TORONTO, ON--(Marketwired - November 04, 2016) - The Ontario Real Estate Association (OREA) strongly condemns the unethical behaviour exposed in a recent media report highlighting the actions of six real estate salespeople. The salespeople acted outside the rules and regulations governing Realtors in Ontario when double-ending -- working with both the buyer and the seller in a transaction.
"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 OREA CEO-designate Tim 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."
Real estate professionals in Ontario are regulated by the Real Estate and Business Brokers Act, 2002 (REBBA) Code of Ethics. OREA has been advocating for stricter penalties for violations of REBBA, including doubling the fine to $50,000 for individual Realtors and up to $100,000 for brokerages, and giving more teeth to the Real Estate Council of Ontario (RECO), the regulator, to shut down bad operators.
"Legislation and professional guidelines are clear on this topic," says Hudak. "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."
While Ontario has a well regulated real estate sector, REBBA has not been updated in almost 15 years. OREA has been advocating updating the Act for a number of years and looks forward to working with RECO and the government to get this done.
Representing the 66,750 real estate brokers and salespeople, members of Ontario's 40 real estate boards, the Ontario Real Estate Association (OREA) serves its members through a wide variety of publications, educational programs and special services.
Founded in 1922 to organize real estate activities across the province, OREA's goals include promoting higher industry standards and protecting private property rights.
OREA continually strives to improve the image of REALTORS® by enhancing educational and professional standards. OREA develops and publishes standard forms, and supports educational and charitable causes through the Ontario REALTORS Care® Foundation. www.orea.com.