The Real Estate Council of Ontario (RECO) has issued an order to freeze the bank accounts of Oakville, Ont.-based Rexig Realty Investment Group. The regulator has also issued a proposal to revoke the registrations of both the brokerage and Broker Paul Poliszot, the brokerage’s director and president. 

The measures, announced Oct. 30 under the Trust in Real Estate Services Act, 2002 (TRESA), are intended to protect consumer deposits. RECO says the freeze order prevents funds from being withdrawn from the brokerage’s bank accounts. It uses freeze orders “when necessary” to ensure that money held in brokerage accounts is not at risk of being misused.

Rexig, which employs 10 agents according to the regulator, remains open. RECO says the broker of record will oversee remaining transactions and facilitate the transfer of agents and active listings to other brokerages.

Appeal process

A proposal to revoke registration is issued when the Registrar believes a brokerage or registrant is not entitled to registration. The decision can be appealed within 15 days. If no appeal is filed, Rexig and Poliszot’s registrations will be terminated, and they will no longer be permitted to trade in real estate.

Poliszot did not respond to Real Estate Magazine’s request for comment.

In a 2021 interview with REM, Poliszot described his firm as working “much like a real estate investment bank,” advising smaller investors — such as medical professionals, lawyers and entrepreneurs — on building real estate portfolios.

Province reviewing iPro audit

The enforcement action comes as the Ontario government confirms it has received Dentons Canada’s audit into RECO’s handling of the iPro Realty scandal, which involved the alleged misuse of millions in trust funds. Minister Stephen Crawford has said the findings will be made public once his review is complete, though no timeline has been given.

Consumers and agents affected by the Rexig freeze order are encouraged to contact RECO.

Editor’s note: Realty Executives has no affiliation with Rexig Realty Investment Group Ltd. A previous reference has been removed to avoid confusion.

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“Our associations welcome a full review of RECO’s governance and practices. This process must deliver meaningful reforms, including Ombudsperson oversight, stronger accountability measures, and enhanced enforcement tools to safeguard consumer deposits and restore public confidence,” said the associations in a combined statement.

Toronto Regional Real Estate Board president Elechia Barry-Sproule, Cornerstone Association of Realtors chair Julie Sergie, Ottawa Real Estate Board president Paul Czan, OnePoint Association of Realtors president Bonnie Looby, and Central Lakes Association of Realtors president Christine Riley signed the statement.

“Recent events, including the iPro Realty investigation, have highlighted the need for enhanced transparency and accountability at Ontario’s real estate regulator,” reads the statement. “The handling of trust account breaches by iPro Realty is a serious matter that speaks directly to consumer confidence and professional integrity.”

The statement said the Pro Realty investigation “undermines RECO’s consumer protection mandate,” and damages the reputation of thousands of hardworking and honest Realtors.

The associations note that Ontario would not be the first province to bring its real estate regulator under the Ombudsman’s oversight, noting that counterparts in B.C. and Quebec already fall under the jurisdiction of their respective provincial Ombudspersons. 

RECO’s board announced Monday it had ordered an immediate freeze on iPro accounts, to “safeguard funds and secure business operations,” it said, while an independent audit into the matter by legal firm Dentons Canada LLP will begin immediately, according to a statement. 

Demands for action are getting louder after Ontario’s real estate regulator said last week that iPro Realty co-founders Rui Alves and Fedele Colucci will not face charges, despite $10.5 million going missing from the brokerage’s trust accounts. The total amount missing is now $8 million, RECO has said.

OREA’s response

Earlier this week, Ontario Real Estate Association interim CEO Sonia Richards also called for RECO to be made subject to Ombudsman oversight, echoing a point made in OREA’s 2024 whitepaper, Continuing to Raise the Bar for Real Estate in Ontario.

Richards said the sudden closure of iPro Realty “has shown the far-reaching impact that regulatory decisions can have on Ontario’s buyers, sellers, real estate professionals, and overall consumer confidence in the real estate market.”

“Last week’s subsequent leadership changes at (RECO) further demonstrate the importance of transparent and independent oversight of government bodies in fostering a trustworthy and durable consumer protection framework for Ontario families,” said Richards.

