By Toronto Real Estate Board
Ontario recently announced the province’s intent to introduce legislation this fall that would require the licensing of home inspectors. This is a victory for everyone, as the laws governing the industry have long been required. Modernizing the home inspection industry will provide added protection for consumers while enhancing the level of professionalism in the real estate transaction.
The proposed legislation would require home inspectors to be licensed with proper qualifications and would set minimum standards for elements of the home inspection process such as contracts, home inspection reports, disclosures and the performance of home inspectors. If the proposed legislation passed, an independent Administrative Authority would be established to enforce the legislation and associated regulations.
Home inspections have long been a mainstay of the real estate transaction, serving as confirmation for the consumer that their new home is in good working order. This legislation, if passed, would augment the existing levels of consumer protection offered by the home inspection process. Consumers would benefit from added levels of assurance knowing that whoever performs their home inspection would do so according to a standardized process with adequate knowledge and training to inform the inspectors’ conclusions.
Not only will the passage of this legislation enhance consumer protection, it will also enhance professionalism across the industry. Home inspectors will be required to meet a set standard and will evaluate a home based on a standardized checklist, ensuring consistency in home inspections.
Real estate professionals can also be assured that the home inspectors they recommend to their clients are credible and abide by provincial standards.
Advocating for Industry Standards
TREB, along with various industry partners, including the Ontario Real Estate Association (OREA), has long advocated for the licensing of home inspectors and the standardization of the industry, and welcomes the potential passage of this legislation. Stay tuned for more updates!
Talk to a Toronto Real Estate Board Professional Member REALTOR®. For updates on the real estate market, visit TREBhome.com. If commercial property is what interests you, contact a TREB Commercial Professional Member REALTOR® by visiting trebcommercial.com.
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Courtesy of the Toronto Real Estate Board. TREB Wire http://ift.tt/2bvVg2t