“Ontario REALTORS® help thousands of families every year have a memorable vacation by assisting with cottage, condo apartments and vacation homes short-term rentals. Vacationers who are looking for quality accommodations are well served when they work with a highly trained and professional REALTOR®.
That’s why OREA took action when we learned that the Travel Industry Council of Ontario (TICO) had begun a campaign forcing real estate brokerages who were arranging short-term rentals to register as travel agents.
Forcing real estate brokerages who are transacting short-term rental properties to register as travel agents is a needless piece of red tape that would cost REALTORS® thousands of dollars, compels them to take courses, pass exams and make substantial deposits with no discernable benefit to consumers.
With today’s bulletin, OREA is pleased to see TICO and the Real Estate Council of Ontario (RECO) affirm the rights of real estate brokerages under the Real Estate and Business Brokers Act, 2002 (“REBBA”) to transact short-term rental accommodations.
OREA would like to commend Minister Bill Walker, TICO CEO Richard Smart as well as RECO CEO Michael Beard and Registrar Joe Richer for their quick action in coming up with a short-term solution to the double registration problem once we brought it to their attention. OREA looks forward to working with Minister Walker and the Ministry of Government & Consumer Services to fix the issue through legislation as part of the Province’s review of REBBA.”
-Tim Hudak, CEO, OREA