The Ontario government is considering taking control of the province's real estate regulator after an audit into its handling of what it describes as iPro Realty's "misappropriation" of funds.
The minister of public and business service delivery said in a statement that the review of the Real Estate Council of Ontario identifies significant issues with the regulator's practices, processes and procedures.
"These factors contributed to deficiencies in RECO's response to the iPro matter and created an environment in which the real estate sector has lost confidence in its regulator," Stephen Crawford wrote in a letter to RECO.