Should consumers have the right to see competing offers on the same property. Should a realtor represent both the buyer and seller in the same transaction?Those are some of the issues the province is considering in a modernization of the 2002 rules governing Ontario’s real estate industry, known as the Real Estate Business Brokers Act (REBBA).The Ministry of Government and Consumer Services is gathering ideas for boosting consumer protection and enhancing the industry’s professionalism through an online survey to close March 15.“One of the biggest things we’re going to do as individuals or families is buy a home. We want to make sure we’re with the times. We want to make sure we listen to both the consumer and the professional and make sure we have legislation that reflects today’s economy and today’s world,” said Minister Bill Walker.The REBBA update began under the previous Liberal government, which amended the legislation to allow the regulatory agency, the Real Estate Council of Ontario (RECO), to double the fines for agents and brokers that violated the code of ethics.But the Liberals were voted out of office before the nuts and bolts around industry education, professional practices, language and disclosures were decided.A consultation paper released by the province’s Progressive Conservative government puts beefed-up powers for RECO on the table, suggesting tougher penalties for rule-breaking, unethical realtors.“Right now RECO’s disciplinary proceedings are archaic. Consumers making a complaint can wait years for resolution,” said Ontario Real Estate Association (OREA) CEO Tim Hudak, a former leader of the Ontario PC party. RECO should be able to fine rule-breaking realtors and force them to surrender their commissions which can exceed the penalties, he said.“The average price (of a home in 2002) was $275,000. You couldn’t buy a shack in somebody’s back yard today f ...
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