New legislation called TRESA (Trust in Real Estate Services Act) came into effect in December 2023. As part of these changes, the RECO Information Guide has been introduced, and Real Estate Professionals are now required to provide it to all consumers before offering any services related to real estate. These modifications aim to improve transparency, enhance consumer protection, and update industry practices. Several notable changes include:
- Consumers now have the option to represent themselves.
- All services provided by a real estate professional must be documented in writing.
- The open offer process is a new feature introduced in Ontario.
- An improved system has been implemented to facilitate consumer complaints.