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RECO’s board announced Monday it had ordered an immediate freeze on iPro accounts, to “safeguard funds and secure business operations,” it said, while an independent audit into the matter by legal firm Dentons Canada LLP will begin immediately, according to a statement. 

Demands for action are getting louder after Ontario’s real estate regulator said last week that iPro Realty co-founders Rui Alves and Fedele Colucci will not face charges, despite $10.5 million going missing from the brokerage’s trust accounts.

Toronto real estate lawyer Mark Morris, who has more than 20 years of experience in the field, told Real Estate Magazine he believes RECO’s latest moves are a response to pressure.

“RECO needs to take definitive action and be seen to be doing so to re-establish trust in the profession and amongst the public at large,” said Morris, who heads up Legalclosing.ca. “This was, at a bare minimum, what was required to show that RECO is approaching this seriously and with the intent of reform.”

The freeze of iPro’s accounts means that all transactions will now be processed through ClaimsPro LP, the insurance adjusters for the professional liability policy administered by RECO, said Monday’s statement. The freeze will ensure safeguards are in place while still permitting a process for closure of real estate transactions, said RECO. 

Advice for Realtors with client or commission money tied to iPro

Morris’ advice to anyone looking to recover a consumer deposit or commission through RECO’s insurance program is to “file early and file often.”

“The wording of Schedule A of the claims policy states that, as best I can read it, and with the caveat that I’m not an insurance lawyer, it’s first-come, first-served,” he said. “So you really want to get those claims in quickly.”

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). 

While the two buckets of insurance money are “virtually identical interms of coverage and effect,” consumers and Realtors will be treated “very different” from each other by RECO, Morris said.

‘Consumers will be made whole’

Morris, who, as the lawyer of record for bankrupt brokerage TheRedPin has seen first-hand how these situations can play out, said RECO “will not allow consumer deposits to be lost, or perceived as lost,” because of the immense breakdown of trust in the industry that would inevitably follow. 

“The job of RECO is to regulate on behalf of the public,” said Morris. “Self-regulation is a privilege, and if by virtue of their self-regulation, and the failure of their self-regulation, the consumers are hurt, meaning that they cannot depend on these deposits, then it’s hard to see how you can rebuild trust with the general public again.”

Could Realtors be on the hook?

Morris said he believes that if it comes to it, money owed to consumers could come out of Realtors’ pockets if any amount is outstanding beyond what insurance would cover. 

“All deals are being paid by iPro as they conclude from a consumer deposit perspective, and it is my belief that whatever the cost, it will be borne by the Realtors of this province, whether it be by a special assessment or anything else,” he said. 

“One way or the other, come hell or high water, the insurance coverage limit of $4 million will not stop RECO from affecting additional monies above and beyond because of the fundamental break in trust that will result,” he said.

How will commissions be paid?

“Technically, they’re supposed to pay it out on the first claims basis, but my guess is based on the way that they handled TheRedPin, it will be paid out on a pro rata basis,” said Morris.

The difference is that with first-come, claimants get 100 per cent until there’s nothing left in the pot. Pro rata means you “assemble the total amount of claims, figure the total amount of discrepancies after the insurance has fully paid it’s $4 million, and then from there you make everyone take an equal haircut,” said Morris.

How can Realtors protect themselves and their clients?

Morris advises Realtors to be vigilant about commission payments and the handling of funds through trust accounts.

He said that delays should never be ignored.

“If people are taking a while to pay your commissions or giving you excuses as to why it is you’re not getting your commissions on closed deals, be suspicious,” he said. “That’s a pretty good lesson from this.”

Also, the rules of which trust accounts can he used for consumer deposits, he said, are flexible. 

“There’s nothing that says that deposits have to be paid to any particular trust account. It can be paid to the buyer’s trust account, the seller’s trust account, the seller’s solicitor’s trust account, [or] the buyer’s solicitor’s trust account.” 

Morris emphasized the importance of insurance coverage on trust accounts, something people can ask about before handing over any money.

“All lawyers maintain sufficient coverage per transaction to account for most normal deposits,” he said. “If people are having problems or suspecting that something may be amiss, then just put it into a solicitor’s trust account, there is no difference,” he said.

