Important TRESA Phase 2 Implementation Update

The Government of Ontario has introduced the second phase of TRESA regulations (“Phase 2”) and the new legislation will come into force on December 1, 2023. OMDREB REALTORS and brokerages will need to understand how to incorporate the changes in Phase 2 into their businesses. Below you will find comprehensive information and helpful resources that outline the changes in greater detail.

General Information About Phase 2 – TRESA Guidance Hub

To help you navigate the new rules and regulations, OREA has launched the TRESA Guidance Hub.

The TRESA Guidance Hub contains a Frequently Asked Questions (FAQ) section and backgrounders which dive into the following topics:

    Multiple Representation and Implementation of Designated Representation (More on this below)

  • Introduction of Self-Represented Party (SRP) Term
  • Permitting an Open Offer Process
  • Changes to Written Agreements and Disclosures
  • Introduction of a New Consumer Information Guide
  • Updates to the Code of Ethics
  • Changes to RECO’s Discipline Process
  • This section will also be updated in the coming days to include Explainer Videos, produced by OREA, aiming to provide members with all relevant information in an easily digestible format. OMDREB will update you when these videos become available.

    Designated Representation Included In Phase 2 Implementation

    You may recall that the original launch of TRESA Phase 2 was to take place back in April but was temporarily delayed while the Government of Ontario explored the option for designated representation, a tool that is used successfully in other Provinces, at the request of OREA.

    Designated Representation is now confirmed to be a part of Phase 2 implementation. Find out more about Designated Representation here.

    This change allows designated agents within one brokerage to advocate and operate in the best interest of their buyer and seller clients during a single transaction, with the brokerage retaining oversight responsibility for the agents’ fulfillment of those duties.

    OMDREB Town Hall Regarding TRESA Phase 2 Implementation

    To ensure members are properly informed, OMDREB has reached out to OREA to request a speaker for a TRESA Phase 2 Member Town Hall which we hope to schedule as soon as possible. Please keep an eye on your inbox in the coming days for more information and a registration link.