An investigative report released today focuses on instances of real estate agents caught facilitating mortgage fraud for a fee.
Like our colleagues at the Ontario Real Estate Association (OREA) and Toronto Regional Real Estate Board (TRREB), the Canadian Real Estate Association (CREA) was not contacted ahead of this report, but we have published a statement. You can read our statement on CREA.ca (also shared below).
If you require support, please forward any media inquiries to CREA’s Media Relations specialist, Pierre Leduc, at email@example.com.
Statement on Investigative Report on Mortgage Fraud
We were concerned by the tactics highlighted in a recent investigative report on mortgage fraud. CREA strongly condemns all illegal behaviours and practices across the industry.
Buying and selling a home is stressful enough. We empathize with anyone who was taken advantage of and believe it’s important that bad actors be exposed.
The ability to call oneself a REALTOR® is a privilege and comes with the ethical obligations outlined by the REALTOR® Code. Unscrupulous agents should be prosecuted to the full extent of the law.
We actively encourage consumers to direct any questions or complaints about compliance to their provincial regulator. CREA’s role, in collaboration with real estate boards and provincial associations, is to take enforcement action for violations of the REALTOR® Code. This can include removing the right to be called a REALTOR®, as well as access to REALTOR.ca and other tools provided to members.
CREA fully supports greater enforcement by regulatory authorities.