When it comes to legislation and oversight, advisors and dealers aren’t the only ones under scrutiny in Ontario.
The province is proposing banning the practice of double ending, a situation in which a real estate agent represents both a buyer and a seller in a transaction.
This move is part of the Liberal government’s 16-point housing plan that was released earlier this year. The centrepiece of the plan was a 15% foreign buyer tax and expanded rent controls. But another plank was reviewing the rules for real estate agents to ensure consumers are fairly represented.
The government has now published several proposals for changes to real estate agent rules and penalties, and is seeking public consultation on them. One of the proposals is to ban — with some limited exceptions — salespeople from representing both the buyer and seller or more than one potential buyer in a trade.
The government is also considering increasing the maximum fine for salespeople and brokers who violate a code of ethics from $25,000 to $50,000 and $100,000 for brokerages.
Do new housing measures ‘distort the market’? Experts are split
Young clients don’t want to miss out on cottage ownership