Annual General Meeting - 2025

Date: Thursday, May 29, 2025
Time: 10 - 11:30 a.m. EST

Stephen Crawford was elected as the Member for Provincial Parliament (MPP) for Oakville in 2018, in 2022, and again in 2025.

On March 19, 2025, he was appointed as Ontario’s Minister of Public and Business Service Delivery and Procurement, overseeing the delivery of vital programs and services through ServiceOntario, the implementation of consumer protection laws in the province, and the development of public policy around cyber security as well as ground-breaking technologies like AI. He also manages public sector procurement and supply chain operations, ensuring ministries, hospitals, school boards, provincial agencies and more, have access to high-quality, timely, reliable products that are also cost-effective. Prior to his latest appointment he served as Ontario’s Associate Minster of Mines and as Parliamentary Assistant to the Ministers of Finance, Energy, and Infrastructure.

Before entering public service, Stephen served in senior leadership and executive roles in the financial and investment industry over the past 20 years. As a senior executive and senior equity partner at Acuity Funds Ltd, he was instrumental in growing the firm to almost $10 billion in managed assets and was acquired by AGF Management Ltd. in 2011. After Acuity, Stephen became a senior executive and helped transition and build O’Leary Funds LP before it was purchased by Canoe Financial in 2016.

Stephen is very engaged in the Oakville community. He is a member of the Oakville Chamber of Commerce, 100 Guys Who Care-Oakville, and the Royal Canadian Military Institute. He is also a vocal supporter of Plan Canada’s “Because I am a Girl” campaign, which focuses on empowering young girls’ rights to education and health care globally. He was presented with the Keys to the Town of Oakville twice: In 2019, for his work to keep Oakville a distinct town during the provincial amalgamation assessment, and again in 2021 for his role in saving the Glen Abbey Golf Course.

Stephen attended the University of Western Ontario to study Political Science, and then went to University of Toronto for Business. After university he then went on to earn his Canadian Investment Manager (CIM) designation.

Stephen resides in Oakville, Ontario, where he lives with his wife Najia. Stephen is blessed to be the father of two sets of identical twin girls.
 

Dr. Atul Kapur is a Certified and Registered Professional Parliamentarian who has assisted at past RECO Annual General Meetings. He is Vice President of the American Institute of Parliamentarians. Atul uses his expertise in Robert’s Rules of Order to help organizations across the country have productive and efficient meetings.


 

Background: The first item of business is to approve the meeting minutes from the 2024 annual general meeting. These minutes were included in the materials circulated ahead of the AGM and are also available to view on RECO’s website.

Motion: Be it resolved that the minutes of the Annual General Meeting of May 30, 2024 be approved as presented.

2024 AGM minutes (PDF)

 

Katie Steinfeld, Chair
Brenda Buchanan, Interim CEO
Joseph Richer, Registrar

RECO 2024 Annual Report (PDF)

Background: The motion is to appoint the auditors for the 2025 fiscal year audit. The function of the auditor is to express an opinion on whether the organization’s annual financial statements, prepared by management with the oversight of those charged with governance, are, in all material respects, in accordance with the financial reporting framework.

Each year, the board of directors conducts an evaluation of the performance of the auditors in accordance with RECO’s Policy on External Audit.

At every AGM, members appoint the auditors in accordance with the RECO by-laws and best governance practices. RECO periodically conducts an RFP process for the role of auditor. KPMG was the successful vendor in the most recent RFP in 2021, and 2022 was the first year under that multi-year arrangement.

Motion: Be it resolved that the firm of KPMG LLP be appointed as auditors of the Real Estate Council of Ontario until the close of the next Annual General Meeting of the corporation following their appointment.

Requirement: This motion requires the approval of the majority of votes cast in order to be carried.

Background: In 2024, as part of changes to its board size and structure, RECO introduced three classes of directors:

• Sector directors (previously referred to as industry directors)
• Ministerial appointees
• Non-sector directors

At the 2025 AGM, there are three vacancies for sector directors.

As outlined on RECO’s website, members of RECO will elect sector directors as determined through the Nominations Committee process.

