Service NL
December 21, 2017
Provincial Government Begins Consultations on the Real Estate Trading Act
The Provincial Government is exploring potential changes to the Real Estate Trading Act and is seeking input from the real estate industry and the general public.
In an effort to help ensure the act is working effectively for all those involved in the real estate industry, as well as homebuyers and sellers, government is launching consultations to modernize the legislation which has had only minor amendments since it was proclaimed in 1965.
The Provincial Government last engaged with industry on reviewing the Real Estate Trading Act in 2012; however, no changes were made to the legislation at that time. The current consultations will build upon feedback from 2012 and look at issues such as trust deposits, conflict of interest and licensing requirements.
Government representatives will meet with key stakeholder groups to get their feedback on necessary changes to the act, and a questionnaire can also be completed online at www.EngageNL.ca 
. Anyone wishing to share feedback via email can do so at realestateconsultation@gov.nl.ca. A link to the questionnaire is also available on the main page of the Service NL website at www.servicenl.gov.nl.ca/index.html.
Participants can also send feedback by mail to:
Financial Services Regulation Division
Service NL
100 Prince Phillip Drive
P.O. Box 8700, St. John’s, NL A1B 4J6
The consultation period will continue until March 2, 2018.
In The Way Forward: A Vison for Sustainability and Growth, the Provincial Government committed to introducing legislative amendments concerning real estate trading in the province.
Quotes
“I strongly encourage anyone with an interest in the real estate industry to participate in this process and share their ideas and experiences. It is important that we regularly review our legislation to ensure it is meeting the needs of those it serves.”
Honourable Sherry Gambin-Walsh
Minister of Service NL
“We welcome government’s announcement and look forward to hearing what people across the province have to say about this important industry. For most families, buying a house is the single largest purchase they will make, and it’s important that we have modern, effective legislation to provide them the protection they deserve.”
Bill Stirling
Chief Executive Officer, Newfoundland and Labrador Association of REALTORS®
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Learn More
Real Estate Regulation - www.servicenl.gov.nl.ca/real_estate
Real Estate Trading Act - www.assembly.nl.ca/Legislation/sr/statutes/r02.htm
Real Estate Licensing Regulations - www.assembly.nl.ca/Legislation/sr/regulations/rc960994.htm
Newfoundland and Labrador Association of REALTORS® - www.nlar.ca/
Follow us on Twitter: @GovNL and @ServiceNL_
Media contacts
Gina MacArthur
Service NL
709-729-4748, 730-2977
GinaMacarthur@gov.nl.ca
Bill Stirling
Chief Executive Officer
Newfoundland and Labrador Association of REALTORS®
Phone 709-726-3002, 743-1566
bstirling@nlar.ca
2017 12 21 12:30 p.m.