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Statement from Ontario’s Nine Largest REALTOR® Associations on Letter to Minister Crawford Regarding RECO and iPro Realty


OTTAWA, ON – Today, Ontario’s nine largest REALTOR® associations, representing more than 95,000 of the nearly 100,000 REALTORS® across the province, sent a joint letter to the Minister of Public and Business Service Delivery and Procurement, the Honourable Stephen Crawford, in support of his government’s firm stance on the Real Estate Council of Ontario’s (RECO) operations and handling of the iPro Realty matter.

Read a copy of our joint letter here.

In our letter, we urged the government to make RECO subject to independent oversight by the Ontario Ombudsman, noting that the iPro case is part of a troubling pattern which has highlighted the need for enhanced transparency and accountability at Ontario’s real estate regulator to improve public confidence and ensure professional integrity. We also endorsed the Minister’s commitment to intervene directly should RECO fail to fulfill its core mandate and expressed our willingness to work with the government on further reforms to strengthen accountability, transparency, and consumer protection in Ontario’s real estate market.

As Ontario’s largest REALTOR® associations, we are committed to protecting the public’s confidence in real estate and promoting the highest professional standards in North America.

Paul Czan
President
Ottawa Real Estate Board		Christine Riley
President
Central Lakes Association
of REALTORS®
Julie Sergi
Chair
Cornerstone Association
of REALTORS®		Dale Marsh
President
London & St. Thomas
Association of REALTORS®
Lisa Taylor
Chair
Niagara Association of
REALTORS®		Ken Mazurek
President
Oakville, Milton &
District Real Estate Board
Bonnie Looby
President
OnePoint Association of
REALTORS®		Elechia Barry-Sproule
President
Toronto Regional
Real Estate Board
Julianna Biondo
President
Windsor-Essex County
Association of REALTORS®

Media Inquiries:

Statement from OREB, CLAR, Cornerstone, OnePoint, and TRREB on Ford Government Review of RECO

OTTAWA, ON – Ontario’s five largest REALTOR® associations, representing more than 90 per cent of the nearly 100,000 REALTORS® in the province, support the Ford government’s decision to intervene in the review of the Real Estate Council of Ontario (RECO) following the iPro Realty Ltd. investigation.

Our associations welcome a full review of RECO’s governance and practices. This process must deliver meaningful reforms, including Ombudsperson oversight, stronger accountability measures, and enhanced enforcement tools to safeguard consumer deposits and restore public confidence.

Recent events, including the iPro Realty investigation, have highlighted the need for enhanced transparency and accountability at Ontario’s real estate regulator. The handling of trust account breaches by iPro Realty is a serious matter that speaks directly to consumer confidence and professional integrity.

The iPro Realty investigation undermines RECO’s consumer protection mandate and damages the reputation of thousands of hardworking REALTORS® who conduct their business honestly. Ontario would not be alone if the government also follows our advice to bring RECO under the oversight of Ombudsman Ontario. Real estate regulators in British Columbia and Québec already fall under the jurisdiction of their respective provincial Ombudspersons. Even the Financial Services Regulatory Authority of Ontario is subject to Ombudsman oversight. This recommendation reflects our associations’ commitment to protecting consumers, enhancing professionalism, and supporting continuous improvements within Ontario’s real estate regulatory system.

We are committed to working with the government to ensure that this review results in a transparent, accountable, and effective regulator who will protect consumers and support the integrity of the real estate profession.

Paul Czan
President
Ottawa Real Estate Board

Christine Riley
President
Central Lakes Association of REALTORS®

Julie Sergi
Chair
Cornerstone Association of REALTORS®

Bonnie Looby
President
OnePoint Association of REALTORS®

Elechia Barry-Sproule
President
Toronto Regional Real Estate Board

Media Inquiries:
For media inquiries, please email:

Toronto Regional Real Estate Board at
media@trreb.ca

Cornerstone Association of REALTORS® at
communications@cornerstone.inc

Ottawa Real Estate Board at
communications@oreb.ca

OnePoint Association of REALTORS® at
communications@onepointar.ca 

Central Lakes Association of REALTORS® at
communications@clar-mls.ca

OREB Statement on RECO and the iPro Realty Case

Read our latest public statement on RECO and the iPro Realty Case here.

