Legislative amendments to the Real Estate Trading Act, 2019 received second reading today, supporting the Provincial Government’s continued commitment to improving services and increasing consumer protection for the people of the province.
The Provincial Government regularly reviews legislation to ensure it reflects changes in industry operations. Through continued review and feedback from the industry, the proposed amendments to the Real Estate Trading Act include:
- Clarifying that a licence remains in effect unless cancelled by the Superintendent;
- Requiring an inspector to prepare a report when directed by the Superintendent; and
- Allowing for criminal record checks to be provided for licencees by recognized organizations like the Commissionaires.
These amendments strengthen the province’s real estate industry and streamline licensing processes for licencees, demonstrating government’s commitment to modernizing legislation.
Quotes
“A purchase or sale of a home is likely the largest transaction a person will ever make. It’s imperative that we have the legislation and regulations to protect homebuyers and sellers in these transactions. It is also important that legislation meets the needs of real estate brokers and real estate salespersons, ensuring an efficient regulatory process.”
Honourable Sarah Stoodley
Minister of Digital Government and Service NL
“These changes are a positive step for brokers, salespeople and consumers, strengthening the regulation of the real estate industry and enhancing consumer protection. The NL Association of REALTORS® appreciates being engaged during the process and looks forward to providing input in future discussions to further enhance the legislation.”
Bill Stirling
CEO, Newfoundland and Labrador Association of REALTORS®
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Learn more
Bill 14: An Act to Amend the Real Estate Trading Act, 2019
New Regulations Will Enhance Real Estate Environment in Newfoundland and Labrador
Real Estate Trading Act Amendments Aim to Improve Province’s Real Estate Environment
Amendments Aim to Improve Province’s Real Estate Environment
Results of Real Estate Trading Act Consultation Available Online
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Media contacts
Krista Dalton
Digital Government and Service NL
729-4748, 685-6492
kristadalton@gov.nl.ca
Edward Hollett
Newfoundland and Labrador Association of REALTORS®
709-726-5110, ext. 108
ehollett@nlar.ca