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RECO AGM & TRESA 2020 Panel Highlights



Earlier this Spring, SQ was pleased to welcome Tim Hudak, CEO of OREA to talk about the current real estate landscape in Ontario, and to update on the extended implementation of TRESA 2020. To continue the dialogue with our SQ agents on the status of TRESA 2020, we streamed the RECO AGM yesterday in the SQ Lounge with particular interest regarding 2 items on the agenda:

  • CIBC Chief Economist Benjamin Tal updated on the state of the Canadian economy

  • Peter Mansbridge moderated a panel discussion about the upcoming implementation

In our Mega Panel Mastermind next week, we will review the contents of what was discussed and have an open forum of implications for our SQ Agents. Don't miss this event!



Highlights


1. The Canadian economy - Benjamin Tal, Chief Economist, CIBC

  • Inflation and labour market are recovering

  • Recession never came

  • We are not in correction or a crash, we are in a reallocation of activity over time

  • We are at a sensitive point now where interest rates need to hold

  • Our focus should be on the affordability crisis

  • Rental vacancy is almost at 0%

  • We need more purpose-built rental only buildings

2. TRESA 2020 Panel - Moderated by Peter Mansbridge with Joe Richer, RECO, Sandra Brindle, RLP, and Sandra Kirkland, RE/MAX

  • TRESA 2020 implementation is rolling out in 3 phases

  • currently in Phase 2 which will involve the acclamation of the Act, no date yet

  • Phase 3 which involves review and implementation of new/additional RECO administration penalties which are anticipated to be stiffer

  • TRESA involves 3 key changes:

    1. Elimination of customer representation

    2. Disclosure of contents of offers

    3. Addition of designated representation

  • Original date of implementation date was April 1, has been delayed by additional industry feedback to review item c

  • Overall feeling of positivity that the update will better for both the consumer and agents, and the level of agent professionalism will improve

  • Item c is a bit controversial and requires further review so timeline is unclear for implementation

  • All changes are aimed to clarify relationships between consumers and agents, and to make the explanation of same easier/simpler for agents

  • New forms/guides and disclosures coming, training will be required

  • RECO will prepare a video that consumers can watch



Wrap up address to the audience from Peter Mansbridge

TRESA 2020 is about restoring trust in real estate agents. Buying and selling homes is the largest decision consumers will make, but it's also the most personal decision they will make. Its your work, but it's their life.

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