CREA/OREA Reference


Scheduled Events

Wednesday March 28, 2018


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200 Catherine St., 6th Floor, Ottawa, ON  K2P 2K9

Tel: 613-237-7111   FAX: 613-234-2567  

Toll Free: 1-800-842-2732

If you have questions, please contact

At the Ontario Real Estate Association (OREA) we’re constantly working hard to keep you informed about the latest regulatory changes that can affect your business.
New Ontario Standarized Lease
Take, for example, the new Ontario standardized lease.
All residential lease documents signed on or after April 30th, 2018 that are used by a landlord must be the new standardized lease.
This includes single and semi-detached houses, apartment buildings, rented condos and secondary units.
Over the past year, OREA’s Government Relations team lobbied hard to makes sure this standardized lease wasn’t a straitjacket on landlords and REALTORS®.
Specifically, we lobbied officials to ensure that the new lease would not limit a landlord’s ability to include their own terms in the agreement.
Thanks to your Association’s work, the Government included an “additional items” section which provides flexibility to both landlords and tenants.
OREA Form #400
So, what does this mean for the OREA Forms you use everyday?
Well, OREA’s Standard Forms Committee, made up of hard working volunteer REALTORS® like you, as well as legal experts, are currently reviewing OREA’s Form #400 – Agreement to Lease Residential – and its associated clauses for any possible revisions.  

Any and all revisions to the form/clauses will be circulated to members once finalized, in advance of April 30th, 2018.  

Keep in mind, however, Form #400 has always been used to negotiate terms between landlords and tenants.

The revised Residential Tenancies Act makes it mandatory to have an executed government Standard Lease template. Form #400 can only be used to set up the terms and the Standard Lease template must be used to formalize the actual lease. 

Currently, the lease is only offered through the Government’s Forms Repository. Please review the lease to familiarize yourself with it.

Questions? Comments? Our team of Standard Form experts are here to help. Contact them at
Of course, you can always email me at

Thank you and have a great day,

David Reid,
2018 OREA President




We did It! 
We have successfully fought back against the Home Energy Rating and Disclosure (HER&D) program.
Since 2016, OREA has been fighting to stop HER&D.
If implemented, HER&D would require a home seller to conduct an energy audit before listing their home. The program put home owners of older homes, like seniors, at a huge disadvantage. Receiving a low energy score on an older home could cost an owner thousands of dollars in hard-earned equity.
The program also unfairly forced REALTORS® to post the energy score on the MLS® listing. There are other methods for selling a home, and yet only the MLS® was targeted.
After a lot of hard work from your government relations team led by Chair John Oddi, we have successfully fought back against this proposal!
This week, we got a letter from the government which stated, “The province has decided not to proceed with the implementation of a HER&D program at this time.” This means that the province has listened to OREA and put the brakes on HER&D.
While this is another big win for REALTORS®, this issue has been a wakeup call. Governments at all levels are struggling to address issues relating to climate change and the housing sector is being asked to play a part in that work.
We must be thoughtful and propose alternatives to programs like HER&D, or we will be steam rolled by them.
We will continue to provide you with updates if this issue progresses.
To get involved with more issues like this, that matter to your business and Ontario home owners, visit and sign up to the Ontario REALTOR Party. When you want a government to make the right choice for your business, there’s nothing like strength in numbers.
David Reid
2018 OREA President


2018 Federal Budget 


The 2018 Federal Budget was tabled earlier today with a focus on gender equality, Pharmacare, improved measures for taxation on small businesses and clean energy.   
The Budget acknowledges that the housing market conditions have become more balanced in Toronto and Vancouver and that rising interest rates and the recent changes to mortgage rules in October 2017 and January 2018, should help temper housing demand across the country.
The government is investing in rental housing to help Canadian families and the aging population access housing as vacancy rates are low in large urban centers.  The Canadian Mortgage and Housing Corporation (CMHC) will receive additional funding to support the Rental Construction Financing Initiative which is expected to spur the construction of more than 14,000 rental units across the country (initially announced in the Budget 2017).
In July 2017, the Minister of Finance announced changes to the tax system for private corporations.  CREA highlighted concerns around the proposed new rules and the negative impact on small businesses and the government has responded positively.  The budget includes two measures to limit tax deferral advantages by business owners: 

  1. Business owners will be allowed to earn investment income in their corporation up to $50,000 annually.  If a corporation earns more than $50,000 of passive investment income per year, the amount eligible for the small business tax rate would be reduced dollar for dollar.  In other words, passive investment income over the threshold will not be taxed as proposed last July but will reduce the business limit for eligibility to the small business deduction which is $500,000 of active business earning annually. 
  2. The second measure would prevent small business corporations from obtaining a refund on taxes paid on investment income.  Investment income is taxed at a higher rate compared to active business income.  Presently larger corporations pay out dividends from their active income which is taxed at a lower rate and still claim a refund of taxes paid on their investment income which is intended to be taxed at a higher rate.  This represents a significant tax advantage.  The proposal will require a corporation to pay out dividends from its refundable dividend tax on hand account that entitles the shareholder to the lower dividend tax credit (ie:  ineligible dividend) before it can pay out dividends from its eligible dividend account which is from active business earnings. 

