brokerages. RECO will continue to provide you with updates on Phase 2.
RECO has created a TRESA video series highlighting substantive changes to the legislation. The videos focus on the changes that are expected to have the greatest impact on the day-to-day activities of registrants, including their interactions with consumers.
The first video in the series is now available.
A TRESA Explained page has been added to RECO’s website. Information about the key changes, bulletins on a variety of TRESA-related topics, and new videos will be posted on this page as they become available.
A TRESA mandatory continuing education (MCE) course is being developed. You will be notified as soon as it becomes available.
If you have questions, please contact us at information@reco.on.ca. Include “TRESA Question” in the subject line.