From rooftop pools to yoga studios, condo developers across Canada are doubling down on amenities to stand out in a crowded market. But are buyers really choosing homes based on the extras?

Taylor Musseau, partner at MLA Okanagan, said amenities help round out the lifestyle pitch for Stober Group’s new two-building development in Kelowna, where she is handling sales and marketing.

The development dubbed Movala, in Kelowna’s sought-after South Pandosy area, includes nearly an acre of shared spaces. Residents will have access to a pool, hot tub, al fresco dining areas, gardens, a gym, yoga room, cabanas, a bocce ball lawn, games room, guest suite and an indoor “great room” designed for entertaining. 

“It’s tailored to four-seasons living here,” Musseau said.

The two-building project totals 325 homes, with the first now welcoming residents and the second set to be completed next year. Musseau said building one is nearly sold out.

An outdoor dining area at Movala (photo: Stober Group)

Beyond the amenities, Movala’s draw is rooted in a mix of design, price and location. 

The development sits near a popular Okanagan beach. One-bedrooms start in the mid-$400,000s, while two-bed, two-bath homes are priced around $580,000, figures Musseau describes as “good value” for comparable constructions in the area.

She said the extra amenities haven’t added a lot of extra expense for residents because the costs are spread out amongst so many homeowners, noting fees come in at just under 50 cents a square foot.

After an initial marketing push targeting empty nesters and downsizers, the team has shifted its focus to younger buyers and families. 

“We’re looking more at young professionals, young couples, people who want to live here full-time,” she said.

Can buyers have it all right now?

Condo buyers in Vancouver are sitting in a strong position, said Adil Dinani of Royal LePage West Real Estate Services. 

“We’re in a buyer’s market for most segments right now, especially condominiums,” he said. “Buyers have selection and they have time. It’s a very unique time in the market. We haven’t seen the stars align like this since pre-COVID.”

With roughly 17,000 active listings in Greater Vancouver, and about 40 per cent of them condos, buyers can afford to be choosy.

Price and location still drive decisions, Dinani said, but amenities are becoming a bigger part of the conversation.

“The amenity offering is important,” he notes, pointing to demand from active baby boomers looking for fitness facilities, pools and saunas in their buildings.

But while the lifestyle features attract attention, they also come with higher costs. “You might have a 1,200-square-foot two-bedroom and your maintenance fees could be almost 80 or 90 cents per square foot,” he said, which would total about $900 a month.

He adds that while some residents love the idea of a saltwater pool or concierge, he has learned that not everyone capitalizes on the amenities in their buildings after they move in.

Sometimes, it’s simple things like air conditioning that drive demand, he said.

“A lot of older buildings, even those built as recently as 2015, don’t have A/C,” Dinani said. “Now it’s near the top of buyers’ lists.”

Community as an offering

Jeff Brown, executive vice president of NorthStar Development, is behind an up-and-coming project in his hometown of Port Coquitlam.

NorthStar took the project over from a previous developer who had completed the basement level, and has redesigned the building to match today’s market demands, said Brown.

Wellness and social living is at the heart of the concept for the 102-unit project called Livy.

“The desire for community is something that’s been growing, particularly post-2020, when we were all isolated,” said Brown. “There’s a growing expectation, we feel, for a curated lifestyle, which offers wellness and shared spaces that foster connection and could lead you to meet your neighbours.”

The vision for the golf simulator at Livy.

Livy’s design features more than 10,000 square feet of amenities, including an expansive rooftop space, a virtual golf simulator and high-tech wellness areas. Among the most alluring features is a Nordic-style spa with hot and cold plunges.

He said their target is first-time buyers. Junior one-bedroom units are priced at $389,000 and range up to $739,900 for two-bedroom plus den units, according to Livy’s website.

Brown said an expertly-drafted design helped offset the costs of the “extras” for residents. The spa, he said, adds an extra six cents a month to the average condo fee.

“We were able to put our heads together and execute without spending frivolously,” he said. “There’s a bit of an art to it.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

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This week, the provincial government proposed to rebate the full eight per cent provincial portion of the HST for first-time buyers on new homes valued up to $1 million. 

The province’s proposal, which will be included in the 2025 Fall Economic Statement, would save first-time home buyers up to $80,000 off the cost of a new home when combined with existing provincial relief.

While homes valued up to $1 million would qualify for the full rebate, there will be partial rebates on a phased-in basis for homes valued up to $1.5 million. 

