TRESA – Trust in Real Estate Services Act

Important changes to Ontario real estate came in effect on December 1, 2023 – the Real Estate and Business Brokers Act (REBBA) got replaced by TRESA (Trust in Real Estate Services Act). 

One of the most prominent changes impacting consumers is the new transparent offer process option at the discretion of sellers. Sellers will now be able to allow their realtors to share the contents of offers with every buyer who submits an offer. 

Another important change is the elimination of the term “customer” within the TRESA regulations. Consumers can choose to either become Clients or Self-Represented Party (SRP) in relation to a brokerage. This eliminated a term “customer” from the regulation. Realtors are now prohibited to offer any services that rely on their skill or judgement to SRP, meaning we can only provide a limited “help” to SRP. Also, there will be no written agreements between brokerages and SRP.

Lastly, TRESA introduced ‘designated representation’ where the representation is strictly between the designated real estate professional (not the brokerage) and the consumer.