What is the primary purpose of TRESA?

The primary purpose of the Trust in Real Estate Services Act (TRESA) is to protect consumers and ensure the integrity of real estate transactions. This act establishes rules and guidelines that real estate professionals must follow to maintain ethical standards and transparency in their practices. By doing so, TRESA aims to foster trust in the real estate process, making it safer for consumers who are engaging in buying, selling, or leasing properties.

This focus on consumer protection involves various measures, such as licensing requirements for real estate professionals, mandatory education and training, and a code of ethics that all licensees must adhere to. The ultimate goal is to create a fair and equitable real estate market where consumers can make informed decisions, knowing that their transactions are being conducted according to certain standards of professionalism.

While regulating mortgage brokers and lenders (the first option) and providing a framework for real estate transactions (the second option) are important aspects of the real estate industry, they are not the primary goals of TRESA. Additionally, while enhancing property values across the province may be a desirable outcome from a thriving real estate market, it is not the main objective outlined in TRESA. The act is specifically centered on safeguarding consumer interests and ensuring the integrity of the real estate market, which is fundamentally