March 25, 2019
Results of Real Estate Trading Act Consultation Available Online
Today, the Provincial Government released the results of its public consultations related to potential changes to the Real Estate Trading Act. The results are available online and outline feedback received from the real estate industry and the general public.
Issues such as handling of trust deposit disputes, conflicts of interest, licensing requirements, education and a code of ethics were some of the key topics that arose during consultations.
Feedback was gathered via email and online at EngageNL, and government representatives met with key stakeholder groups to discuss changes to the act. Ninety submissions were received during the consultation period. The Newfoundland and Labrador Association of Realtors also held its own meetings throughout the province, and the feedback from these sessions was part of their submission to the Provincial Government.
The Real Estate Trading Act has only received minor amendments since it was proclaimed in 1965. In 2012, the Provincial Government engaged industry on reviewing the act, which reinforced the view that the current legislation is outdated and inadequate. At the time, those discussions but did not lead to amendments to the act.
Legislative changes are planned for the spring of 2019.
“I am pleased to deliver on the commitment in my mandate letter to complete a review of the Real Estate Trading Act. Thank you to those who participated and shared their thoughts. The feedback gathered will help modernize the legislation in the near future and further enhance consumer protection.”
Honourable Sherry Gambin-Walsh
Minister of Service NL
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2019 03 25 9:15 a.m.