Combined with the federal government’s proposed removal of its five per cent portion of the HST, first-time buyers could save a further $50,000.

In a statement, Ontario Real Estate Association (OREA) president Cathy Polan called the plan a “step in the right direction for the future of this province.”

She said this type of action “is exactly what we need to help young Ontarians and their families get a foot on the homeownership ladder.”

‘A drop in the bucket’

Evan Malach, a Toronto Realtor with Harvey Kalles Real Estate, specializes in working with first-time buyers, and says he sees the struggles people face as they pinch every penny to break into the market.

Malach says he welcomes action from political leaders to address the housing crunch, but does he think this new rebate would make a meaningful difference?

“In one sense, yes, and in another, it’s a drop in the bucket,” he told Real Estate Magazine. “It depends on where you’re looking.”

He sees some potential for the rebate to boost new condo sales, a market that’s at its lowest level in decades.  

“I think it remains to be seen how much this (rebate) will actually make any kind of difference. I think it’s a start, but there’s a lot more that could and should be done.”

Interest rates still hitting hard

Carl Gomez, chief economist and head of market analytics at CoStar, said he thinks the rebate could have a marginal impact, but not enough to make a big difference in overall affordability. 

“I don’t think it’s a silver bullet, per se,” he said.

He said in the metro regions, there is low inventory for homes under $1 million, except for small condos. 

“There is not that much supply out there for first-time buyers to open up the door,” he said. “But, it is a step.”

He said financing is a major part of the equation for first-time buyers, and mortgage rates are still a barrier.

“Your traditional five-year mortgage rate is still relatively high compared to where it was pre-pandemic,” he said, adding that rates are contributing to worse affordability conditions today than the historical average. 

While the Bank of Canada cut the key interest rate on Wednesday to 2.25 per cent, Gomez pointed out that the five-year Government of Canada bond yield, which is what fixed rates are based on, actually went up. 

“On the rate relief side, it’s still tough for those first-time buyers,” he said. “The borrowing environment is still the biggest factor that’s causing first-time buyers, and even investors, to wait on the sidelines.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Ontario proposes tax rebate for first-time buyers, but is it enough? appeared first on REM.

The Re/Max Housing Market Drivers Report released this week examines nine major Canadian urban centres over 30 years, with triple-digit price appreciation reported from 1994 to 2024. The report found population growth, along with policy levers and market events, have long been pillars of the Canadian housing market, creating periods of extended growth and contractions in the country’s largest cities. 

Halifax Regional Municipality reported the greatest increase in price percentage growth, rising 460 per cent for a compounded annual growth rate of 5.91 per cent. The Greater Toronto Area was a close second, with a percentage increase of 436.2 per cent and a CAGR of 5.76 per cent, while Saskatoon rounded out the top three, with a percentage increase of 377 per cent and a compounded annual rate of return of 5.35 per cent.

Re/Max Canada president Don Kottick said each generation has faced its challenges and obstacles. 

“Today’s trade barriers, high interest rates and stringent lending policies may be overwhelming, but this too shall pass,” he said. “Historically, dynamics evolve from recovery to expansion, peak to contraction, trough to recovery. Cyclically, the trough is short and gives way to renewed growth. In retrospect, buyers may look back and realize that this period represented the best opportunity in recent years to get into the market at a reduced price point.”

Market conditions are softening, but new buyers still struggle

Re/Max brokers are reporting balanced/moderating conditions in most markets, with affordability being an ongoing issue, despite more favourable conditions, including rising inventory levels. 

Average price escalation continues to outpace wage growth, making it exceedingly difficult for first-time buyers across all regions to enter the market, according to the report. Additionally, many would-be purchasers are challenged by the mortgage stress test, debt burdens, downpayment requirements and high carrying costs. 

A chronic supply shortage at lower price points is driving values higher for entry-level homes, while the cancellation of new construction projects has set the stage for tight market conditions in the future, according to Re/Max. 

The report also points to a notable trend: empty-nesters and retirees now competing with first-time buyers for smaller homes, particularly bungalows, in many areas of the country, making it even tougher to break into the market.

