TORONTO — The Ontario government has introduced a bill to update regulations for realtors that includes new enforcement tools, rules on business structures and allows more disclosure for consumers.
The bill, updating the 2002 Real Estate and Business Brokers Act, would give the Real Estate Council of Ontario more powers to fine realtors and suspend licences for malpractice, as well as allow it to consider a broad range of factors including the public interest when considering registration eligibility.
It also gives realtors the ability to incorporate and to be paid through the corporation, providing tax benefits and new ways to manage their income flow.
For home sellers, the bill gives provides the choice to allow realtors to disclose competing offers.
The bill, which came after public consultations at the start of the year, follows closely on what the Ontario Real Estate Association had been pushing for.
There are more than 86,000 registered real estate salespeople, brokers, and brokerages in Ontario.