The Trust in Real Estate Services Act (TRESA) is now fully in force across Ontario as of December 1, 2023, replacing the old Real Estate and Business Brokers Act (REBBA). For 2026 buyers, the most consequential changes are designated representation, the new TRESA Information Guide that must be signed before agency forms, mandatory disclosure of multiple offers, and stricter penalties on agents who breach the new Code of Ethics. Buyers now have more visibility into the offer process and fewer surprises at the negotiating table.
What TRESA actually changes for buyers
TRESA introduces designated representation, which replaces the old brokerage-wide agency model. Under the new model, a specific named registrant — not the entire brokerage — represents you, allowing two agents within the same brokerage to represent the buyer and seller on the same transaction without creating multiple representation. This is more common in busy GTA brokerages like Royal LePage, Re/Max Hallmark, Sutton Group-Admiral, and Right at Home where the same office often holds both sides of a deal.
The TRESA Information Guide is a mandatory pre-engagement document the agent must walk you through before signing a Buyer Representation Agreement (BRA). The guide explains the difference between client and self-represented party status, the agent's duties, the deposit-and-trust-account framework, and your right to choose either representation type at any time.
Most importantly, the new disclosure rules require listing agents to disclose the existence of competing offers (but not the price or terms) to all participating buyer agents. The old REBBA model already required disclosure but TRESA tightens enforcement and adds personal liability for agents who fail to comply.
Designated representation in practice
Under designated representation, you sign a BRA naming a specific agent. That agent owes you the full statutory duties of disclosure, loyalty, confidentiality, and obedience to lawful instruction. If a colleague at the same brokerage represents the seller, the brokerage itself is not in a conflict because each agent is individually responsible.
What this means in a multiple-offer scenario
If your agent represents you on a property listed by their colleague, the listing agent owes the same duties to the seller. Neither agent can share confidential information across the wall. The brokerage acts as a facilitator — typically the broker of record reviews offers but cannot influence either side. This structure works fine in practice when handled correctly but breaks down when small brokerages have weak compliance procedures.
When you should ask for self-represented party status
If you're a sophisticated repeat buyer comfortable handling your own negotiation, you can decline representation and sign a Customer Service Agreement instead. The agent then only owes you honest dealing and statutory disclosure obligations, not loyalty or confidentiality. Most buyers should not use this status; it removes the agent's advocacy and exposes you to negotiating risk.
The TRESA Information Guide — what to read carefully
The TRESA Information Guide is a 12-page document published by the Real Estate Council of Ontario (RECO). Every Ontario real estate registrant must walk you through it before any representation agreement is signed. Refusal to provide the guide is grounds for RECO complaint.
Sections to focus on:
- Section 2 — Representation options: Explains client vs self-represented party status.
- Section 4 — Designated representation: Critical if you're working with a large brokerage.
- Section 6 — Multiple representation: Now rare under TRESA but still possible with written consent.
- Section 8 — Multiple offers: Disclosure rules and your right to opt out of bidding wars.
- Section 10 — Deposits and trust: How brokerage trust accounts work.
Make notes as you go. Buyers who read the guide critically tend to ask better questions before signing, which produces better representation. Check our buying guides for a printable checklist of TRESA Information Guide questions.
Multiple-offer disclosure: what's new
Under TRESA, listing agents must disclose the number of competing offers received before the offer-presentation deadline to every participating buyer agent. The disclosure cannot include the price, terms, or buyer identity of competing offers. Sellers may waive this requirement in writing, but waivers are rare.
The practical effect is that buyers now know how many offers they're competing against — typically 2-7 in hot Toronto neighbourhoods like Leslieville, Roncesvalles, and the Beaches, and 1-3 in cooling 905 markets like Ajax and Pickering. Knowing the competition lets you calibrate your offer strategy: a property with 6 competing offers usually requires a 5-8% above-list bid; a property with 1 competing offer rarely requires more than asking.
Sellers and listing agents must also offer the option of an open-bidding process where buyers can see each other's offer details, subject to seller consent. Open bidding remains rare in 2026 but is gaining traction in the $1.5M-$3M Lawrence Park and North Toronto detached market where transparent processes attract sophisticated buyers.
Stricter penalties under the new Code of Ethics
TRESA introduced an updated Code of Ethics with stronger personal accountability. RECO disciplinary fines now reach $50,000 per breach for individual registrants and $100,000 per breach for brokerages. Common violations carrying these penalties include failing to provide the TRESA Information Guide, misrepresenting offer counts, accepting undisclosed referral fees, and improper handling of trust deposits.