Morris’s comments for this story are editorial opinion only, and are not to be taken as legal advice. 

RECO commits to releasing report by October

RECO said in Monday’s release that the legal auditor is to deliver an interim report to the board by Sept. 30, and then a final report by Oct. 30. RECO said it will release the final report’s recommendations.

An independent accounting firm is also being engaged to oversee iPro’s closure/wind up and will ensure oversight for remaining iPro transactions, as well as providing forensic audit services. 

Real Estate Magazine has made several attempts to arrange an interview with RECO. 

Editor’s note: This story was updated on the morning of Aug. 27 to clarify information about where consumer deposits can be held.

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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The appointment is effective immediately, as announced by RECO’s board of directors on Monday. 

Following the retirement of the previous CEO Michael Beard, RECO’s board named Buchanan as interim CEO in February 2025, following a six-year tenure as the organization’s COO.

“I am honoured to continue to lead the RECO team as we build on our momentum as a consumer-focused, forward-looking and technology-enabled regulator,” said Buchanan in a statement. 

“I’m excited to deepen our collaboration with the Ontario government, and our stakeholders, as we work together to support the real estate profession and ensure strong consumer protection.”

Buchanan is an “accomplished and empathetic leader,” said RECO, who brings to the CEO role “deep experience, strong support for team and stakeholder engagement, and an unwavering commitment to consumer protection.”

She has more than 20 years of experience in the Ontario regulatory environment and has held senior positions in both public and private sector organizations. 

“We are proud to welcome Brenda as RECO’s new CEO,” said Katie Steinfeld, chair of RECO’s board. 

“Brenda is a bold, forward-thinking leader whose vision and drive will lead RECO into a new era of innovation, transparency, and consumer trust. Her appointment marks an exciting chapter for RECO as we embrace change and reimagine the future of real estate regulation in Ontario.”

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When Karen Yolevski accepted the CEO role at Carson Dunlop, it wasn’t just another career move. It was a pivotal moment in the company’s evolution. After years of organic growth, especially on the education side during the pandemic, Carson Dunlop was ready for something different. Not reinvention. Rebuilding. The kind that happens when a business graduates from one era into another and needs new scaffolding for what comes next.

“I’ve been in the space for quite some time,” Yolevski says. “Sometimes I tease that I’m working my way around all the key players in real estate—brokerage, appraisal, title and now inspection.”

What drew her in wasn’t just familiarity with the industry. It was a rare chance to take a gold-standard brand and equip it for its next growth phase. Backed by the Co-operators, Carson Dunlop now plays a central role in advancing the insurer’s home services strategy — helping protect the physical integrity of the home and preserve its long-term value, as part of a broader commitment to building more resilient consumers and sustainable communities.

“The home will continue to be people’s biggest investment,” Yolevski says. “The question is, how do we help them protect that investment, not just at the time of purchase, but over the course of ownership?”

The Canadian home inspection industry remains one of the least standardized sectors in the real estate ecosystem. Licensing requirements vary across provinces, and educational programs are inconsistent. And while inspections can shape, stall, or secure a transaction, they are often treated as a last-minute obligation instead of a professional service. Carson Dunlop sees a different path forward.

A legacy built on trust

Under its founders, the company became synonymous with integrity. Inspections weren’t transactional. They were educational, impartial, and trusted. That trust was hard-earned. Yolevski knows it, and she doesn’t take it for granted.

“Being able to provide wise counsel at a time when a consumer needs it most, and doing so impartially, that’s what this company was built on,” she says. “And we certainly can’t lose that.”

But what got the company here isn’t what will take it forward. 

Over the past few years, the company scaled quickly on the strength of its training platform. But with that scale came strain. Systems needed refinement. Teams needed structure. Processes needed clarity. It’s the moment when a business doesn’t need more adrenaline. It needs architecture. That’s where someone like Yolevski comes in.

Scaling without compromise

Yolevski is not here just to maintain standards. She is here to build the systems that protect and extend them.

