Phase two of Ontario’s new Trust in Real Estate Services Act (TRESA) came into effect on Dec. 1, impacting how realtors do business in the province.

One of the biggest changes is that sellers can now choose to allow open bidding, directing their realtors to share details such as price or conditions (but not personal information) with every buyer submitting an offer. Buyers may also include a new clause opting out of open bidding, so it remains to be seen how popular this option will be and how it will shake out.

Our brokerage has ensured that we understand the new rules and are able to execute them with confidence.

If you are wondering how these changes will affect you, please reach out to discuss by emailing mia@miamacdonald.ca or phoning me directly at (416) 937-8734.