OTTAWA, ON – For most Ontarians, the purchase of a home is the single largest financial investment of their lives. For that reason, consumers expect that the institutions regulating real estate uphold the highest levels of professionalism and accountability. When the public trust is breached, especially in a significant way, the consequences should be swift, significant and public. 

The situation involving iPro Realty and the mishandling of trust account money is deeply concerning to OREB and its 4,000 members. Equally troubling is RECO’s decision not to pursue disciplinary or administrative action in response. Brokerages are entrusted with consumers’ deposits and other funds, often representing people’s life savings. Mismanagement of these accounts is one of the most serious violations under the Trust in Real Estate Services Act and the Code of Ethics.

While there are no iPro Realty offices or agents within OREB’s jurisdiction, OREB members and their clients may still be impacted if they are involved in transactions with iPro Realty.

As Ontario’s regulator, RECO bears a responsibility not only to enforce the rules, but also to provide transparency and accountability when those rules are broken. OREB calls RECO to explain why stronger action was not taken in this case and to demonstrate that decisive steps will be taken to prevent such breaches in the future. We also stand ready to work with RECO to reinforce safeguards that protect consumers and maintain confidence in the real estate profession.

Nicole Christy
Chief Executive Officer
Ottawa Real Estate Board

Signs of Growth Amid Ottawa’s Steady Housing Market

Ottawa, ON – August 7, 2025 — Ottawa’s housing market continues to demonstrate steady demand, moderate price growth, and a healthy level of supply—even as other markets experience increased volatility.

Nevertheless, it is important to keep an eye on what is happening across the province. Some markets in Ontario are encountering more pronounced slowdowns—with declining sales, price corrections, and rising inventory levels outpacing demand.

Historically, the perception is that Ottawa has been somewhat insulated from such extremes, due in part to its stable employment base and consistent population growth, but it is not entirely immune. Broader provincial or national trends have the potential to ripple through the local market over time.

Currently, the rise in active listings both year-over-year and compared to the five-year average, may serve as an early indicator of rising supply pressure. At the same time, the sales-to-new-listings ratio change from 51.7% to 55.1% from a year ago provides a mixed signal that may indicate demand is currently keeping pace with supply. For the time being, this rise in inventory provides buyers with more choice, but this is certainly a trend worth monitoring.

“While we’ve seen demand may be softening in the condo market, especially in the downtown core, as a whole, Ottawa’s real estate market continues to stand out for its resilience and stability,” says Paul Czan, President of the Ottawa Real Estate Board (OREB). “With steady demand, balanced inventory, and moderate price growth, our fundamentals remain strong. We’re keeping a close eye on changing dynamics, and we’ll continue monitoring the data and providing transparent insights to help our Members and the public navigate with confidence.” 

Residential Market Activity

In July 2025, a total of 1,318 homes were sold across the Ottawa Real Estate Board (OREB) region. While this is down from 1,602 units in June, it represents a 4.9% increase over July last year.

Looking at the bigger picture, there have been 8,704 home sales so far this year, which is 3.1% higher than at this time in 2024.

The average sale price for all sold listings in July was $695,209, up 2.2% from last year.

This year, the average year-to-date price is $702,840, a 3% increase over the first seven months of 2024.

Altogether, the total value of homes sold in July reached approximately $920 million, up 7.2% year-over-year, representing a huge contribution to the overall Ottawa economy.

On the listing side, there were 2,549 new residential listings added in July, a solid 11.7% increase compared to last year, and 4,205 active listings on the market, up 14% from July 2024, and 23.6% above the five-year average for this time of year.

Finally, the months of inventory—a measure of supply—rose slightly to 3.2 months, up from 2.9 at this time last year and 2.7 months from last month. 3.2 months of inventory is typically understood to be an indicator of what is considered a balanced market.

