Ontario takes control of real estate regulator
CBC
The Ford government announced Friday it has appointed an administrator to take control of the Real Estate Council of Ontario (RECO), following an independent audit into the real estate regulator’s handling of what it describes as iPro Realty's "misappropriation" of funds.
The announcement comes after Stephen Crawford, Ontario’s minister of public and business service delivery, gave RECO two weeks to respond to concerns being raised with the regulator's practices, processes and procedures.
On Friday, Crawford shared a letter to RECO on social media stating “decisive action” is needed to “prevent serious harm to the interest of the public and consumers.”
Crawford said he’s spoken to consumers, realtors and brokers “who’ve lost confidence” in RECO over the past three months.
“I directed that an administrator assume control of RECO immediately to restore confidence in the organization, to work with the insurer, and to support those financially impacted.”
Jean Lépine has been appointed as the administrator set to take over RECO at the beginning of December.
Lépine’s biography on the province’s website says he is a “seasoned communications, government relations, investor relations and sustainable executive leading teams” in various industries from healthcare to legal cannabis.
RECO will collaborate with the incoming administrator and will work with the government throughout the process, a RECO spokesperson said in a statement on Friday.
"Our shared goal is to ensure a smooth transition and to continue to drive the necessary reforms already underway at RECO, arising from Dentons’ independent report," the spokesperson said in the statement to CBC News.
A letter issued on Tuesday by Katie Steinfeld, chair of RECO’s board of directors, to Crawford acknowledged “the seriousness of the iPro Realty matter” and the impact it had on consumers and realtors.
An independent audit by Dentons Canada LLP found that iPro told RECO that its trust accounts had a $10-million shortfall in May, but the registrar did not freeze or monitor their accounts for nearly three months.
She said RECO took “swift and decisive action” when it became aware of the situation and has since taken legal action against the company.
“The Dentons’ report concluded that RECO’s former Registrar deviated from established norms within the Registrar’s division,” said Steinfeld.
“Once the Board was informed of the iPro issues, immediate action was taken to safeguard trust funds, pursue legal remedies, and support the insurer in its consumer deposit and commission protection insurance claims process.”
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