What Is TRESA? Understanding Ontario's Trust in Real Estate Services Act
What Is TRESA? Understanding Ontario's Trust in Real Estate Services Act If you're buying or selling a home in Ontario, you've probably heard about TRESA (Trust in Real Estate Services Act). But what exactly is it, and how does it affect you? The Trust in Real Estate Services Act ( TRESA ) is the legislation that governs Ontario's real estate industry. It came into effect on December 1, 2023, replacing the former Real Estate and Business Brokers Act (REBBA). The primary goal of TRESA is to increase consumer protection, improve transparency, and modernize the way real estate services are delivered. One of the most significant changes introduced by TRESA is Designated Representation. This allows different REALTORS® within the same brokerage to represent buyers and sellers separately while maintaining each client's confidentiality. Consumers now have more options when choosing representation without automatically entering into multiple representation. TRESA also requi...