Ontario’s five largest REALTOR® associations, representing more than 90 per cent of the nearly 100,000 REALTORS® in the province, support the Ford government’s decision to intervene in the review of the Real Estate Council of Ontario (RECO) following the iPro Realty Ltd. investigation.
Our associations welcome a full review of RECO’s governance and practices. This process must deliver meaningful reforms, including Ombudsperson oversight, stronger accountability measures, and enhanced enforcement tools to safeguard consumer deposits and restore public confidence.
Recent events, including the iPro Realty investigation, have highlighted the need for enhanced transparency and accountability at Ontario’s real estate regulator. The handling of trust account breaches by iPro Realty is a serious matter that speaks directly to consumer confidence and professional integrity.
The iPro Realty investigation undermines RECO’s consumer protection mandate and damages the reputation of thousands of hardworking REALTORS® who conduct their business honestly.
Ontario would not be alone if the government also follows our advice to bring RECO under the oversight of Ombudsman Ontario. Real estate regulators in British Columbia and Québec already fall under the jurisdiction of their respective provincial Ombudspersons. Even the Financial Services Regulatory Authority of Ontario is subject to Ombudsman oversight. This recommendation reflects our associations’ commitment to protecting consumers, enhancing professionalism, and supporting continuous improvements within Ontario’s real estate regulatory system.
We are committed to working with the government to ensure that this review results in a transparent, accountable, and effective regulator who will protect consumers and support the integrity of the real estate profession.
To learn more, visit TRREB.CA