Unlocking opportunities to ease the path to ownership

Re/Max included a list of 10 potential solutions to put homeownership back in reach for more Canadians. They are:

• Allow potential homebuyers to withdraw more than the allotted amount in the first-time Home Buyers’ Plan from their RRSPs and from their TFSAs.
• Remove the additional two per cent requirement to qualify on the mortgage stress test.
• Extend amortization periods for first-time homebuyers.
• Remove Land Transfer Taxes on purchases under certain price points (to be determined by average price in each market).
• Remove GST and HST for all homebuyers on new housing product.
• Reduce or remove red tape, outdated zoning bylaws and restructure land-use policies, while speeding up the permit and approvals process.
• Incentivize the building of homes that meet the needs of today’s homebuyers, shifting focus to end users over investors.
• Policies and programs should prioritize first-time purchasers.
• Invest in and support innovations such as modular or prefab construction techniques that bring supply online faster and at a lower cost.
• Address supply of affordable homes as a percentage of available product or new construction.

“Affordability, population growth and supply shortages are the recurring themes shaping residential housing in Canada,” said Kottick. “While each market exhibits local nuances – Vancouver’s looming condo shortage, Edmonton’s affordability and Halifax’s steep climb in values are just a few examples – the shared pressures unite all major regions. Governments and private-sector players share a great responsibility in shaping Canada’s real estate landscape, addressing the housing crisis and ensuring sustainable urban development.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Today’s homebuyers face uphill battle, but ‘this too shall pass,’ says Kottick appeared first on REM.

John DiMichele, CEO of TRREB and PropTx Innovations Inc., confirmed in an email to Real Estate Magazine that the TRREB leadership team has appointed a new interim board, replacing the previous board. 

“This transition will ensure PropTx’s governance structure is optimally positioned for our next strategic planning cycle and better aligned with emerging technologies, user needs, and our long-term vision to support our mission,” said DiMichele.

Members of the new board are Agostino Monteleone, Daniel Steinfeld, Frank Farhangi, Colby Bayne, Anna Michaelidis and Paul Helps. 

Former board members, as recently as the spring, included Paul Baron as chair, and directors Jennifer Pearce, Mathieu Glaude, Irene Zaguskin and Paula Morrison.

“This initiative is designed to support long-term planning and ensure the continued delivery of the innovative products and services our users rely on,” said DiMichele.

A permanent board will be appointed as part of the next phase of organizational planning, added DiMichele.

Kevin Crigger, associate CEO of TRREB, is the president of PropTx. He assumed both roles last fall.

PropTx continues to operate as usual. It provides service to nearly 90,000 Realtors across Ontario.

Editor’s note: This story was revised on the morning of Oct. 14 with the names of the former directors.

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post TRREB replaces PropTx board; plans for governance review appeared first on REM.

The company confirmed in a statement to Real Estate Magazine that a decision was issued this week, enabling Re/Max to move forward with addressing allegations in the Sunderland and McFall cases, which claim that existing rules mandating homesellers to pay buyer brokerage commissions inflate costs and limit competition.

Re/Max first revealed the settlement agreement in February. 

“Re/Max Canada is pleased the court has approved our settlement in the Sunderland and McFall cases, and we thank the court for its thoughtful review and decision,” reads a statement provided to REM. “Since the beginning of this process, Re/Max has been focused on supporting our network and reinforcing the strength of the brand. Our community of trusted, productive professionals will continue to deliver exceptional value to buyers and sellers across the country.”

Re/Max has maintained that the settlement is not an admission of wrongdoing.

This development follows similar settlements in the United States, where Re/Max and other major real estate companies, as well as the National Association of Realtors (NAR), agreed to financial settlements to resolve claims of anticompetitive commission practices.

Settlement details

According to a notice published in August by Toronto law firm Kalloghlian Myers LLP, the settlement requires three things of Re/Max:

1. Pay $7.8 million
2. Cooperate in the ongoing prosecution of the class actions against the non-settling defendants
3. Implement several changes, including “ending the practice of requiring its franchisees and their affiliated brokers, salespersons and agents to join or to be members of a real estate board or association defendant or to follow the rules alleged to give rise to damages claimed in this proceeding.”

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Court approves Re/Max Canada’s $7.8-million class action settlement appeared first on REM.

While his parents urged him toward a conventional path, he veered toward studies in anthropology, psychology and geology — not the typical origin story of a corporate leader.

Yet decades later, Kottick stands at the helm of Re/Max Canada, guiding the nation’s most recognized real estate brand at a high-stakes moment when the industry demands steady leadership.