“We’re the premier educator in the home inspection space in Canada. Many inspectors in the industry, we’re proud to say, have been trained by us. And we’re not backing down from that, we’re going to grow in that space.”

Education is not just a pillar of the business. It’s the foundation. The company’s strength lies in its ability to train, certify, and support inspectors before they ever interact with a client. Training is how you preserve quality at scale. That institutional mindset, building integrity into the infrastructure, is central to Yolevski’s approach.

Rewriting the perception of inspection

“There’s still this idea that inspection is a ‘necessary evil,’” she says. “It’s a gate you have to get through to close a deal. But that’s not the reality.”

She’s not wrong. Despite being one of the most consequential steps in a transaction, inspections are often feared more than they’re appreciated. But she wants to flip that mindset entirely.

“Think about how much research people do before buying a washer or dryer,” she says. “This is another component of that research, but for the biggest investment you’ll ever make.”

It is a point that sticks. Homeowners obsess over appliance warranties and thread counts but hesitate to engage fully with the systems that run the home they are about to live in. Yolevski wants to shift the narrative. Inspection is not a pass-fail moment. It is a source of insight that informs decision-making long after the deal closes.

“It’s going to tell you what the house is, how it works, what needs attention, and when. And that information lives on after the transaction. That’s incredibly powerful.”

From vendor to industry partner

Yolevski’s credibility doesn’t come from theory. It comes from experience. As COO of Royal LePage’s corporate brokerages, she helped lead a large network of brokerages through market cycles and operational change. That insight now shapes how Carson Dunlop serves agents and brokers, not just clients.

“I feel lucky to have seen the target audience from the inside,” she says. “It gives me a unique perspective on how we can best serve our clients.”

Her definition of service goes well beyond bookings.

“One, you can find us. We’re easy to book. But more importantly, we deliver a service you want to attach your name to. Because if it’s not good, no Realtor’s going to refer us, no matter how convenient we are.”

This is the part of her leadership that feels clearest. She is not chasing attention. She is building alignment. Carson Dunlop is positioning itself as a partner that understands the pressures brokerages and agents face and is designing around those realities. It is not just about inspections. It is about helping the people who help clients.

“We know real estate can be a lonely business,” she says. “It’s hard. It’s competitive. And we’re asking: how do we go beyond service and enrich the Realtor’s business?”

Building a profession, not just a business

That vision includes reshaping how the public and the industry view inspection as a career. The old narrative saw it as a soft landing at the end of another trade. Yolevski wants it to be a real trade of its own.

“It was commonly thought that inspection was a second career. Maybe a tradesperson looking for something to do at the end of their working life,” she says. “But that’s changing.”

Carson Dunlop is now positioning inspection as a first-choice profession, equally valid as plumbing, electrical or HVAC.

“There’s less lead time, fewer physical limitations with new technology like drones, and more opportunity for entrepreneurship,” she says. “We’re positioning ourselves as a launchpad for people coming out of school looking to enter a real profession.”

Change with clarity

The internal transformation is ongoing. Legacy systems are being modernized. New processes are being implemented. The growth that came quickly during the pandemic years is now being structured and stabilized.

“Change can be difficult, even when it’s positive,” Yolevski says. “You can’t force someone to feel like something’s a great idea. You have to walk with them, show them, and let them come to that conclusion themselves.”

That clarity, paired with patience, is how she leads. It’s a style that doesn’t seek applause. It seeks alignment.

What comes next

Having interviewed both Alan Carson and Karen Yolevski within weeks of each other, the contrast is clear. Carson speaks with the quiet confidence of a craftsman. Yolevski moves quickly, system by system, like someone sketching out a framework and checking against the blueprint as she goes. The values are the same. The tempo is different.

Still, the goal remains. Set a new standard. Grow the company without diluting it. Turn trust into scale, and scale into infrastructure.

“Coast to coast, I want us to be the first name that comes to mind when people think of quality inspections. When they think of professionalism. When they think of partnership.”

That is not a slogan. That is a strategy. And now the blueprint is on the table.

Voices by REM

Partnered stories produced by our team in collaboration with industry leaders.  Want to tell your story? Find out more here.

