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E-News & Views

What RECO means for consumers

 

Do you know how much education is required before a real estate professional can be registered in this province? Or who regulates the conduct of real estate brokers and sales professionals in Ontario? Established in 1997 as a result of the mutual desire of the government and the real estate industry to enhance professionalism, the Real Estate Council of Ontario strives to increase consumer protection while providing an effective, efficient and responsive regulatory framework for the real estate industry in Ontario. RECO is a self-managed, not-for-profit corporation, responsible for administering the Real Estate and Business Brokers Act, 2002 – along with its associated regulations – on behalf of the provincial government, protecting the public interest through a fair, safe and informed marketplace. All real estate professionals in Ontario must be registered with RECO, and are required to adhere to standards contained in the Act. The Ministry of Consumer Services is responsible for the Act, as well as general oversight of RECO.

 

Protecting the public interest is achieved through:

  • Enforcing the standards required to obtain and maintain registration as a brokerage, broker or salesperson.

  • Establishing minimum requirements for pre-registration and continuing education.

  • Conducting routine inspections of brokerage offices to ensure compliance with REBBA 2002 and educate brokers.

  • Addressing inquiries, concerns and complaints about the conduct of registrants received from all sources and taking appropriate action to protect the public interest.

  • Establishing and administering insurance requirements, which include consumer deposit protection.

  • Promoting ongoing education and competent, knowledgeable and professional service.
Ottawa Housing Market Warms
Up in July

Members of the Ottawa Real Estate Board (OREB) sold 1,326 residential properties in July 2011 compared with 1,116 in July 2010, an increase of 18.8 percent. There were 1,712 sales in June 2011.

“What a difference a year makes. Last summer the real estate market was reeling from the implementation of the HST that saw many buyers and sellers move up their purchases to the winter and early spring. 2011 is a different story, one that looks a lot more like the average year for Ottawa’s resale housing market,” said OREB's President.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $341,330, an increase of 6.2 percent over July 2010. The average sale price for a condominium-class property was $270,933, an increase of 11.3 percent over July 2010. The average sale price of a residential-class property was $362,539, an increase of 4.8 percent over July 2010.

 

  
   

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