Royal LePage Real Estate Services Loretta Phinney, Brokerage

Agents Push for More Transparency in Real Estate Transactions

By: Loretta Phinney Team

Agents Push for More Transparency in Real Estate Transactions

Tags: Real Estate Agents, Home Buyer, Market Confidence

The hectic Ontario real estate market has led to concerns about possible ethical transgressions in many transactions, and the Ontario Real Estate Association (OREA) is looking to address this issue.
Concerns over transparency in the bidding wars that often take place in Ontario’s most frenzied markets is not new. Back in 2015 the Real Estate Council of Ontario (RECO) implemented new rules that required agents to track all offers on properties being sold in writing for up to one year after the sale date. This change came about amidst suspicions that not all offers on houses were real, causing other prospective buyers to unnecessarily increase their bids. 
Recently, a discussion paper from OREA members has suggested that even greater measures be put in place to promote transparency and foster market confidence. These new recommendations aim to increase the disclosure of offers made in bidding situations, but only if all involved parties agree. Currently this type of disclosure is not permitted.
Further, the OREA wants to see lengthier license suspensions for agents caught committing infractions as well monetary penalties levied for minor infractions rather than forcing all cases through the full disciplinary hearing processes.

A more complete list of the OREA’s proposals can be found here. The proposals are expected to be officially submitted to the government in September.
Photo Courtesy of HonestReporting