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In an era of global economic instability exemplified by the ongoing U.S. trade war and rising protectionist policies, labour mobility must be part of Canada’s plan to strengthen its internal economy.

But resilience should be built on a foundation of trust, especially in sectors as vital and consumer-facing as real estate. 

When it comes to buying or selling a home, the largest financial transaction most Canadians will ever make, consumer protection must not be sacrificed on the altar of as-of-right labour mobility.

Stakes are higher compared to other professions

Across Canada, provincial governments are introducing legislation, like Ontario’s Bill 2, the Protect Ontario Through Canada Free Trade Act, 2025, to permit “as-of-right” recognition of professional registrations or licenses.

On paper, that’s a promising step. Real estate professionals, like their clients, should be able to practice across provincial borders with minimal barriers and red tape. 

Except real estate is not like other regulated professions. 

If a hair stylist or an accountant from another province makes an error because they lack knowledge of local regulations, the consequences are usually fixable. In real estate, a bad transaction can be financially devastating, upending a family’s future, draining life savings, or leaving someone without a home. 

When it comes to dealing with the financial well-being of Canadians, the stakes are too high to treat real estate labour mobility as a rubber-stamp process.

Frameworks built on hyper-localization

Real estate professionals do not operate in one uniform national market, but in deeply local ones shaped by regional cultures, economies, and consumer expectations. The provincial regulatory frameworks governing those markets did not emerge by accident. They were shaped by the unique needs of local consumers across each province. 

Ontario’s regulatory system, for example, is designed to balance the complexity of Toronto’s condo market with the very different realities of rural or northern transactions. 

While each provincial framework may not always get it right, they have evolved to remain flexible enough to work across a wide range of property types, transaction structures, and market pressures. To ignore that complexity in the name of expedient labour mobility is to misunderstand how real estate functions in this country. 

Proceeding with guard rails

Real estate industry leaders should advocate for as-of-right labour mobility with requirements.

Rather than fight against the removal of internal trade barriers, industry associations, regulators and government should collaborate to design reciprocal registration recognition frameworks that allow real estate professionals to get certified quickly, while also ensuring that consumers are protected.

For example, out of province registrants should be required to demonstrate knowledge of provincial real estate laws and regulations. That would mean, for example, implementing jurisdiction-specific knowledge tests, such as the Real Estate Council of Ontario (RECO) interprovincial challenge exam to ensure that agents understand the legal and regulatory frameworks they’re working within.

It also means requiring proof of appropriate insurance coverage in the province of practice. 

In Ontario, for example, this would involve mandatory participation in RECO’s professional liability program. 

Agents or brokerages should also be required to maintain trust accounts within the province where they are trading to ensure consumer deposits are subject to local oversight and can be audited if necessary. 

And finally, in a future where corporate brokerage headquarters could be anywhere in Canada, there must be clear lines of accountability so that consumers know exactly who to contact if they need to resolve a complaint or get support during a transaction.

Big changes set for Canada Day

For real estate association leaders across Canada, this future is coming faster than you may think. 

Prime Minister Carney and Canada’s premiers have set a target of July 1st, 2025 for removing all internal trade barriers.

Many provinces have entered memorandums of understandings (MOUs) to negotiate the specific changes and as-of-right labour mobility regulations. 

Thankfully, associations like the Toronto Regional Real Estate Board (TRREB), the Ontario Real Estate Association (OREA), and the Canadian Real Estate Association (CREA) are at the table for these discussions alongside our provincial regulators. 

Beyond changes to government policy, association leaders should also prioritize professional development programs that equip agents and brokers with the knowledge needed to operate effectively outside their home province. 

Brokerages, particularly those in multiple provinces, must proactively develop compliance systems that meet or exceed the highest regulatory standards across jurisdictions. 

At the same time, real estate regulators must collaborate to develop shared disciplinary databases that prevent individuals with problematic histories from simply moving provinces to avoid consequences.

The future is coming fast. Labour mobility is not a matter of if, but when. The real estate industry must lead in designing a system that encourages greater mobility while keeping consumers safe.

Let’s ensure that when we say any license can work anywhere, we also mean that every consumer is protected everywhere.