Born to parents in academia and engineering, Kottick graduated from the University of Toronto during an oil industry downturn, which forced a change in direction. After briefly working as a computer programmer and systems analyst, he discovered his true calling in real estate while employed as a business analyst, setting the foundation for a career in the industry.

Kottick’s professional path includes several tenures at Royal LePage. He also served as VP of technology and business development at the Toronto Real Estate Board at the turn of the millennium. He worked with the real estate division of a Paris, France-based company, Trader Classifieds, and later became CEO of a company specializing in virtual tours, based in Ann Arbor, Michigan.

In 2014, his career evolved to the executive level of Peerage Realty Partners, where he spent five years, during a time when the company was acquiring firms across North America. One major acquisition, Sotheby’s International Realty Canada, led to his appointment as president and CEO, a role he held for six years.

New beginnings at Re/Max

While at Sotheby’s, Kottick was approached by a headhunter with an unexpected opportunity: to lead Re/Max Canada as its president. 

“At the time, I really wasn’t overly interested,” Kottick said in an interview with Real Estate Magazine.

What sold him on the opportunity, he said, was hearing about the vision Erik Carlson, CEO of Re/max Holdings, Inc., had for the company. 

“They were working on building the real estate brokerage of the future,” said Kottick. “So all of a sudden, I started to get very interested in it, and then, I started to say, ‘Yeah, this is the place I want to be.’”

Kottick was announced as the new Re/Max president at the end of April.

‘Brokerage of the future’

For Kottick, keeping Re/Max on the leading edge begins with acknowledging that the real estate industry is undergoing profound change. 

Traditional models are unlikely to survive much longer, so the company must rethink its role and the value it delivers. This means ensuring that Re/Max offers products and services that not only strengthen its franchises, said Kottick, but also empower its agents to succeed in a competitive, evolving marketplace.

A central part of this transformation is technology. Kottick recognizes the disruptive influence of artificial intelligence, not only in society but in real estate, specifically. To remain ahead, Re/Max must anticipate how AI will reshape business practices and embrace it.

Equally important to Kottick is the leadership team driving this vision. He credits Denver-based Carlson, who joined Re/Max two years earlier, with assembling a forward-thinking group of business titans at the helm, including leaders such as Travis Saxton, who joined Re/Max Holdings in January as executive vice-president of strategy, and Chris Lim, also new to the company in 2025 as its chief growth officer.

Reckoning for the industry

For decades, Canada’s real estate industry has sold itself on trust, with agents cast as the guides through some of life’s largest financial decisions. But two serious events that came to light this year disrupted that carefully maintained reputation.

In Ontario, the iPro Realty Ltd. scandal revealed a multi-million-dollar shortfall in the brokerage’s trust account, leading to its accounts being frozen by the Real Estate Council of Ontario, and its branches being closed entirely, displacing more than 2,400 agents across the province in August. 

Earlier this year, Calgary’s Re/Max Central caught the media’s attention with a Ponzi scheme controversy, with its former agent Eric Drinkwater at the center of both criminal and civil court challenges. (Kottick, only months into the job, decided in May to cut ties with Re/Max Central). 

Together, these crises expose not only the vulnerabilities in how the industry is regulated, according to critics, but also the fragility of public faith in those charged with safeguarding one of the country’s most important markets.

Negative headlines have amplified concerns about professionalism and agent behaviour, putting pressure on agents to prove their credibility in an increasingly skeptical market. Kottick acknowledges the challenge, calling it a defining moment for the industry.

In this climate, Re/Max holds a distinct advantage, he says. As one of the most prominent real estate brands in Canada, it enters the conversation with credibility. But reputation alone, Kottick argues, isn’t enough. Agents need tools, resources and professional standards that actively reinforce that trust.

At the same time, the industry is undergoing what Kottick describes as a “flight to quality.” According to him, the market is polarizing between discount brokerages and full-service firms, with top producers gravitating toward environments where excellence is the norm. Re/Max thrives in this space, he explains, offering agents a supportive brand and innovative technology, which allows them to elevate their businesses.

He said recent events have also shifted marketing tactics, describing an emerging trend of agents leaning into the brokerage name for recognition, rather than building a brand based on their individuality.

“We went through this phase where agents were always about their own personal brand,” Kottick said. “But because of all the media attention on the bad actors out there, I think consumers are looking again for a brand they can trust. Brand has become important again.”

Restoring public trust

For Kottick, rebuilding public trust in real estate requires stronger collaboration between industry leaders, associations, and regulators. He stresses that regulation, while important, must be informed by those who actually understand the business.

