March 12, 2026 – “Earlier today at the Ontario Real Estate Association’s (OREA) Annual General Meeting, Administrator and Acting CEO of the Real Estate Council of Ontario (RECO) Jean L?pine announced that the regulator will be requiring annual financial filings for brokerages, expected later this year. This action aims to identify emerging risks earlier, greatly improve oversight, and further increase consumer protection and professional standards in real estate.
OREA is thrilled to see RECO and the Government of Ontario heed our calls for increased financial oversight and trust account reforms for brokerages, which will go a long way towards building back trust in the regulator. RECO needs to keep up the momentum as they continue on their road to get back to the basics of fulfilling their consumer protection mandate.
The iPro Realty matter exposed weaknesses in the Ontario real estate regulatory system’s oversight of brokerage trust accounts. In response, OREA set out a series of recommendations for RECO to implement in order to address deficiencies. This includes implementing mandatory, time-bound follow-ups for material inspection deficiencies, and strengthening performance metrics and public reporting to improve accountability.
In addition, OREA recommends RECO scale its file reviews to match brokerage volume and provide plain-language disclosures to consumers regarding how their deposits are protected. These are the types of actions that will increase transparency and allow for earlier warnings of anomalies.
RECO is currently going through a period of transformation and modernization, and we commend the work that Mr. L?pine and his team are doing to engage with the sector. We look forward to continuing to work together to improve transparency, accountability, and public confidence.”
– Kim Fairley, 2026 OREA President
SOURCE, OREA
To learn more, visit OREA, ONTARIO REAL ESTATE ASSOCIATION
