The Ontario government has announced that Phase 2 of the Trust in Real Estate Services Act (TRESA) will come into force on Dec. 1.
According to a statement from Tim Hudak, CEO of the Ontario Real Estate Association (OREA), TRESA represents the “most substantial change in the province’s real estate industry in over twenty years and will impact the day-to-day business of our 96,000 Members and 34 Member Boards.”
The second phase of TRESA was initially scheduled to take effect in April but was postponed to incorporate additional options for multiple representation scenarios, instead of an outright ban, following recommendations from OREA and the Real Estate Council of Ontario.
One of the notable updates in Phase 2 is the introduction of “designated representation” in multiple representation scenarios. This new option grants brokerages the ability to designate a specific broker or salesperson to exclusively represent a client during a real estate transaction. Proponents of designated representation argue that it offers consumers more choice and personalized service while addressing potential conflicts of interest that might arise with traditional multiple representation.
To support real estate professionals in adapting to the changes, OREA launched the TRESA Guidance Hub, a resource center providing information on requirements and best practices.
Undisclosed Multiple Agency will officially become legal for the first time in history in Ontario.
We failed to get Tim Hudak to allow us to get it in 2002 but apparently he was able to do it 20 years later for us.
My Team can now have unlimited offers on the same home from multiple Buyers under BRAs with me and I will never have to disclose me the Team Lead will earn a commission no matter which team member wins the Bidding War that My Team itself created.
If My Team has a Listing on January 1st it could have 12 or more unique clients working with 12 team members all driving up the Selling Price of their One Listing! No one will ever know the system I used to get that Price! What a competitive advantage my Brokerage in a Brokerage now has!
This should be headline news with great commentary from lawyers to comment on. Just how deceptive this new rule will be on consumers.
Too bad RECO is not authorized to protect the public first.
If I was only unethical.