Ford government updates Ontario’s real estate sector rules

The Ford government is updating the rules around the province’s real estate sector, saying the changes are designed to strengthen consumer confidence when dealing with brokerages, brokers and salespersons.

One of the important changes coming next month will see a brokerage now be allowed to disclose the details of competing offers.

“If the seller, if the vendor, of a property wishes to have the details of competing offers then the agent would be obligated to provide that. So the seller can say ‘I don’t want blind offers, I want to know what the details are in these competing offers’ so that the consumer has an informed ability to make choices,” Public and Business Service Delivery Minister, Todd McCarthy said.

“Of course the personal details, the personal information of the purchaser behind the competing offers, will remain confidential, but the details of it, the price for example, conditions, would all be available to the vendor or seller.”

The changes also include an updated code of ethics to strengthen professional obligations when it comes to integrity, conflict of interest and fraud prevention.

The latest rules come into effect on December 1st.