RECO Needs Independent Oversight: OREA and TRREB
The Ontario Real Estate Association (OREA) and the Toronto Regional Real Estate Board (TRREB) are calling for the Real Estate Council of Ontario (RECO) to be governed independently in the wake of the iPro Realty scandal.following its court filing against iPro Realty Ltd.
RECO has asked the Ontario Superior Court of Justice to freeze iPro’s assets, trace diverted trust funds, and return them to client accounts. OREA and TRREB welcomed the move but more needs to be done when it comes to scrutinizing the provincial regulator.
“It’s time for independent oversight of RECO through the Ontario ombudsman,” said the two groups in a news release.
Both organizations said they will continue to advocate for reforms aimed at strengthening protections for consumers and ensuring confidence in Ontario’s real estate profession.
RECO has also launched an independent audit by Dentons Canada LLP. The move comes after financial issues at iPro affected 2,400 realtors and their clients across the province.
RECO shut down iPro while deciding not to file charges or fine the company. The firm’s two co-founders also signed undertakings to never apply again to certify the brokerage or serve as brokers.
RECO also ousted longtime registrar Joseph Richer after he decided that the group would not charge iPro and its two founders.
The company has acknowledged that it mishandled about $10.5 million placed in trust accounts. RECO has said iPro paid back approximately $3 million of that total.
The misplaced money includes consumer funds and broker commissions. ClaimsPro will assist both consumers and brokers with their recovery attempts.
RECO has confirmed that it knew about iPro’s financial mismanagement months ago but did not act until August.
The Ontario Provincial Police is investigating iPro and its activities.
Pictured: Former iPro Realty listing.
Photo: Realtor.ca
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