MLS® Home Price Index

As for prices, the MLS® Home Price Index (HPI) composite benchmark price in Ottawa was $633,100 in July, a modest 1.9% increase year-over-year.

If we break that benchmark price down by property type:

  • Single-family homes: $704,800, up 2%
  • Townhouses: $468,000, up 8.3%
  • Apartments: $411,900, down 1.6%

Media Contact

For media inquiries, please contact:

Dave Holmes
Manager, Marketing and Communications
613-225-2240 ext. 232
dave@oreb.ca

June Housing Market Posts Annual Gain Despite Summer Slowdown

A total of 1,602 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB) in June 2025. This marks an 11.34% decrease from the previous month, but a more modest 10.6% increase compared to June 2024 and sits 3.8% above the five-year average.*

“This was the busiest June we’ve seen in quite some time, with sales up 10.6% and new listings rising nearly 14% year over year, signifying we did, in fact, experience a delayed spring market,” says OREB President Paul Czan. “We’re seeing more inventory hit the market, giving buyers more choice. With the changing market conditions, sellers need to be future-focused—pricing thoughtfully and preparing their homes to be one of the top picks in their area.”

“Apartments are one segment that continues to feel the strain, with sales down about 20% across Ottawa and inventory building. There is a variety of compounding factors in play here including an increase in new construction, elevated financing costs and rising strata fees reducing affordability—especially for first-time buyers, but also, we’re seeing neighbourhood-specific factors impacting demand,” adds Czan. “Still, Ottawa remains a stable market. We’re getting back to familiar seasonal trends—where summer activity will pick up for families looking for a home prior to the school year, and with students returning to the city—a stronger fall is likely ahead.”

By the Numbers – Prices:

  • The overall MLS® HPI composite benchmark price was $634,300 in June 2025; a 1.6% increase from June 2024.
    • The benchmark price for single-family homes was $707,600, up 1.6% year-over-year.
    • The benchmark price for a townhouse/row unit** was $467,900, a 9.0% increase from 2024.
    • The benchmark apartment price was $411,500, a 0.6% decline from the previous year.
  • The average price of homes sold in June 2025 was $723,152, a 5.2% increase from June 2024.
  • The total dollar volume of all home sales in June 2025 reached $1.15 billion, a 16.3% increase compared to the same period last year.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings:

  • The number of new listings increased by 13.8% compared to June 2024, with 2,933 new residential properties added to the market. New listings were 6.6% above the five-year average.
  • Active residential listings totaled 4,350 units at the end of June 2025, reflecting an 11.6% increase from June 2024. Active listings were 42.6% above the five-year average.
  • Months of inventory remained steady at 2.7 in June 2025, relatively the same level as in June 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

*Due to the transition to PropTx, OREB is momentarily unable to provide the 10-year average.
**In its classification system, the Canadian Real Estate Association (CREA) identifies townhouses under the subtypes “Att Row Townhouse” and “Condo Townhouse.”

Eastern Ontario REALTOR® Boards Reaffirm Commitment to Regional Collaboration Following KAREA Amalgamation Vote

On June 12, Members of the Kingston and Area Real Estate Association (KAREA) voted not to proceed with the proposed regional amalgamation alongside the Ottawa Real Estate Board (OREB), the Renfrew County Real Estate Board (RCREB), and the Rideau-St. Lawrence Real Estate Board (RSLREB).

While this decision means the most recent amalgamation proposal will not move forward as envisioned, it does not mark the end of regional collaboration. In fact, all four Boards continue to share key services, including professional standards and compliance, which provides education, clear reporting structures, and timely review and consistent application of rules and policies across the region.

Over the coming months, KAREA, OREB, RCREB, and RSLREB will continue conversations to determine the best path forward for their Members. Leaders from all four Boards remain committed to exploring greater ways to work together to meet the evolving needs of REALTORS®, enhance services, and create long-term value through strategic collaboration.

Paul Czan, President of the Ottawa Real Estate Board (OREB), emphasized the Board’s ongoing commitment to regional collaboration, noting that while OREB voted in favour of amalgamation, “our focus remains unchanged. We’re committed to building strong regional partnerships that raise the bar for professionalism and deliver enhanced tools and technologies, like PropTx, that support our Members’ success.”

