The Office of the Auditor General of Ontario (OAGO) has released its value-for-money audit report on the Real Estate Council of Ontario (RECO) after a year-long audit process.
The report contains 25 recommendations that aim to strengthen RECO’s ability to administer the Real Estate and Business Broker’s Act, 2002 (REBBA) in the public interest.
“We appreciate the opportunities the Auditor General’s report presents to enhance the important work we do. And we are pleased that so many of the recommendations align very closely with our strategy to modernize our approach to administering the law in the public interest,” says Michael Beard, CEO, RECO. “We are actively working on a plan to address the recommendations described in the report.”
RECO will provide its plan to the Minister of Business and Public Service Delivery in spring, 2023, after which the plan will be made public. RECO will provide detailed quarterly updates on the plan’s progress on its website.
RECO’s board, management, and staff are committed to administering the law in the public interest, enhancing consumer confidence in the real estate profession, and raising professional standards in an industry where there are over 100,000 real estate agents.
RECO is proud of its 25-year history as Ontario’s real estate regulator and its consumer-protection mandate and will continue to work with the ministry and other stakeholders to develop and implement strategies that effectively advance the public interest.