The Ontario government is taking control of the province's real estate regulator after an audit found issues with its practices and organizational culture.
The audit looked into complaints about the Real Estate Council of Ontario's handling of a now-closed real estate brokerage, iPro Realty.
Among audit findings was that iPro told RECO its trust accounts had a $10-million shortfall in May, but the registrar did not freeze or monitor its accounts for nearly three months.