Matthew Thornton

Matthew Thornton founded Real North Strategies in 2023 after working over 16 years at Queen’s Park and as a public relations executive at Canada’s largest provincial association. He is on a mission to build a better Canada by helping associations, not-for-profits, and organizations solve the biggest public policy challenges of our time by providing world-class advocacy and communication services. From multi-million-dollar campaigns to working with volunteer committees & boards, he has a track record of innovation, creativity, and success when it comes to public affairs, media relations and government relations. Matthew is a proud University of Western alumni, having graduated with an Ivey Business School Executive MBA (’22), Master of Arts (’07) and Bachelor of Arts Honors (’05). He also achieved the CAE designation from the Canadian Society of Association Executives in 2012.

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The following was submitted in response to a recent opinion piece written by Alberta Real Estate Association CEO Brad Mitchell.

Contrary to the Alberta Real Estate Association’s disappointing and ill-informed assertions published in the Real Estate Magazine, the Real Estate Council of Albert’s (RECA) actions in the Drinkwater matter demonstrate the effectiveness of Alberta’s real estate regulatory framework. RECA is firmly committed to protecting consumers and upholding the integrity of Alberta’s real estate industry.

“RECA acted swiftly”

Upon receiving credible allegations of fraudulent activity by Eric Drinkwater in spring 2024, RECA acted swiftly and decisively in accordance with our statutory mandate. Using the emergency power under Section 53 of the Real Estate Act, RECA’s Residential Real Estate Broker Industry Council Chair ordered Mr. Drinkwater’s licence suspended on June 18, 2024. Effective immediately on that date, Mr. Drinkwater was barred from trading in real estate in Alberta, eliminating any ongoing risk to consumers while the case was under review.

RECA then launched a thorough investigation into the allegations, while cooperating fully with law enforcement and following due process under the Act. RECA’s standard practice is to share relevant information with law enforcement. The Calgary Police Service formally charged Mr. Drinkwater with fraud on May 8, 2025.  RECA’s investigation was completed and a disciplinary hearing was scheduled for March 2025; after an adjournment requested by Mr. Drinkwater, the hearing proceeded on May 22, 2025.  The Panel’s written decision will be made public, consistent with RECA’s commitment to transparency. 

RECA’s process reflects the latest regulations, says Paquin

Alberta’s modernized regulatory regime, including the post-2019 governance reforms, was created to ensure public confidence through decisive action against misconduct, and RECA’s handling of this case reflects that mandate. It is important to know this is a complex and ongoing matter and communication must be done in the proper timeframes to ensure integrity of the process.

Stacy Paquin

Stacy Paquin is the acting CEO of the Real Estate Council of Alberta

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Brad Mitchell is the CEO of the Alberta Real Estate Association, a not-for-profit professional association representing the interests of more than 15,000 Alberta Realtors from 10 local real estate boards/associations.

Albertans deserve the confidence that their real estate transactions, often the most significant financial commitments of their lives, are conducted within a regulatory framework designed, first and foremost, to protect the public. That is the cornerstone of professional real estate regulation. Unfortunately, recent events have raised serious concerns about whether Alberta’s regulator is fulfilling its mandate.

The case involving Eric Drinkwater, formerly of Re/Max Central in Calgary, has revealed a deeply troubling situation. Civil litigation, criminal charges, and the removal of Re/Max Central from the Re/Max network are all part of a broader failure of oversight. Most distressing is the impact on the victims, many of whom are Realtors, and the erosion of trust this incident has caused.

Despite clear authority under the Real Estate Act, particularly Section 53, which allows the Chair of an Industry Council to suspend and impose conditions on licensees in the public interest without a hearing, those tools were not and are not being used properly. This was not a failure of legislation. It was a failure of execution. This is not an isolated failure. It reflects a pattern of inaction and misplaced priorities that have steadily undermined public confidence in the Real Estate Council of Alberta (RECA) and its ability to fulfill its duties.

