Jun 28, 2017

By Michael Kramer

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Ontario is looking at banning the practice of real estate “double ending” – where an agent represents both a buyer and a seller in a transaction.

The province came out with its housing plan earlier this year – which included a 15 percent foreign buyer tax and expanded rent controls.

And after a review of rules for real estate agents – the Wynne government has now come up with several proposals for changes to real estate agent rules and penalties – and is seeking public consultation.

One of the proposals would be to ban – with some limited exceptions – sales agents from representing both the buyer and seller – or more than one potential buyer.
Also being considered is doubling the maximum fine for salespeople and brokers – who violate a code of ethics.
Penalties could range from $50,000 for agents – and $100,000 for brokerages.
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