Too often, decisions are made without input from practitioners, resulting in rules that may not reflect the realities of the industry, he said. As he put it, “You wouldn’t build a medical board without doctors at the table,” and real estate should be no different. Ensuring that experienced professionals are part of the policy-making process is critical to creating fair, effective oversight, he said.

At the same time, Kottick acknowledges that no system can eliminate every issue. “Things happen,” he said. “You’re always going to have unavoidable events that you can’t predict. You just make sure you have mechanisms so they don’t repeat themselves.”

Market outlook 

Kottick remains optimistic about Canada’s housing market, even amid softening conditions in some of Canada’s biggest cities, like Toronto and Vancouver.

He emphasizes that the country has long struggled with a chronic housing shortage that’s relative to population growth. This imbalance has only deepened in recent years with historic levels of immigration, creating sustained pressure on both the ownership and rental markets.

Borrowing conditions further support demand, he said. With interest rates at relatively low levels — and the possibility of further reductions ahead — capital remains accessible. 

At the same time, Kottick said there is a significant pool of pent-up buyers waiting to re-enter the market. 

While uncertainty around tariffs has slowed momentum in 2025, Kottick views this as a temporary hurdle. He believes the Canada-U.S. trade dispute will ultimately be resolved, clearing the way for a rebound. 

“Once this is fixed, the floodgates will open,” he said.

Kottick also argues that Canada’s foreign buyer ban has unintentionally worsened supply constraints. He said that many people don’t realize that new condominium projects require 70 per cent of units to be presold before construction can begin, and foreign investors have historically provided essential funding. By cutting off that capital, the government has stalled the new housing supply. 

He said while the policy may seem appealing politically, “optically, people don’t understand that it actually has an adverse effect.”

Advice for thriving in a challenging market

For Kottick, difficult markets separate the best agents from the rest. He said that when conditions turn tough, top performers don’t slow down — they ramp up.

Instead of retreating, they return to fundamentals: connecting with their networks, reaching out consistently, and staying visible.

“The best agents never take their foot off the gas,” he said.

He recalls the early days of the pandemic as a prime example. Many agents treated the disruption as a break, only to struggle restarting their businesses later. Meanwhile, those who stayed active — calling clients, farming their markets, and maintaining relationships — were ready when demand surged.

Kottick advises agents to focus on “the little things” — regular client touches, consistent follow-ups and nurturing relationships.

A modern brand 

From a Mississauga kid curious about people, to a C-suite executive focused on standards and cutting-edge tools, Kottick’s through line is simple: credibility first. As the market finds its footing, he’s betting Re/Max’s future on the quiet work of better advice, steadier leadership and results you can measure.

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post The next chapter for Re/Max Canada: Back to fundamentals, forward with AI appeared first on REM.

An update released by RECO on Wednesday offers a glimpse into the insurance payout situation for consumers and agents. In August, Mississauga-based iPro was forced to close after the discovery of a $10.5-million shortfall in its trust account. 

The fallout has been concerning and confusing for many of those affected. 

Since Aug. 29, the insurance program manager has been paying eligible consumer deposit claims submitted under the professional liability insurance program. Consumer deposit claims are being paid on a rolling basis, in line with transaction closure dates, said RECO.

The path is not as straightforward for agent commissions. The program manager is currently investigating outstanding commission protection claims, said RECO.

“This process is complex, as it must balance the number of claims against the available funds and insurance limits,” reads the notice. “While commission-related claims can sometimes take years to resolve, our goal is to finish the process within months, not years.”

RECO said the proper assessment of claims must be meticulous. 

In some cases, it said, transactions appear to have been reassigned to other brokerages, which is “complicating the process of determining which claims are valid.”

RECO said it will provide another update within the next eight weeks.

The total amount of insurance coverage for consumer deposits and commissions is up to $8 million in aggregate ($4 million for each) with an additional limit of $200,000 per individual, per claim (not per transaction), RECO has publicly stated.

Real Estate Magazine asked RECO how many claims have been submitted, to which a spokesperson replied, “Unfortunately, we do not have that information available at this time.”

Interim report not publicly released

RECO also said Wednesday that the interim report from Dentons Canada LLP, which is conducting an independent review of the iPro matter, was shared with Minister of Public and Business Service Delivery and Procurement Stephen Crawford.

