The maximum fine for a breach of the REBBA Code of Ethics is currently $25,000 for salespeople/brokers and $50,000 for brokerages. They were set back in 2002, when the average resale home price was $211,000. Today, the average price in Ontario has more than doubled to $619,000. The average price in Toronto is $759,000.
The effectiveness of fines as a deterrent for unethical behaviour under REBBA has eroded. For those who willingly break the rules, these fines are “the cost of doing business.” In 2016, the average fine per case that went before the RECO Discipline Committee for a Code of Ethics violation was $5,856.
At least double the maximum fines for REBBA Code of Ethics breaches to a maximum $50,000 for salespeople and brokers and $100,000 for brokerages.
Do you support doubling the maximum fines for breaches of REBBA’s Code of Ethics?