Update Statement on RECO and iPro Realty Case
August 25, 2025
On Friday, the Ottawa Real Estate Board (OREB) called on the Real Estate Council of Ontario (RECO) to explain its decision not to take stronger action in response to the iPro Realty trust account case and to demonstrate that decisive steps would be taken to protect consumers and maintain confidence in the profession.
In response to greater industry and public concerns, RECO’s newly appointed CEO, Brenda Buchanan, issued a statement confirming the departure of Registrar Joseph Richer and a commitment to undertaking an independent and comprehensive audit of the matter.
Read RECO’s full statement here.
We support this decision to conduct an independent audit and view this administrative action as a constructive step toward strengthening the transparency and accountability Ontarians expect from their regulator. By listening to concerns from stakeholders and partners, RECO is demonstrating a commitment to being swift, decisive, and transparent.
While there are no iPro Realty offices or agents in OREB’s jurisdiction, our Members and their clients may be impacted when transactions cross regions. That is why OREB continues to monitor developments closely and work collaboratively with RECO to ensure due diligence, industry professionalism and consumer protection are maintained.
Nicole Christy
Chief Executive Officer
Ottawa Real Estate Board
