Cornerstone commends today’s open letter from RECO Administrator Jean Lépine, which commits to working toward the full payment of 100% of eligible commission claims owed to registrants as quickly as possible and for acknowledging this as a top priority.
Following the Real Estate Council of Ontario’s (RECO) failure to promptly freeze iPro Realty accounts and notify the industry, registrants and consumers were exposed to unnecessary financial risks for three months. This has led some REALTORS® who are owed tens of thousands of dollars to resort to taking on debt or be unable to pay essential expenses like their utility bills, property taxes, and children’s tuition.
Cornerstone has consistently pressed for swift action from the Ontario Government and RECO. During Cornerstone’s meeting on November 13th and subsequent discussions with Minister Stephen Crawford, Cornerstone outlined the urgent need for REALTORS® to receive their full commission. This advocacy effort was echoed in conversations with RECO Administrator Lépine in December.
“We thank the Minister, his team, and Administrator Lépine for meeting with us and, along with the Premier, for their continued commitment to the full payment of 100% of eligible commission claims. Making REALTORS® and consumers whole is not only important to those affected, but also a crucial step in re-establishing the confidence of REALTORS® and consumers in RECO,” said Bill Duce, Chief Executive Officer of Cornerstone.
“We look forward to continuing to work with Administrator Lépine and engaging with him in the upcoming sector leader summit in January to discuss measures to safeguard funds that are placed in brokerage trust accounts. We would also like to thank MPP Tom Rakocevic for his continued advocacy to ensure REALTORS® receive their full commissions.”
About Cornerstone
Cornerstone Association of REALTORS® (Cornerstone) is a not-for-profit organization with over 325 years of collective service from its founding associations.
Established on July 1, 2024, Cornerstone leads with purpose, advocates boldly, and creates positive change for the success of our members throughout Mississauga, Burlington, Hamilton, Waterloo Region, Niagara North, Haldimand County, Norfolk County, and surrounding areas.
With approximately 8,000 members, Cornerstone is the second-largest REALTOR® association in Ontario, dedicated to promoting the greater good of the real estate community.