The Nominations Committee is responsible for selecting and proposing suitable sector and non-sector directors so that the board includes individuals with a complementary skill set to carry out its duties of providing strategic oversight to RECO. The Terms of Reference for this committee can be found on RECO’s website.

This measure is in line with good governance practices and aligns with other Administrative Authorities.

Campaign material for each candidate

The candidates for sector director are listed below, listed in alphabetical order (last name, first name). This is the same order in which the names will appear on the ballot.

Each candidate has provided a photo, a brief biographical summary, and a video (maximum of two minutes in length) which will be posted on RECO’s website during the campaign period (from April 28-May 28, 2025).

At the AGM and before the vote is called, a video (maximum of 45 seconds in length) from each candidate will be played in alphabetical order by last name.

Following the conclusion of the videos, members of RECO will be invited to vote.

Voting process

The ballot will list each of the candidates, in alphabetical order (last name/first name).

As there are three vacancies, members can cast up to three votes, but only one vote per candidate. Members may cast a ballot for only one or two candidates, if they wish.

Candidates for sector director vacancies

The following are the candidates:

Betty, David
Crampsie, Owen
Howell, Leonard
Kirkwood, Sylvia
Phillip, Collin
Preece, Robert
Steinfeld, Katie
Uppal, Subhir

Requirement: Members of RECO will elect sector directors by casting ballots, for terms determined by voting results as follows:

• Greatest number of total votes – a term of 4 years
• Second greatest number of total votes – a term of 3 years
• Third greatest number of total votes – a term of 2 years

The election will be formalized through a motion to approve the election results.

RECO members who registered for the AGM prior to May 28, 2025, before 9:00 a.m. EST are eligible to ask questions. During the AGM, the “Discussion/Question” button will appear at the bottom of the viewing screen.

For those who may wish to submit a question in advance, please direct it to AGM@reco.on.ca and include your full name, brokerage, and registration number.

A recorded version of the AGM will be posted to the website.

These questions were answered at the AGM.

 

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Meeting procedures

Q. When is the next time we will decide whether to keep or change auditors?
A. 1:48:51

Q. Why was in person voting not done this year?
A. 1:50:34

Q. What happens after 3 and 2-year terms? Will there be new elections to replace those positions?
A. 1:52:03

Q. Can I view the applications somewhere?
A. 1:52:35

Q. What would happen if the vote were not in favour?
A. 1:53:56

Q. How much are we paying the auditors?
A. 1:54:36

Q. Should auditors’ fees be disclosed before members approve the motion?
A. 1:55:20

 

Registration and communication

Q. Many individuals registered as realtors in Ontario are primarily employed full-time in other well-paying professions such as medicine, mechanics, IT, or teaching, and only engage in real estate on a part-time or occasional basis. This trend raises concerns about the overall quality of service, client focus, and commitment to professional standards in the real estate industry. Unlike other regulated professions, where strict requirements ensure consistent engagement and continuing practice, real estate in Ontario still allows for flexible, part-time participation. What steps are RECO considering to address this issue and promote a shift toward real estate being a full-time, professionally managed career? Will RECO consider implementing stricter requirements — such as ongoing professional development, minimum transaction thresholds, or practice continuity rules —to uphold the integrity and trustworthiness of the profession?
A. 1:56:52

Q. Has there been any discussion amongst the board of directors regarding the issue of single licensing? (In other words, each registrant being responsible for their own activities instead of the brokerage being responsible for the agent.)
A. 2:06:36

Q. Can RECO have direct communication with boards and associations when they terminate or suspend to avoid unnecessary fines or reprimands?
A. 2:10:59

Q. How can RECO accept registrations from new applicants who have never heard of TRESA, when it has been around and discussed exhaustively since March 2023?
A. 2:01:47

 

Education programs

Q. When it comes to education and getting new realtors ready for real-world transactions, have you thought about including mandatory supervised practice training in the real estate program?
A. 1:58:34

Q. Where are we with specialized licensing/designations for registrants such as commercial, agricultural and condo practitioners?
A. 2:17:49

Q. RECO is offering courses at four institutions while the market is saturated with agents. What can RECO do to manage the saturation so that existing agents aren't subjected to hardships?
A. 2:20:10

