Auditor General’s November 2022 Report on RECO
This is the response from the Ministry:
“The Ministry of Public and Business Service Delivery (Ministry) would like to thank the Auditor General and her staff for their work on the audit and for their recommendations.
The Ministry welcomes the feedback on how the Real Estate Council of Ontario (RECO) is performing and the recommendations to strengthen RECO’s operations and the Ministry’s oversight of RECO. The Ministry recognizes the importance of RECO fulfilling its responsibilities to administer and enforce the Real Estate and Business Brokers Act, 2002 (Act) in a manner that protects the public.
The Ministry takes its oversight of RECO seriously and is committed to examining areas where the Ministry can enhance its oversight processes to provide greater assurances for the people of Ontario that RECO is meeting its consumer protection mandate.
The Ministry notes that the Trust in Real Estate Services Act, 2020, which amends the Act, received Royal Assent in March 2020. The majority of changes made by the Trust in Real Estate Services Act, 2020 will be coming into force on April 1, 2023, including changes that will:
• strengthen disclosure requirements and other registrant obligations;
• allow a registrant to conduct an open offer process and disclose the details of competing offers, excluding personal or identifying information contained in the offers, at the seller’s direction; and
• update the regulatory powers and tools of RECO, including by revising the procedures of RECO’s discipline committee.
The Ministry will work with RECO to address the Auditor General’s recommendations. For those recommendations directed to RECO, the Ministry will request that RECO provide an implementation plan that outlines the specific steps RECO plans to take to implement each recommendation. The Ministry will closely monitor and track RECO’s progress in addressing the recommendations.”
Brian Madigan LL. B., Broker