Joint statement from TRREB, Cornerstone, OREB, OnePoint, and CLAR regarding Ford Government …

Ontario’s five largest REALTOR® associations, representing over 90 percent of the province’s nearly 100,000 REALTORS®, have expressed their support for the Ford government’s decision to step in and conduct a review of the Real Estate Council of Ontario (RECO) in the wake of the iPro Realty Ltd. investigation.

These associations are pushing for a comprehensive review of RECO’s governance and practices to bring about substantial reforms. The outcome of this process should include oversight by an Ombudsperson, reinforced accountability measures, and improved enforcement tools aimed at protecting consumer deposits and reinstating public trust in the real estate industry.

Recent events, especially the iPro Realty investigation, have shed light on the urgent need for increased transparency and accountability within Ontario’s real estate regulator. The mishandling of trust account breaches by iPro Realty is a severe issue that directly impacts consumer trust and professional ethics.

The investigation into iPro Realty’s practices has not only weakened RECO’s ability to safeguard consumers but has also tarnished the reputation of countless hardworking REALTORS® who operate with integrity and honesty.

By recommending that RECO be placed under the oversight of Ombudsman Ontario, Ontario’s associations are aligning with practices in British Columbia and Québec, where real estate regulators already operate under their provinces’ Ombudspersons’ supervision. This proposal reflects the commitment of the associations to ensuring consumer protection, advancing professionalism, and advocating for ongoing enhancements in Ontario’s real estate regulatory framework.

The associations are dedicated to collaborating with the government in ensuring that the review process leads to the establishment of a transparent, accountable, and efficient regulator that prioritizes consumer protection and upholds the credibility of the real estate profession.

The President of the Toronto Regional Real Estate Board, Elechia Barry-Sproule, the Chair of the Cornerstone Association of REALTORS®, Julie Sergi, the President of the Ottawa Real Estate Board, Paul Czan, the President of the OnePoint Association of REALTORS®, Bonnie Looby, and the President of the Central Lakes Association of REALTORS®, Christine Riley, have all emphasized the significance of reform within RECO and the broader real estate regulatory landscape.

In light of these developments, media inquiries can be directed to individual associations via the provided email addresses. The associations are keen on engaging with the media to ensure that their message and goals surrounding the review of RECO are effectively communicated and understood.

Overall, the joint efforts of the REALTOR® associations in Ontario to advocate for critical reforms within RECO and the real estate regulatory system reflect a commitment to promoting transparency, accountability, and consumer protection within the industry.