Strengthening Protection for Home Buyers and Sellers
Ontario Government Introduces Legislation to Strengthen Consumer Rights
Ontario is taking steps to fill important gaps in consumer protection by introducing legislation today that would, if passed, strengthen consumer rights in the areas of door-to-door sales, debt settlement services and real estate transactions.
If passed, the legislation would enforce new rules for the real estate sector that would strengthen consumer protection for home buyers and sellers by:
- Requiring real estate salespeople and brokers acting on behalf of a buyer to only present offers in writing
- Requiring the brokerage acting for the seller to retain copies of all written offers received, providing clarity for buyers and sellers
- Allowing home sellers and buyers to negotiate a combination of fees and commissions with a real estate professional, tailoring the cost with the services consumers want.
These proposed reforms would help protect the rights of consumers while furthering the new Ontario government's commitment to building a strong economy and a fair, safe and informed marketplace.
- The Canada Mortgage and Housing Corporation forecasts that in 2013, 191,300 resale housing units will be sold in Ontario.
- Protect yourself when buying a home.
- Rights of home buyers and sellers through the Real Estate Council of Ontario.
- Province’s new reforms to strengthen protection for Ontario consumers.
“Our proposed legislation would, if passed, provide consumers with greater choice in real estate services, and unleash greater competition and creative service offerings from real estate professionals. Home buyers and sellers can choose services from realtors that work best for them.”
“The Real Estate Council of Ontario is pleased government has responded to the real estate sector’s request for greater flexibility in the approach to commissions. Removing the commission structure restriction will allow consumers and real estate registrants to negotiate terms and conditions of service that best meet their respective needs.”