“The Ontario Real Estate Association (OREA) and our nearly 100,000 REALTORS® applaud Minister of Public and Business Service Delivery and Procurement, Stephen Crawford and the Government of Ontario for their intervention in the wake of the iPro Realty Ltd. situation. The turmoil and lack of meaningful support for those affected from the Real Estate Council of Ontario (RECO) only underscores what REALTORS® have said for years: Ontario’s real estate regulator lacks independent oversight, transparency, and the teeth to hold bad actors accountable.
While OREA recognizes the value of engaging external communications support in challenging times, we are deeply concerned that RECO chose to hire a crisis communications firm while registrants and their clients were left scrambling – with no charges laid, and no meaningful actions taken under the Trust in Real Estate Services Act (TRESA).
The sudden closure of iPro Realty Ltd. has disrupted the livelihoods of over 2,400 real estate professionals and their clients, and the ripple effects are undeniable. Trust in our regulator has been destroyed, and without decisive reform it will continue to undermine the businesses of hardworking agents, the confidence of consumers, and the stability of Ontario’s housing market.
Consumers must be able to trust that brokerages will manage deposits and trust accounts responsibly – and that if they don’t, the regulator will protect them.
Finally, over 1,000 other arms-length government agencies are overseen by the Ontario Ombudsman, but RECO remains exempt from this independent oversight and accountability. RECO must be placed under ombudsperson oversight.
OREA refuses to stand by while consumer trust in Ontario’s real estate market is eroded by weak regulation and inadequate consumer protections. Ontario’s regulatory framework must protect both consumers and registrants, safeguarding families making the largest financial transaction of their lives while also ensuring Ontario’s real estate agents are shielded from the failures of brokerages and unethical behaviour.”
Cathy Polan, OREA President
To learn more, visit OREA.COM
