“Yesterday, under the direction of Administrator and Acting CEO Jean Lépine, the Real Estate Council of Ontario (RECO) announced eight key initiatives designed to create significant and meaningful changes for the organization. The Ontario Real Estate Association (OREA) and our nearly 100,000 REALTOR® Members commend Mr. Lépine for his decisive actions and we support the new action plan put forward by RECO, which will go a long way towards restoring trust in the regulator and helping them get back to the basics.
OREA and Ontario REALTORS® are particularly encouraged to see the efforts and strategies to improve engagement with stakeholders, aiming to reconnect RECO with consumers and the real estate sector on important topics such as trust account oversight and education, issues that OREA has called on decision-makers to address and reform.
The regulatory modernization plan put forward by RECO in this list of initiatives is another great opportunity to drive even further real changes in the real estate industry, particularly with the next phase of regulations in the Trust in Real Estate Services Act (TRESA). By creating a new, more consumer-focused regulatory framework, we can ensure that Ontario REALTORS® are North American leaders in consumer protection, professionalism, and education.
But there is more work to be done. In order to build back businesses and livelihoods, OREA is calling on RECO and the Government of Ontario to fully compensate real estate professionals who were adversely impacted by the iPro Realty matter.
OREA remains committed to advocating for reforms that strengthen transparency, accountability, and public confidence in Ontario real estate.”
– Cathy Polan, OREA President
SOURCE, OREA
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