The emphasis of these measures is to allow business owners to invest and support their business rather than benefit from personal tax advantages.  It is estimated that less than three per cent of businesses will be affected and will only apply to new investments in the taxation years after 2018 (all past savings and investments will not face additional tax).
The government is also focused on the following initiatives

  • Quality of life for First Nations, Inuit and Métis peoples is a priority for the government.  A significant amount of funds will be invested over 10 years to develop a housing strategy for various Indigenous communities
    • First Nations Housing Strategy
    • Inuit Housing Plan in the Inuit regions
    • Métis Nation Housing Strategy
  • The government will implement a federal carbon pollution pricing system as part of the Pan Canadian Framework on Clean Growth and Climate Change.  This system will be applied to provinces and territories that do not implement carbon pollution pricing that meets the minimum standards by January 1, 2019.  Provinces will also receive funding for project proposals to decrease greenhouse gas reductions by 2030.
  • The government is implementing an Advisory Council on the Implementation of National Pharmacare.  The purpose of this project is to protect Canadians from high prescription drug prices.  Steps are being taken to lower prices, streamline regulatory processes for drug approval, and better prescribing practices in an effort to improve accessibility and affordability of prescribed medication.
  • The government is also committed to offering a fair tax system and closing tax loopholes.  To further combat tax evasion and tax avoidance, the government will invest $90.6 million over five years to improve tax compliance.  Additionally, the government proposes to gather detailed information on who owns which legal entity – knows as “beneficial ownership”.  This would require enhanced income tax reporting for certain trusts to provide additional information on an annual basis.
  • Gender equality benefits all Canadians.  For this reason, the government is investing in Canada’s Gender Results Framework by:
    • Helping women entrepreneurs grow their businesses with access to financings, talent, networks and expertise
    • Supporting the advancement of women in senior positions
    • Engaging Canadians on the benefits of gender equality.

CREA will continue to monitor development on these issues and keep the REALTOR® community informed as further details are disclosed.

200 Catherine St., 6th Floor, Ottawa, ON  K2P 2K9

Tel: 613-237-7111   FAX: 613-234-2567  

Toll Free: 1-800-842-2732


2018 OREA Annual Forms Update Webcast

The Ontario Real Estate Association’s popular Forms Revisions Update Webcast is back. The Webcast provides a comprehensive overview of the changes that have taken place to OREA Standard Forms and Clauses for 2018. Don’t get caught off guard filling out a form on your next listing or sale. Prepare to be away before you use OREA Forms 2018.

In this Webcast, we will cover:

  • What's New
  • What's Revised?
  • Also a review of NEWER Forms to assist REALTORS® written accountability in regards to Notification and Communication
  • Catch up and clarify the valued member resource of Standard Forms rights and benefits
  • Navigate OREA Forms Resources to assist in day to day practice & enhance understanding of Forms
  • Participants will have the opportunity to ask lingering Forms questions
  • Refresher on the recently revised PCMLTFA/FINTRAC Forms

The session will include a 45 minute presentation, followed by 15 minutes of Q & A and will be facilitated by Cassandra Agnew Walker joined by Sean Morrison, fellow REALTOR®. Cassandra Agnew Walker is Head of Standard Forms, a former REALTOR®, OREA Director and Instructor. She has extensive facilitation experience with brokerages, boards and associations and exudes enthusiasm in member forms discussions. Sean is an active REALTOR® in the Hamilton area and is currently an OREA Provincial Director representing Southern Ontario.  Sean is the current OREA Standard Forms Committee Chair and as such has the background knowledge about the NEW and REVISED OREA Standard Forms for 2018 to share with Members during this live Webcast.


All OREA Standard Forms webinars, webcasts and related resources are for OREA members only.  To access the webinars, webcast recordings and forms resources you must be registered with a brokerage that is a member of Organized Real Estate, which includes OREA membership.


The Canadian Real Estate Association

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Implementation of OSFI’s revised Guideline B-20 - Residential Mortgage Underwriting Practices and Procedures

On October 17, 2017, the Office of the Superintendent of Financial Institutions (OSFI) confirmed the implementation of a new minimum qualifying stress test for uninsured mortgagesGuideline B-20 now requires borrowers who have a down payment of 20% or more to qualify for a mortgage at a higher rate.  Borrowers will have to be approved at either the five-year mortgage rate published by the Bank of Canada (currently 4.99%) OR the mortgage rate the federally regulated financial institution offers plus 2%, whichever is higher. 

