The Ontario government is stepping in to oversee the province’s real estate regulator, following an audit that uncovered issues with its operations and work environment.
The audit, triggered by complaints related to the management of the now-defunct iPro Realty brokerage, revealed troubling findings. For instance, iPro Realty disclosed a $10-million deficit in its trust accounts to the Real Estate Council of Ontario (RECO) in May, yet the registrar did not take immediate action to address the situation.
Expressing a commitment to address concerns voiced by consumers, real estate professionals, and industry stakeholders, the government has decided to intervene to rebuild trust and safeguard Ontarians. The Minister of Public and Business Service Delivery, Stephen Crawford, highlighted the need for a proactive approach to restore public faith in the real estate sector and ensure consumer protection.
In light of the audit’s implications, an administrator, Jean Lepine, has been appointed to take charge of RECO beginning next Monday.