Ontario could ban real estate agents from representing both sellers and buyers together
Ontario is proposing banning the practice of double ending, in which a real estate agent represents both a buyer and a seller in a transaction.
The Liberal government announced its 16-point housing plan earlier this year, with centrepiece planks of a 15 per cent foreign buyer tax and expanded rent controls.
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.
Source: Financial Post
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