The revised Guideline B-20 comes into effect on January 1, 2018.  However, if a borrower has put down a deposit and received a mortgage eligibility assessment or pre-approval from a federally regulated lender prior to January 1, 2018, the lender has the discretion to offer the loan based on the pre-existing guideline (including the prior qualification rate). 

We encourage REALTORS® to remind their clients who have put down a deposit on a home but don’t need a mortgage for some time or are uncertain about access to mortgage financing as a result of the revisions to Guideline B-20 to contact their federally regulated lender directly.

Do not hesitate to contact the Government Relations group if you have any questions.


200 Catherine St., 6th Floor, Ottawa, ON  K2P 2K9

Tel: 613-237-7111   FAX: 613-234-2567  

Toll Free: 1-800-842-2732

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.






Dear Ontario REALTORS®:

When the Ontario government announced they were reforming multiple representation, we knew we had to fight to protect a consumer’s ability to use a REALTOR® they know and trust.

It was an uphill battle.

Some, like the Toronto Star and RECO favoured a complete ban on double ending. We took a more thoughtful approach.

OREA opposed a ban on double ending and recommended a common sense reform called mandatory designated representation with the ability for two clients to work with the same REALTOR® as an impartial facilitator.

Today, we learned we were successful. The province introduced legislation which proposes to implement OREA’s recommended reform. NEWS RELEASE

The bill must still go through the legislative process and including enabling regulations, but the government has committed to OREA that our model is the model they want to bring forward.

This is a big win for Ontario’s REALTORS®.

If it makes its way into law, OREA’s model means that you can continue to work with your long-time valued clients.

In just the last few months, we have seen two dramatically different results on multiple representation. In British Columbia, the NDP government banned limited dual agency with almost no exceptions.

In Ontario, the government has listened and struck a balance that will work all over the province.

A lot of detail must be sorted out in regulation which will be consulted on with the public, but today was a big step forward and a good one for Ontario REALTORS® and consumer choice.

Look for more updates on this issue very soon. In the meantime, if you have questions, email us:


Ettore Cardarelli
2017 President
Ontario Real Estate Association


Ontario Realtor Party


With over 70,000 members we are a force to be reckoned with at Queen’s Park.

This is the reason why we were successful in stopping the spread of the municipal land transfer tax, a review of the Real Estate and Business Brokers Act, and passing electronic signatures, to name a few.

When we speak with one voice, decision makers at Queen’s Park pay attention to the issues our members care about.

That's why we created the Ontario REALTOR® Party to give our members a way to speak up on issues impacting the real estate profession at Queen’s Park.

While we have been successful in the past, there are new issues on the horizon that threaten the way we do business, including the never-ending potential for a province-wide municipal land transfer tax, and mandatory home energy audits. Now is the time to get involved to protect the profession.

Click here to learn more and let us know how you can help!

Thank you,

Pat Verge
Chair, Ontario REALTOR® Party Committee

Free Online Professional Development Resources Available from OREA


The Ontario Real Estate Association is pleased to provide its members with a growing number of professional development resources. Through the OREA YouTube Channel, members can now access all the presentations from the most recent Emerge professional development conference, rated by participants as the best Emerge content yet, as well as insights from OREA’s five 2017 YPN Leadership Award Winners.

By visiting the Emerge playlist you will find in-depth information about:

  • Ways to make your brand stand out
  • Technologies and platforms to enhance your marketing activities
  • Tools to generate and convert more leads

The YPN playlist includes short videos which touch on ways to become a leader in the real estate industry, such as:

  • Accelerating your learning curve as a new REALTOR®
  • Making an impact on consumers
  • Achieving your personal business goals

OREA is committed to helping our members continually grow and develop, and we look forward to providing you with a continual stream of content geared to your everyday needs.





Get Your Biggest Forms Questions Answered with OREA Tutorials

In a fiercely competitive marketplace, knowledge about the legal and regulatory aspects of forms and transactions in general is a valuable asset. We’ve made it easier than ever for you to equip yourself for success with four new forms video tutorials. 

As an OREA member you now have access to the following tutorials:

  • Form #124 – Notice of Fulfillment of Condition(s)
  • Form #125 – Termination of Agreement by Buyer
  • Form #130 – Fax Cover Sheet – Offers
  • Form #240 – Amendment to Listing Agreement 

These and previous tutorials can be found on OREA’s website (you will need your membership log in credentials to access them). OREA will provide ongoing details about new tutorials and other standard forms resources via e-mail and social media. 


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Mississauga Real Estate Board
3450 Ridgeway Dr #1
Mississauga, ON L5L 0A2, Canada
Phone: 905.608.6732
Fax: 905.608.9988