Reacting to recent media reports about sales agents acting outside the rules while working with both buyers and sellers in transactions, the board’s CEO-designate Tim Hudack said that the rules are clear.
“While one Realtor working with or even representing both a buyer and seller is common across Canada, the practise must be done transparently, under tight rules and with expressed written consent,” Hudack said.
The Real Estate and Business Brokers Act, 2002 (REBBA) has not been updated in 15 years and OREA says it is time that it was; it also advocates doubling the penalty for rogue real estate agents to $50,000 and for agencies to $100,000.
"There is no excuse for the behaviour displayed in the report and Ontario’s Realtors want to see swift action to crack down on those who break the rules or violate the industry Code of Ethics,” said Hudak. “Ontario’s nearly 67,000 Realtors are professionals who work every day to ensure the best outcomes for their clients and customers when purchasing a home for their family. Those that violate that trusting relationship are on their own.”
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Inappropriate behaviour by real estate salespeople should be met with tougher penalties and cannot be tolerated, the Ontario Real Estate Board says.