Pamela Vasiliu
Sales Representative
pvasiliu@remax.net

RE/MAX Professionals Inc.
Brokerage
Independently owned and operated.

Date: Sunday December the 17th, 2017 
416-236-1241

 

   

Unethical dealings in hot Toronto real estate market under the microscope

November 15, 2016 - Updated: November 15, 2016

Who are the unscrupulous players in Toronto’s real estate market?

It all depends on who you’re asking.

Some real estate agents engage in unethical behaviour, industry veterans acknowledge. But so do buyers and sellers.

 

The machinations of Toronto’s blazingly hot market are receiving a lot of scrutiny these days. Last week, I wrote about an undercover investigation by CBC’s current affairs program Marketplace and the real estate industry’s efforts to get their own message out before the broadcast aired. The Ontario Ministry of Government and Consumer Services, the Real Estate Council of Ontario (RECO) and the Ontario Real Estate Association all offered assurances that they are looking out for real estate buyers and sellers.

RECO, which enforces the Real Estate Business Brokers Act 2002 and its Code of Ethics on behalf of the provincial government, encouraged consumers to complain if they suspect skullduggery in a housing deal.

This week, they’re likely fielding a lot of new complaints after that reminder. I’ve heard from several buyers with their own tales.

Meanwhile, agents and brokerages are also taking steps to distance themselves from the bad actors who tarnish the entire industry.

In the Marketplace investigation, the reporter went to open houses and posed as a buyer without an agent. She asked the agents at the open houses what they could do for her. One recommended that she hire an agent to act for her. But others said things along the lines of “I will block other offers” and “I will make sure you get the house.”

That kind of behaviour is a clear violation. RECO can fine the miscreant or, in severe cases, revoke their registration.

The Toronto Real Estate Board president Larry Cerqua issued a statement saying the board strongly condemns the actions of any real estate agent who knowingly behaves in an unethical manner during the course of a real estate transaction. He added that most of the board’s members have their clients’ best interests in mind and care about the communities they serve.

The important element to this is that as Real Estate Professionals we must adhere to the rules and play fair. If we all stick together this would not be a problem.

 
 

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