April 15th 2024
For the past twenty years or so the real estate industry in Ontario has operated under the Real Estate and Business Brokers Act (REBBA). That changed last year with the introduction of the Trust in Real Estate Services Act (TRESA) which brought about some sweeping changes to the way real estate is practiced. The new Act was introduced in phases with the first phase coming into effect in 2022. However, the most significant changes were implemented in phase 2 which was introduced December 1st, 2023.
In order to prepare our Agents for the new legislation we held a series of training sessions in our Training Centre back in November, 2023. At that time, we covered the technicalities of the new legislation along with the revised Code of Ethics. However, understanding what the legislation states is one thing. Figuring out how to implement the new practices is something else. So, it was decided we would wait 3 or 4 months before rolling out a follow up TRESA Implementation Course. That would give everyone a chance to get used to the new requirements and also give our trade organization, The Ontario Real Estate Association (OREA) a chance to develop new forms.
After compiling a number of new OREA forms along with a host of proprietary forms we developed in house, we created an interactive workbook and scheduled 3 or 4 training sessions to be held again in our Training Centre.
Our Broker, Wayne Quirk, being the creator of the course, was also the instructor on hand. Participation was great. When all 
was said and done, four training classes were held and about 100 people attended. The courses ran a little over 3 hours each with a quick break for snacks in our 50’s diner adjacent to the training room.
I think with the two training courses and related forms and classes, we are well equipped with an understanding of what is expected and how things are to be implemented. But as good as formal training is, there is nothing that beats hands on experience where the rubber meets the road. So, there’s a bit of a learning curve yet ahead, and then of course Phase 3, which we are told is just around the corner.
One thing you can count on, when it comes, we’ll be ready – and able.