Aug 23, 2017
By Michael Kramer
It’s high time for higher fines – for real estate agents that break the rules.
That’s the word from The Ontario Real Estate Association – which is proposing that the fines for salespeople who violate a code of ethics – be doubled to $50,000.
The group says the average fine per case last year was just $6,000 – and the rules are outdated for today’s real estate landscape – where house prices have reached record highs – bringing in big commissions for real estate agents.
The current rules were set in 2002 – when the average cost of a home in the province was $211,000.
Today, the average national home price is $619,000 – and the value of a Toronto home has reached $759,000.