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The Ontario government is taking over the real estate regulator after an audit found problems with the province’s real estate regulator’s practices and organizational culture.
The audit investigated complaints about the Real Estate Commission of Ontario’s handling of now-shuttered real estate brokerage iPro Realty.
Among the findings of the audit was 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.
The audit also 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, the Minister for Public and Commercial Services said in a statement.
Stephen Crawford said given the findings, it was necessary to appoint an administrator to take over control and assume responsibility for RECO.
Jean Lepine’s appointment will take effect on Monday.
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Canadian Media Jean Lepine Government of Ontario Real Estate Council of Ontario Real Estate Market RECO
Last modified: November 28, 2025
