Ontarians are being urged to give their views on multiple representation by real estate agents, known as ‘double ending’.
The provincial government’s consultation period on this, and other proposals, closes on July 24th and the Real Estate Council of Ontario wants people to take the chance to let their views count.
“The public consultation is a welcomed opportunity for buyers and sellers across Ontario to offer their perspective and ideas on how to strengthen consumer protection in the province's real estate sector," said Joseph Richer, RECO Registrar.
Among RECO’s recommendations to the government:
- Prevent or prohibit conflict of interest situations;
- Eliminate or drastically reduce the financial benefits of acting unethically;
- Ensure consumers are provided with clear, consistent information regarding the nature of their relationship with their representative, and the services they'll provide; and
- Provide RECO with appropriate tools and penalties to respond to consumer harm.
The council says it supports the government’s proposals to increase punishments for real estate agents who break the rules, which currently include fines of up to $50,000 and bans from the industry.
"Today's consumers are demanding more transparency in real estate transactions, which, for most of us, are the biggest financial transactions of our lives," said Richer. "This public consultation is a key first step in increasing trust and transparency. We encourage Ontarians to submit their feedback, before the consultation period ends."
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