It’s a once in a lifetime opportunity to change the legislation that governs real estate in Ontario.
The Real Estate and Business Brokers Act, 2002 (REBBA) governs how Ontario Realtors work with consumers, other registrants and with countless other issues.
REBBA was passed 15 years ago. Ontario’s real estate market has changed a lot since then and REBBA needs to keep up.
As a result of some good lobbying by the Ontario Real Estate Association (OREA), the province launched a full review of REBBA and committed to a consultation process this summer that is divided into two phases.
The first phase focused on the issue of multiple representation and has just wrapped up.
The government’s message on multiple representation was clear – they were reforming the system and wanted feedback on a proposal to introduce mandatory designated representation (MDR).
With just over 30 days to consult, research and draft a response, OREA’s REBBA Review Task Force brought forward a solution that supported MDR, provided it included the ability to enter into transactional representation.
The second phase of the consultation is where the rubber really hits the road. All of REBBA is on the table and OREA has launched the most extensive member consultation in the association’s history to get the best advice on how to make it happen. It’s all being hosted on www.REBBAreform.ca, our member consultation website.
Between now and December, OREA will publish a series of white papers on four key areas – enforcement, ethics, continuing education and registration education.
Last month, OREA released its first white paper – Better Enforcement and a Regulator That Works – that includes a series of bold policy proposals suggested by the REBBA Review Task Force.
It outlines proposals like:
- Should RECO have the ability to force a registrant to forfeit profits gained from unethical activity?
- Should the minister responsible for REBBA have final approval for registrant fee increases?
- Should RECO be subject to Auditor General value for money audits?
- Should RECO create an internal independent ombudsman that registrants and consumers can complain to?
More recently, the REBBA Review Taskforce released its second white paper on continuing education. It discusses issues like whether registrants taking mandatory continuing education should have to pass the courses; whether registrants should be given the option of taking CE courses in class; and whether third-party credits should count towards CE requirements.
We need your feedback on these proposals because it will determine which ideas OREA takes to the government to improve our industry as a whole.
Visit www.REBBAreform.ca today and help us strengthen the profession for tomorrow.
Alternatively, members can submit feedback on any issue, including MDR, directly to REBBAreform@orea.com or by connecting with us on social media – Facebook or Twitter.
This is a once in a lifetime opportunity for Realtors to shape the future of our profession. Don’t let it pass you by.