Alison Jones
The Minister of Public and Commercial Services said in a statement that the Ontario Real Estate Board’s review identified significant issues with the regulator’s practices, processes and procedures.
“These factors contributed to RECO’s inadequate response to the iPro incident and created an environment in which the real estate industry has lost confidence in its regulator,” Stephen Crawford wrote to RECO.
“Ultimately, Dentons’ report raises concerns about RECO’s ability to restore public confidence in the real estate services industry and protect consumers during one of the largest purchases of their lives.”
Crawford gave the RECO board two weeks to respond before making a final decision.
In a statement on its website, RECO said it was committed to working with the minister to understand the proposed process, scope and next steps and had begun implementing the report’s recommendations.
“(The audit) found that, in the iPro matter, the former registrar deviated from RECO’s typical practice in handling situations involving the misappropriation of trust funds,” the RECO board wrote.
“The report highlights a number of recommendations to enhance accountability, transparency and operational improvements, and RECO is fully committed to expediting the implementation of these recommendations.”
The audit found that iPro told RECO that there was a $10 million shortfall in its trust account in May, but the registrar did not freeze or monitor its account for nearly three months.
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iPro Realty Ontario Government of Ontario Real Estate Council of Ontario RECO Regulator Canadian Media
Last modified: November 14, 2025