For buyers, the practical takeaway is that you have stronger leverage when an agent acts improperly. File a complaint through RECO's online portal at reco.on.ca/file-a-complaint within six months of the event. RECO investigates roughly 1,400 complaints per year and disciplines 280-340 registrants annually. Disciplinary outcomes are public and searchable through the RECO registrant lookup tool.
The Ontario Real Estate Insurance Trust Fund also provides compensation for deposit losses up to $100,000 per claim where a brokerage misappropriates trust funds. This safety net rarely activates but offers important protection in the unusual case of brokerage insolvency.
What buyers should do differently in 2026
TRESA changes the buyer playbook in five specific ways. Apply each before your next purchase to avoid mistakes the prior REBBA framework would have masked.
- Read the TRESA Information Guide. Don't sign anything until you understand client vs self-represented status.
- Ask about brokerage-wide conflicts. Confirm designated representation if your agent's colleague might list a target property.
- Request multiple-offer counts in writing. Email confirmation creates evidence of compliance.
- Verify deposit instructions independently. Wire fraud targeting real estate trust accounts surged 38% in 2025.
- Use the RECO registrant lookup tool. Confirm your agent's status, disciplinary history, and brokerage assignment before signing.
For more on safe buying practices and current GTA inventory, see monthly market updates or get an instant comp report through our free instant home valuation.
Frequently asked questions
What's the difference between TRESA and REBBA?
REBBA was Ontario's previous real estate regulation framework, dating from 2002. TRESA replaces REBBA with modernized rules emphasizing designated representation, stronger consumer disclosures, and tighter enforcement. The most consumer-visible change is the TRESA Information Guide that every registrant must walk you through before any agency agreement, and the new offer-disclosure rules requiring listing agents to confirm how many competing offers exist. RECO administers both frameworks but its enforcement powers expanded significantly under TRESA, including higher fines and faster discipline procedures.
Can two agents at the same brokerage represent buyer and seller?
Yes, under TRESA's designated representation model. Each agent represents their client individually, and the brokerage as a whole is not in conflict. This is a major change from REBBA, which treated the brokerage as the agent and required "multiple representation" consent forms whenever two same-brokerage agents handled both sides. Designated representation is now the default at large brokerages like Re/Max Hallmark, Royal LePage Signature, and Sutton Group, simplifying transactions but requiring buyers to confirm individual loyalty in writing.
Do I have to use the TRESA Information Guide?
The agent must provide and walk you through the guide; you must acknowledge receipt. You don't have to sign it, but the acknowledgement creates a paper trail RECO uses in disciplinary investigations. Refusing the walk-through doesn't void your purchase but does eliminate certain consumer-protection arguments later. Treat the guide as mandatory reading even though the rules technically only require provision and discussion. The current guide is available free at reco.on.ca and through every registered Ontario brokerage.
What if my agent doesn't disclose competing offers?
Failure to disclose competing-offer counts is a violation of TRESA's Code of Ethics and grounds for a RECO complaint. RECO can impose fines up to $50,000 per breach and order remedial education or licence suspension. From a transaction perspective, you can also ask the listing brokerage to confirm offer counts in writing on brokerage letterhead before finalizing your bid. Smart buyers email the listing agent the day before offer presentation requesting written confirmation; agents who refuse the request are signaling compliance problems.
What is open bidding and should I use it?
Open bidding is a transparent offer process where each participating buyer can see the price and terms of other offers as they come in, similar to an auction. TRESA explicitly permits open bidding with seller consent. It's still rare in 2026 — under 4% of GTA transactions — but rising in luxury Lawrence Park and Forest Hill markets where sophisticated sellers want maximum transparency. Open bidding produces fairer outcomes for buyers because guess-the-number psychology disappears, but it can also push prices higher when buyer competition is irrational.
How do I file a RECO complaint?
File at reco.on.ca/file-a-complaint within six months of the event. The form requires the registrant's name and brokerage, a description of the alleged breach, and supporting documentation (texts, emails, contracts). RECO acknowledges complaints within 10 business days and typically resolves them within 6-9 months. Investigations are confidential until a formal discipline decision is issued, at which point outcomes are public. Successful complaints can result in fines, mandatory education, or licence suspension, but RECO does not award compensation — that requires separate civil action.
Key takeaways
- TRESA replaced REBBA on December 1, 2023. Now fully enforced with stronger penalties.
- Designated representation is the default. Two same-brokerage agents can handle both sides cleanly.
- The TRESA Information Guide is mandatory. Read sections 2, 4, 6, 8, and 10 carefully.
- Multiple-offer counts must be disclosed. Get the confirmation in writing.
- RECO fines reach $50K per registrant breach. File complaints within six months.
- Self-represented party status is risky. Use only if you're a sophisticated repeat buyer.