Consumers “left at risk”

In 2018, the Government of Alberta commissioned a report that uncovered serious problems within RECA. In response, the province introduced significant reforms, including the Real Estate Amendment Act, which took effect in December 2020. One crucial change was made to Section 54 of the Act. It requires RECA’s Industry Councils to reject requests from licensees who want to voluntarily withdraw from the profession if there are credible allegations of fraud or criminal activity that warrant investigation.

Despite this clear requirement, RECA did not implement the change. It only began to enforce the provision after the Minister responsible for Service Alberta issued a formal directive several years after the law had taken effect. Even then, the RECA Board did not inform Industry Council members about the Minister’s directive. Council members only learned about it through an advisory issued by AREA.

As a result, consumers in Alberta were left at risk. Individuals facing serious allegations were allowed to leave the profession without facing any consequences. In one case, a licensee was granted a lifetime withdrawal from RECA and resumed selling new homes the following week.

A look at RECA’S spending

It is difficult to reconcile failures like these with RECA’s spending priorities. 

While RECA has spent money on initiatives such as building a private employee gym and paying off a $13 million mortgage, it has simultaneously cited financial constraints as a reason for its limited enforcement capacity. In any public-serving institution, especially one with regulatory responsibilities, such spending choices warrant scrutiny.

“Inadequate response” to Drinkwater fraud case

AREA has long advocated for a regulatory system in Alberta that is transparent, competent, and focused on the public good. In this case, the regulatory response has been inadequate. 

RECA has stated that in the Drinkwater case, it acted “swiftly and in strict accordance with our regulatory obligations,” but such assurances ring hollow given the extent of the harm. Speed and diligence must be measured not by RECA’s internal timelines but by the consequences of inaction and the public’s interests.

RECA to go under the magnifying glass

AREA supports the Alberta government’s decision to conduct a full review of RECA’s operations and governance. A regulator must not only be independent but also effective. Regulatory independence cannot serve as a shield against accountability. 

Our industry relies on a well-functioning regulator to uphold standards, enforce rules, and ensure consumer confidence. When enforcement is delayed, regulatory tools go unused, and resources are diverted away from public protection, the system fails to serve its core purpose.

AREA will continue to advocate for the victims in the Drinkwater case, including seeking compensation through the Consumer Protection Fund. If current policies are insufficient to meet the needs of victims, they must be revised. A fund intended to protect consumers must do just that.

There is now an opportunity to reset Alberta’s real estate regulatory system—to ensure that enforcement is proactive and that transparency is practiced and not merely promised. Real estate regulation is not about image. It is about trust. It is about responsibility. And it is about acting swiftly in the public interest when that trust is at risk.

The public deserves better. And the professionals in our industry, who work every day to uphold high standards, deserve a regulator who shares and reflects that same commitment.

Brad Mitchell

Brad Mitchell is the CEO of the Alberta Real Estate Association.

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The Protect Ontario Through Free Trade Within Canada Act, 2025 (Bill 2) has passed its second reading. 

It proposes Realtors in co-operating provinces, which include New Brunswick and Nova Scotia, do not need to take an exam to begin working in Ontario. Instead, the Realtor simply has to apply to work in Ontario with the certification from their province. 

If their registration is approved, they can then work in Ontario without even having to be physically present in the province.

A threat to high standards?

Some working in the field fear the bill has the potential to weaken the high standards Ontario sets out for its real estate sector.

“Technically, (the bill) does (lower standards),” real estate agent Danny Dawson told REM. “You’re letting someone into a new province that has a whole different set of regulations and rules, and different systems, and they’re not trained on it yet.”

Dawson has a practice in both Ottawa and the Outaouais region in southwestern Quebec. He warns that if there’s no process in place to make sure the Realtor knows the regulations for Ontario to a tee, problems could arise.

“The consumer expects a Realtor to be educated in the law and the systems to buy a house,” Dawson said. “If you don’t know that, that’s a fail to the consumer. So there does need to be a system in place… if it’s just a simple transfer of license, then I see that being a problem.”

Toronto-based Realtor Scott Ingram agrees that simply airdropping into a different jurisdiction without a deep knowledge of the market may not work as Ford envisions. 

He said even going from Toronto to Port Hope, both in Ontario, means very different customs, and it took adjustments to make it work for him. 

