Ontario plans to appoint administrator to take control of provincial real estate regulator

The former registrar of the Real Estate Council of Ontario was contemplating an unusual deal with the principals of iPro Realty Ltd. just minutes after learning of a multimillion-dollar shortfall in consumer trust accounts held by one of Ontario’s largest brokerages.

That was among the findings of a recent report from Dentons LLP to investigate RECO’s mishandling of the iPro situation. It was commissioned by RECO’s board of directors on Aug. 22, the same day that registrar Joseph Richer left the organization.