Auditor General’s November 2022 Report on RECO
This is the RECO response to the overall Report:
“The Real Estate Council of Ontario (RECO) appreciates the work done by the Office of the Auditor General of Ontario and the insights and opportunities its report presents to enhance the important work it does. RECO is also grateful for the oversight of the Ministry of Public and Business Service Delivery (Ministry).
The Board, management, and staff of RECO 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 registrants and high-value assets are traded in approximately 250,000 transactions each year. RECO is committed to delivering on its mandate to the fullest extent possible, and to sharing its progress in a transparent manner. While RECO is actively working on many of the recommendations described in the report, it is committed to developing a plan that will define the necessary steps to assess each recommendation and implement a solution to address the recommendations in a timely and responsive manner.
Specifically, RECO is pleased that so many of the recommendations align very closely with its strategy to modernize its approach to administering the law in the public interest. RECO will continue to develop processes in the areas of registration, inspection, education, complaints, and investigations and to gather relevant data to support its risk-based approach and reporting. The additional data will support and inform RECO’s risk-based approach into the future. RECO will work with the Ministry and other stakeholders to develop and implement strategies that effectively advance the public interest.”
Brian Madigan LL. B., Broker