Andrew Brotton, President of the Renfrew County Real Estate Board (RCREB), spoke to the Board’s continued momentum, saying, “We’ve always believed in the strength of working together. Renfrew County is focused on what comes next – finding practical ways to align our efforts and deliver value for REALTORS® across the region.”

Chris Wiltshire, President of the Rideau-St. Lawrence Real Estate Board (RSLREB), reaffirmed the importance of open dialogue, sharing that “we remain engaged in discussions about what regional cooperation can look like going forward. We’re optimistic about what’s possible when Boards remain open, respectful, and committed to shared progress.”

Mary Ambrose, President of the Kingston and Area Real Estate Association (KAREA), reflected on the decision and future opportunities, stating, “Our Members have spoken, and KAREA respects that decision. We value the relationships built through this process and look forward to continuing with shared professional standards and resolution offerings, while remaining open to future opportunities to work alongside our peers.”

This spirit of regional collaboration ultimately benefits not only REALTORS®, but also the communities they serve by creating a more seamless experience for buyers and sellers across Eastern Ontario and upholding consistent, trusted professional standards.

For questions, Members and the public are encouraged to reach out to their local association.

Ottawa Market Remains Steady as Delayed Spring Spurs Buyer Confidence

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,807 units in May 2025. This represented a 33.1% increase from the previous month, but a more modest 14.9% increase from May 2024 and 2.5% above the five-year average.*

“Year-to-date home sales activity remains in line with 2024; however, the 33.1% surge over April 2025 suggests we’re experiencing a delayed spring market,” says OREB President Paul Czan. “April’s federal election took up real estate in consumers’ minds. Now, we’re seeing a shift in the marketplace, with active listings on the rise and months of inventory holding steady. Buyers appear to be gaining confidence, re-entering the market and transacting. For sellers, however, rising inventory means that competitive pricing and strong presentation are more critical than ever.”

“Compared to markets like Toronto or Vancouver—which are seeing signs of stagnation—Ottawa is holding steady,” adds Czan. “Buyers and sellers are still able to transact fairly, with sale prices remaining close to list, even amid broader economic uncertainty. And the Bank of Canada’s recent decision to hold the key interest rate steady may spur more activity, as buyers grow more confident, they’re not missing out on further downward movement.”

By the Numbers – Prices:

  • The overall MLS® HPI composite benchmark price was $629,800 in May 2025; a 0.8% rise compared to May 2024.
    • The benchmark price for single-family homes was $700,000, up 0.6% year-over-year in May.
    • By comparison, the benchmark price for a townhouse/row unit** was $446,900, an increase of 3.4% from 2024.
    • The benchmark apartment price was $404,700, a 3.6% decline from the previous year.
  • The average price of homes sold in May 2025 was $728,623 a 4.8% increase from May 2024.
  • The total dollar volume of all home sales in May 2025 amounted to $1.316 billion, a 20.4% increase compared to the same period last year.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings:

  • The number of new listings increased by 8.7% compared to May 2024, with 3,430 new residential properties added to the market. New listings were 15.8% above the five-year average.

  • Active residential listings totaled 4,347 units at the end of May 2025, reflecting a 13.5% surge from May 2024. Active listings were 54.2% above the five-year average.

  • Months of inventory remained steady at 2.4 in May 2025, unchanged from the same period last year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

*Due to the transition to PropTx, OREB is momentarily unable to provide the 10-year average.
**In its classification system, the Canadian Real Estate Association (CREA) identifies townhouses under the subtypes “Att Row Townhouse” and “Condo Townhouse.”

Media Statement from OREB on the 2025 Ontario Budget

Ottawa – May 16, 2025 — Housing affordability and supply must be central to Ontario’s plan to protect our province against the threat of economic disruption caused by U.S. tariffs. The 2025 Ontario Budget makes important commitments to get more homes built faster and advance key local infrastructure projects that are crucial to our region’s long-term prosperity.