Q. It is common to see advertising breaches in classifieds and trade magazines, and as RECO is a complaint-based organization, it is incumbent upon registrants to submit such breaches. Why does RECO not engage a compliance officer to check out such breaches without relying upon registrants to submit them?
A. 2:14:26

 

Other/miscellaneous

Q. The risk of loss of consumer deposits are relevant to the brokers/brokerages responsible for deposits. Why is this insurance being charged to all registrants?
A. 2:03:05

Q. Can agents view the risk ratings for their own brokerage or ones that they are dealing with? What are the criteria used in determining this risk rating?
A. 2:04:58

Q. Will the mandatory healthcare policy be brought back to the table for review or reconsideration?
A. 2:06:41

Q. Why are there no equity, diversity, and inclusion practices regarding who holds CEO, registrar and board chair positions?
A. 2:12:59

Q. Will there be any movement towards one MLS system for all of Ontario, rather than the current split between PropTx and ITSO? I'm finding many local homes listed through PropTx, which local realtors don't have access to, which is a disservice to the client. Some realtors are purchasing memberships from multiple boards to access this information, which is costly on top of the many fees we already pay. Is there a future where all realtors have access to all listings in Ontario?
A. 2:16:33

Q. Will RECO be stepping in to address OREA's anti-competitive policy on health or travel insurance, which holds agents hostage on their registration to buy OREA's insurance in order to work with the real estate tools within the industry? Or, at the very least address the 3-way agreement that holds real estate agents hostage on their ability to work in the real estate industry with their hard-earned and expensive registration? Surely OREA's policy is in some way against RECO's purpose.
A. 2:22:17

These questions were unable to be answered during the AGM, but have been published in full for transparency, with responses below.

 

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Meeting procedures

Q. How many registrants were present and what constitutes quorum at the AGM?

A. Quorum is set out in RECO’s corporate by-law, which state: “A quorum at any meeting of the members (unless a greater number of members are required to be present by the Act or by the Articles or any other By-law) shall be twenty-five (25) members present. If a quorum is present at the opening of a meeting of the members, the members present may proceed with the business of the meeting, even if a quorum is not present throughout the meeting.”

The highest amount of voting members in attendance at the AGM on May 29 was 560.


Q. Is it possible to provide candidates pictures along with their names on this online ballot paper?

A. RECO will consider this option and consult with our vendor on feasibility and best practices.


Q. As of April 2025, RECO regulates over 110,000 registrants across Ontario, including salespersons, brokers, and brokerages. However, only 372 individuals attended the AGM, which represents a participation rate of just 0.34%. To me, this reflects a lack of professional engagement from the broader membership. I believe the majority of registrants may be working part-time in real estate and do not feel the need to participate in RECO’s governance activities. What is RECO’s view on this low level of participation, and are there any plans to encourage stronger engagement from members, particularly in ensuring that those licensed as professionals demonstrate active involvement in the regulatory and professional development processes?

A. RECO extends multiple invitations to registrants to attend the AGM each year, via eblast, on its website, and on social media. Members are encouraged to attend the AGM, but participation is not mandatory. As long as quorum under RECO’s by-laws is achieved, the AGM may proceed.

The total attendance for the AGM, including voting and non-voting participants was 182 in 2023, 1,249 in 2024, and 840 in 2025. While historical in-person attendance data prior to 2020 is unavailable, anecdotal evidence suggests recent virtual AGM attendance is significantly higher than in-person AGM attendance, which typically had fewer than 100 attendees.

RECO is encouraged by the significant increase in AGM participation since the shift to a virtual format in 2020 and we welcome suggestions as to how we may further increase participation rates.

As for part-time vs. full-time agents, the same registration and education requirements apply to anyone who trades in real estate, regardless of how many transactions an agent engages in or how frequently they attend RECO events.

 

Registration and communication

Q. Is it possible to designate part-time agents and full-time agents?

A. There is no requirement in the law for a registrant to participate in a minimum number of transactions to maintain a registration in good standing.

The same registration and education requirements apply to anyone who trades in real estate, regardless of how many transactions an agent engages in or how frequently they attend RECO events.


Q. I’m not sure if this is the right place to raise this concern, but is it fair that new agents only receive important notifications by email, and not by phone call, especially in situations where their negligence could result in their license being canceled? Should there be additional measures to ensure they are properly informed?

