Cornerstone’s Chair Julie Sergi, Director Nicolas von Bredow, CEO Bill Duce, and staff met with the Honourable Stephen Crawford, Minister of Public and Business Service Delivery of Ontario. We met with Minister Crawford to present evidence-based recommendations for reforming RECO in light of the recent iPro Realty situation.
In total, we shared 12 recommendations developed through feedback and engagement with our members, focusing on the first two:
- Appoint an Administrator to oversee and reform RECO
- Implement updated policies and practices to establish ongoing, stronger enforcement and transparency, and trust account reform.
- Mandate RECO to use their reserves to compensate affected parties
- Both consumers and registrants must be made whole without waiting for eventual compensation from the insurance program.
Following our meeting with Minister Crawford, Cornerstone’s CEO, Bill Duce, issued the following statement:
“The Cornerstone Association of REALTORS® (Cornerstone) fully supports Minister Crawford’s recent letter to RECO and his strong commitment to accountability within Ontario’s real estate sector. We commend his decisive action and endorse the government’s intention to appoint an Administrator to ensure RECO fulfills its consumer protection mandate. The Dentons Canada LLP audit has revealed significant deficiencies in RECO’s practices, processes, and organizational culture. These issues have significantly diminished public confidence in RECO’s ability to effectively regulate the real estate sector and protect consumers in Ontario.
Cornerstone is committed to working collaboratively with the Government of Ontario and other stakeholders to restore public confidence and uphold the highest standards of professionalism. These reforms are essential for safeguarding consumers and maintaining the integrity of the sector.”