For example, in a recent deal in Port Hope, he got a personal cheque for the deposit, which he said never happens in Toronto, and the deposit was a lot less than the five per cent he usually receives. 

Ingram imagines an out-of-province Realtor trying to manage a bidding war in Toronto.

“It could be a real shit show,” he said. “Real estate is an area of local specialization.”

He foresees younger, hungrier agents taking advantage of working in a different province rather than more experienced agents.

How it would work

In the proposed new process, the Realtor notifies the Real Estate Council of Ontario (RECO) that they want to practise in Ontario under the Labour Mobility Act. 

The regulator has 10 days to approve their request, according to an official with knowledge of the matter but who is not authorized to speak on it. 

The Realtor is then considered registered for up to six months and must submit a complete labour mobility application within 30 days, which RECO also has 30 days to approve or reject. If approved, the Realtor can continue to work in Ontario.

The current process requires the Realtor to be present in Ontario and take an exam that proves they are familiar with the Trust in Real Estate Services Act, or TRESA, the legislation that governs Ontario’s real estate industry.

A bill to remove barriers

Bill 2 doesn’t specifically say anything about real estate. Instead, it is a blanket decree to remove barriers for the free flow of goods and services between provinces, and real estate is just one of those services caught in its net.

“What we want to do is standardize right across the country,” Premier Doug Ford said during an April news conference in which Ontario signed a memorandum of understanding with Nova Scotia and New Brunswick. “If it’s good for one province… why isn’t it good for all provinces and territories?”

Ford, though, was talking about first aid kits when he posed that question, and real estate is much more complicated.

Overall impact remains unclear

Regulations for the bill, which will be informed by input from industry experts and associations, are set to begin shortly, and they may restrict the free flow that the province intends.

Cathy Polan, president of the Ontario Real Estate Association, said in a statement to REM that they are “working with the provincial government to understand the impact that this Bill may have on Ontario real estate.”

“As we move forward, OREA will continue to work alongside the Ontario government and RECO to ensure a smooth transition during this process and assist with labour mobility across Canada,” she said.

Matthew Thornton, founder of public affairs firm Real North Strategies, which has clients working on this file, noted that at the very minimum, Realtors working in Ontario will still have to follow the rules of TRESA. He said the province can still protect consumers through that legislation. 

“I can’t see standards being decreased,” he said. “It would be a step backwards and I think the industry is looking to ensure that our standards remain very high.”

Thornton noted that real estate is different from other industries in that consumer protection is a huge element, and it involves sensitive transactions that often deal with people’s life savings.

A RECO spokesperson told REM in a statement that they will communicate any changes with the sector as they review the details of the legislation. 

Ford has indicated he’d like all barriers between provincial trade removed by Canada Day, according to the source with knowledge of the matter, and Thornton said there’s some urgency in the government to get the bill through.

Both Dawson and Ingram don’t see the bill having too great an impact on the industry and predicted that not many Realtors will take the province up on its offer. 

Dawson noted that Realtors can already work in different provinces just by taking an exam, which he says is not a large barrier, but not many do it. 

Working in more than one province involves paying multiple membership fees to real estate boards, which Dawson said isn’t financially viable if they’re not active in both markets.

“(Bill 2) is not going to have a major impact,” Dawson said.

Eric Stober

Eric Stober has over 10 years experience as a journalist and writer at publications big and small, including Global News, Toronto Life, Post City Magazine, Greencamp.com, the Toronto Star and The Grid.

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Jamie Burke

Jamie (she/her) is a Writer with Real Estate Magazine, as well as Partner of a marketing agency, Burke By Burke, with her husband Eddie. She is an avid reader, self-proclaimed foodie, urban land economics enthusiast, Barry’s Tea drinker and part-time yogi. She lives, works and plays in Port Moody, BC, on the ancestral and unceded homelands of the kʷikʷəƛ̓əm (Kwikwetlem), səlilwətaɬ (Tsleil-Waututh), xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), q̓ic̓əy̓ (Katzie), qʼʷa:n̓ ƛʼən̓ (Kwantlen), qiqéyt (Qayqayt), and Stó:lō (Sto:lo) Peoples

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