Ontario takes control of real estate regulator

The Ford government announced Friday it has appointed an administrator to take control of the Real Estate Council of Ontario (RECO), following an independent audit into the real estate regulator’s handling of what it describes as iPro Realty's "misappropriation" of funds.
The announcement comes after Stephen Crawford, Ontario’s minister of public and business service delivery, gave RECO two weeks to respond to concerns being raised with the regulator's practices, processes and procedures.
On Friday, Crawford shared a letter to RECO on social media stating “decisive action” is needed to “prevent serious harm to the interest of the public and consumers.”Crawford said he’s spoken to consumers, realtors and brokers “who’ve lost confidence” in RECO over the past three months.