TORONTO — The Ontario government is taking control of the province’s real estate regulator after an audit found issues with its practices and organizational culture.
The audit looked into complaints about the Real Estate Council of Ontario’s handling of a now-closed real estate brokerage, iPro Realty.
Among audit findings was that iPro told RECO its trust accounts had a $10-million shortfall in May, but the registrar did not freeze or monitor its accounts for nearly three months.
The minister of public and business service delivery says in a statement that the audit also raises concerns about RECO’s ability to restore public confidence in the real estate services sector and protect consumers during the largest purchase of their lives.
Stephen Crawford says, given those findings, it is necessary to appoint an administrator to assume control of and responsibility for RECO.
Jean Lepine’s appointment takes effect Monday.
