Demand For Tough Penalties By Ontario Real Estate Board

The Real Estate Board of Ontario commented on inappropriate behavior by real estate sales people, which should not be tolerated under any circumstance and should be dealt with, as well as having fines and penalties put in place for those who don’t follow rules.

The designated CEO of the board, Tim Hudack made the rules very clear and precise when he acted in response to the recent reports by the media concerning the sales agents going overboard and against the rules during the time both the sellers and buyers were working together in transactions.

Tim said; “While one Realtor working with or even representing both a buyer and seller is common across Canada, the practice must be done transparently, under tight rules and with expressed written consent.”

He further said; “There is no excuse for the behavior 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. 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.”

It’s high time the Real Estate and Business Brokers Act, 2002 (Rebba) should be updated, as it hasn’t been updated for 15 years now according to OREA. It also prompts on having the penalized actions for crook real estate agents doubled to $50,000 and $100,000 for agencies.