It has been almost two decades since the last comprehensive review of the Real Estate and Business Brokers Act. "The market has dramatically changed since then," said Bill Walker, Minister of Government and Consumer Services. "Our government is looking for input from the public, including homeowners, renters and real estate professionals, about strengthening the legislation so the people are better served."

Under today's rules, for example, in multiple offer situations a broker representing a seller can only disclose the number of competing offers on the property to every person who has made an offer but cannot disclose the competing price. The government will be looking at these types of rules during the consultations and review to determine how best to modernize.

Ontarians can have their say by filling out an online survey at ontario.ca/RealEstateAct. The government is also looking for feedback on a consultation paper posted to the Ontario Regulatory Registry. Both the survey and feedback on the consultation paper will close on March 15, 2019.

"We need to make sure the rules governing real estate professionals, and the brokerages that employ them, are efficient, fair and up-to-date with modern realities," said Walker.

source: media release, MPP Bill Walker