The final report is due on Oct. 30. RECO said under Crawford’s direction, the findings will be made public after the ministry has had the opportunity to review the final report.

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post iPro insurance claims pile up; RECO says agents’ wait will be ‘months, not years’ appeared first on REM.

“The suggestion that millions of dollars was diverted for our personal use is false,” he said in a written statement, first reported on by the Toronto Star and obtained by Real Estate Magazine.

The co-founder of the collapsed brokerage admits to “serious mistakes” and says he has regrets for the “chaos” caused to industry peers, iPro’s former agents and consumers. 

He owns up to using trust account funds, calling it “misguided attempts to save the company,” which grew at warp speed over the last decade to 17 offices and 2,400 agents across Ontario.

“We failed everyone,” he wrote.

The statement was not signed by his business partner Fedele Colucci. 

Alves said iPro is not the only brokerage in Ontario that operates by moving trust account funds into its general accounts.

He called it a “vulnerability in the system,” and one that Real Estate Council of Ontario (RECO) should consider addressing.

RECO has been under fire by the industry and consumers for its handling of the iPro situation. It said it became aware of the trust account shortfall in May, leaving many to question why the public wasn’t notified until August. 

This week, RECO obtained several court orders, with one of them freezing Alves and Colucci’s assets. RECO is pursuing iPro for removing and misusing consumer deposits and agent commissions held in trust. 

RECO said in its original court application that it is seeking to trace the flow of trust funds that were diverted and return them to the trust accounts.

iPro’s offices shut down on Aug. 19. The total amount missing is now closer to $6.5 million, since the brokerage’s assets were sold to iCloud Realty for $3 million.

Police investigation in ‘early stages’

The Ontario Provincial Police (OPP) Anti-Rackets Branch is in the early stages of an investigation related to iPro.

OPP spokesperson Eric Cranton told Real Estate Magazine on Thursday that the police service cannot speculate on how long the investigation will take or what the outcome will be.

“We will take the time needed to conduct a complete and thorough investigation,” wrote Cranton.

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Trust money used to ‘save’ struggling iPro, not for personal gain: Alves appeared first on REM.

The Real Estate Council of Alberta (RECA) announced the lifetime ban, effective Sept. 22, following a disciplinary hearing in May where Drinkwater admitted to soliciting fraudulent bridge loans. 

In its decision, the independent hearing panel described his conduct as “among the most severe” RECA has ever addressed.

Drinkwater, who was licensed with Re/Max Real Estate (Central) and RE/MAX Complete Realty during the misconduct, was also ordered to pay $9,500 in hearing costs. 

Drinkwater has 30 days to appeal the decision. RECA said it will provide records to law enforcement and the courts as needed.

Civil lawsuits and criminal charges brought by the Calgary Police Service remain ongoing and are separate from RECA’s disciplinary process.

This marks the third permanent ban issued by RECA since 2022.

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post RECA bans Drinkwater for life over Ponzi scheme appeared first on REM.

Justice William Black of the Ontario Superior Court of Justice heard the matter virtually. RECO is pursuing iPro for removing and misusing consumer deposits and agent commissions held in trust. 

RECO said in its original court application that it is seeking to trace the flow of trust funds that were diverted and return them to the trust accounts from which they were taken.

iPro’s 17 offices shut down on Aug. 19, affecting 2,400 agents, following the discovery of  $10.5 million missing from the brokerage’s trust accounts. The total amount missing is now closer to $6.5 million, since the brokerage’s assets were sold to iCloud Realty for $3 million.

Justice Black’s orders specifically include a Mareva injunction, or a freezing order, which prevents the respondents from moving assets before the case is resolved.

 Under a separate order, iPro’s former principals may apply for an order specifying the amount of funds they are entitled to spend on “ordinary living expenses, and legal advice and representation.”

Norwich Relief was also ordered, which compels banks to deliver to RECO any and all records pertaining to the respondents’ assets and accounts. 

The list of respondents includes companies that either Colucci, Alves, or both are directors of, including: IP Holding Realty Ltd., Hippo Holdings Corporation, Sutton Group Professional Real Estate Services Inc., Alco Motors Ltd., and Alco Rent-A-Car Ltd.

In total, roughly $30 million of funds that should have been held in trust were instead commingled with the firm’s general account or sent elsewhere, according to court filings.

For more details, find court documents related to the matter here.

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post RECO lands court order to freeze iPro founders’ assets appeared first on REM.