Big changes are here for Ontario’s real estate industry. This week, after many years of effort, the government announced the first phase of regulatory changes related to the Trust in Real Estate Services Act, 2020 (TRESA).
The new changes will modernize rules for registered real estate brokerages, brokers, and salespersons across the province while also addressing consumer concerns including;
- Allowing real estate professionals to incorporate and be paid through Personal Real Estate Corporations (PRECs), like so many other professionals in our province.
- Letting 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.