The Ottawa Real Estate Board (OREB) welcomes the additional $400 million in funding for the Municipal Housing Infrastructure Program (MHIP) and Housing-Enabling Water Systems Fund (HEWSF). This new investment will help municipalities get more homes built faster in Ottawa and in communities across Eastern Ontario.

In addition, OREB is also encouraged by the province’s new $50 million modular housing commitment. Faster, factory-built solutions are a viable path forward in areas where skilled labour shortages and high material costs have stalled progress.

OREB continues to encourage the province to make amendments the Highway Traffic Act that would exempt factory-built homes from seasonal weight restrictions. This change is essential to ensure these homes can be delivered year-round to the communities that need them.

Finally, OREB supports the province’s willingness to explore options for uploading the Ottawa LRT. Should this proceed, it has the potential to alleviate future capital costs for local taxpayers and unlock funding for other housing-supportive infrastructure.

Paul Czan 
2025 OREB President

Cabinet Changes in the Minister of Housing, Infrastructure and Communities

Ottawa, May 13, 2025 – The Ottawa Real Estate Board (OREB) extends its sincere gratitude to outgoing Minister of Housing, Infrastructure and Communities, the Honourable Nathaniel Erskine-Smith, for his dedicated service and commitment to addressing Canada’s housing challenges. 

We congratulate and welcome The Honourable Gregor Robertson in his new role as Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada. As Mayor of Vancouver, Gregor Robertson led key housing initiatives, including the Rental 100 program, which added nearly 4,000 new rental units, strengthening the city’s rental housing supply.  

OREB looks forward to working collaboratively with Minister Robertson to advance practical, forward-thinking solutions to Canada’s housing challenges—especially in communities where the need for affordable, diverse, and accessible housing is growing more urgent. 

With more than 4,000 REALTORS® serving communities across the Ottawa region, OREB remains committed to advocating for policies that increase housing supply, streamline approval processes, support innovative housing options, and encourage infrastructure investments that contribute to a healthy, resilient residential and commercial real estate environment. 

We also extend our sincere congratulations to the Honourable David McGuinty on his appointment as Minister of National Defence. With his appointment, Ottawa gains a strong voice at the Cabinet table on national priorities. 

OREB looks forward to working with Prime Minister Carney and the new federal Cabinet to address shared issues that impact our local economy, including infrastructure development, housing affordability, and community well-being.  

Paul Czan 
2025 OREB President

Protect Ontario by Building Faster and Smarter Act, 2025

OTTAWA, May 12, 2025 – Housing must be a cornerstone of Ontario’s strategy to remain competitive and resilient in the face of global economic disruption. With the introduction of the Protect Ontario by Building Faster and Smarter Act, 2025, the province is taking meaningful steps to get more homes built and protect the dream of home ownership for future generations. 

If passed, the bill will help accelerate homebuilding and infrastructure development by streamlining planning approvals, standardizing development charges (DCs), and harmonizing building and road construction standards across municipalities. It would also remove barriers to innovation in construction, support transit-oriented communities, and reduce costly local development fees to make housing more affordable and accessible. 

These measures include policy recommendations like reforming DCs, streamlining approvals and permitting new innovative housing types championed by the Ottawa Real Estate Board (OREB), the Ontario Real Estate Association (OREA) and REALTOR® associations from across the province. 

Since 1921, the Ottawa Real Estate Board (OREB) has been a trusted industry association. OREB’s over 4,000 REALTORS® are directly engaged with the housing needs and challenges of Ontarians every day. We are proud to contribute expert insight, data, and on-the-ground experience to support evidence-based policymaking. 

OREB would like to thank Minister Flack for introducing this important piece of legislation. Given the size and scale of the housing affordability challenge, OREB encourages the province to continue to advance more policy changes in the weeks and months ahead. As a key partner, OREB is an advocate for a healthy residential and commercial housing environment that is affordable, accessible, and resilient for homeowners, renters, businesses and everyone who needs a place to live, work and thrive. 

Now is the time to double down on our efforts to restore the dream of homeownership for hardworking families in Ottawa and across the province. 

Paul Czan 
2025 OREB President