OMDREB Statement on RECO and iPro Realty Case

The Oakville, Milton and District Real Estate Board (OMDREB) is alarmed by the serious issues uncovered in iPro Realty’s management of trust accounts. Equally concerning is the Real Estate Council of Ontario’s (RECO) choice not to impose disciplinary or administrative penalties in response. Brokerages are custodians of consumer deposits and commissions for the largest financial investment most Ontarians will make. When that trust is seriously compromised, the response must be decisive, transparent, and swift. Mishandling these funds is one of the gravest violations under the Trust in Real Estate Services Act (TRESA) and the REALTOR® Code of Ethics.

Some OMDREB members were directly impacted by iPro’s actions, and OMDREB acted quickly to assist those affected REALTORS®. However, their clients may still face potential consequences in transactions involving iPro, which is why OMDREB is urging RECO to take immediate steps to ensure these matters are handled appropriately. With so much at stake, the public deserves to know that the bodies regulating real estate are holding the profession to the highest standards of integrity and accountability. 

As REALTORS®, we are trusted to protect our clients’ most significant financial assets. The revelations surrounding iPro Realty represent a serious breach of that trust, and the lack of strong regulatory action only deepens public concern. RECO must show leadership by ensuring accountability and implementing safeguards that reassure consumers their investments are protected.

As the provincial regulator, RECO has a duty not only to enforce compliance but also to provide accountability and transparency when misconduct occurs. OMDREB supports the independent audit that RECO is undertaking as a result of this case, but is calling on RECO to explain why stronger action was not pursued against the rogue players, and to outline what measures will be taken to prevent such breaches from happening again. OMDREB remains committed to working alongside RECO to reinforce safeguards that protect consumers and sustain confidence in the real estate profession across the Halton Region and beyond.

Ken Mazurek

OMDREB President