Alongside the changing of the autumn leaves here in Ontario also comes BIG proposed changes to real estate education from OREA!

The Ontario Real Estate Association (OREA) is advocating for enhanced education and tighter oversight in Phase 3 of the Trust in Real Estate Services Act (TRESA), which is scheduled to come in late 2024 or early 2025. This phase is critical for raising professional standards within the real estate industry in Ontario. Key elements of OREA’s proposal include:

 1. Enhanced Training for New REALTORS®: OREA aims to bolster the curriculum to ensure new agents receive comprehensive and practical training before entering the field. This focus helps bridge the gap between academic learning and real-world practice.

 2. Articling Requirement: A significant recommendation is to reintroduce articling, which would involve supervised, hands-on training for new agents under an experienced mentor or broker. This phase supports the practical application of knowledge and builds foundational skills.

 3. Stricter Oversight and Compliance: OREA is pushing for improved regulatory measures to ensure REALTORS® uphold high professional standards. This involves clear rules and robust enforcement to maintain trust and accountability in the industry.

 4. Ongoing Professional Development: For current REALTORS®, continuous education is emphasized to keep up with changes in industry practices and maintain high service quality.

How Phase 3 of TRESA Builds on 2023 Reforms    

These initiatives aim to protect consumers and elevate the industry by ensuring REALTORS® are well-trained and operate with integrity. The changes proposed in Phase 3 of TRESA reflect a commitment to higher standards and transparency. 

The Trust in Real Estate Services Act (TRESA), which replaced the 2002 Real Estate and Business Brokers Act (REBBA), first rolled out in 2020.

Phase 3 of TRESA continues to expand on changes made in December 2023, including reforms such as the transparent offer process, allowing sellers to share offer details with all potential buyers, and designated representation.

Another significant update in 2023 was changing the term “customer” to “self-represented party” (SRP), clarifying the roles and representation for those who choose not to work directly with a REALTOR®.

The Ontario government plans to introduce regulations for Phase 3 by late 2024 or early 2025.

Read the full white paper by OREA here for more details.