The Ontario Real Estate Association says it’s time for higher fines for real estate agents that break the rules.
The association is proposing that the fines for salespeople who violate a code of ethics double to $50,000.
It says the average fine per case last year was just $6,000.
It adds that the rules are outdated for today’s real estate landscape, in which house prices have reached record highs, resulting in big commissions for real estate agents.
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.