November 25, 2017

Should Fines Should Double For Realtors Breaking Rules?

The Ontario Real Estate Association (OREA) says fines for rule-breaking realtors should be double so the potential penalties keep pace with rising housing market. Last year, realtors found guilty of violating the code of ethics faced an average fine of less than $6,000 from the Real Estate Council of Ontario (RECO), the industry regulator.  The existing penalties were set when the average resale Ontario home cost $211,000 compared to $619,000 today. OREA recommended fines be doubled for violating the Real Estate and Business Brokers Act (REBBA) Code of Ethics. That would put the maximum penalty for salespeople at $50,000, while…

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