A. RECO’s communicates with registrants by email, which is used by the vast majority of registrants (84% rank it as one of the top three most important methods of communication, and 49% have interacted with RECO by email in the past year) according to the 2024 registrant survey. Making sure your MyWeb account is up to date is the best way to ensure you are receiving important communications regarding registration and other matters.


Q. I have not received a reply from RECO considering a change in policy regarding trust account fraud protections. My suggestion was to allow a brokerage to accept electronic transfer of deposit funds into a temporary bank account and immediately transferred to the brokerage trust account. This would protect the trust funds from fraud.

A. Electronic Funds Transfers (EFTs) are not prohibited. Brokerages must maintain only one legislated trust account to hold trust deposits. To use more than one, it would require specific authorization, which would only occur under very rare circumstances. Please contact info@reco.on.ca to discuss your proposal.


Q. Are there any provisions for maternity or paternity leave as far as maintaining an active license even if on a leave of absence?

A. RECO permits registrants to terminate their registration for up to 24 months without having to re-complete the registration education program. A reinstatement fee and education components would still apply.

As well, a registrant may continue to be registered and simply not trade. The registrant would have to continue to be registered and to pay for RECO insurance. For brokerage and association fees, please discuss with your brokerage and association.


Q. Regarding non-registrants trading in real estate in Ontario. How is this any different, than registrants practicing the law as adjudicators within the social justice tribunals? Are these registrants registered with the Law Society of Ontario?

A. Under the Trust in Real Estate Services Act, 2002 (TRESA), one must be registered with RECO to trade in real estate. There are some exceptions, which are set out in section 5 of TRESA (which is available on the Government of Ontario’s eLaws website).


Q. Consumer deposits held by RECO total over $19 million. Some of these depositors are deceased. Will RECO return the funds to their owners?

A. Monies held in trust by RECO and/or the Ministry are held because the entitlement of these funds is unknown, or the entitled person cannot be located. At the end of 2024, RECO held approximately $19M in trust, however this amount is fluid as disbursement requests may come in, which affects the total. RECO holds the money for only five years, after which RECO transfers the monies to the Ministry. If a person, or the estate of a deceased individual, believes they are entitled to unclaimed deposit monies, they can seek a court order to release the funds.


Q. Why do we not have a mandatory picture on our registration as well as the registered since date?

A. Since some registrants were trading in real estate prior to the establishment of RECO, date of first registration may not be accurate or easily determined in all cases. Some individuals have had periods where they were not registered, so the date one was first registered would not necessarily be relevant or meaningful.

RECO does not have any plans to include photos in the agent/brokerage search; however, anyone can request government-issued photo identification of a registrant to confirm their identity.


Q. Perhaps this is just a moot point: are salespersons and brokers registered or licensed under RECO? If registered, why refer to them as licensed?

A. Individuals and brokerages trading in real estate in Ontario must be registered with RECO. Some regulated professions use the term “licensed”, so the two terms are often used interchangeably, but “registered” is the correct term for RECO.


Q. Can we clarify the correct English language pronunciation of "registrant"? Does it rhyme more closely with "restaurant" or with "indignant"?

A. RECO pronounces registrant closely with “restaurant,” but different inflections will lead to different pronunciations. There is no right or wrong pronunciation.

 

Education programs

Q. How and when does RECO evaluate its education program?

A. RECO’s education programs are developed and maintained with a compliance lens, to provide learners and registrants a clear and consistent understanding of their obligations under the law. Some of the tools RECO uses to evaluate its education programs on a continual basis include:

• Registration education and continuing education surveys after program completion to gather learner feedback on content relevance and confidence in applying knowledge.
• Industry feedback (surveys) on the preparedness of new registrants and the value of education programs to the sector.
• Curriculum reviews and ongoing course maintenance to ensure alignment with current legislation and national competency standards.

 

Other/miscellaneous

Q. Why is it not made very clear in not only the RECO Guide but also in the FAQ that a self-represented party (SRP) will only receive assistance and it’s not permissible to draft ANY APS on behalf of an SRP?

A. RECO will consider your suggestion as part of any future revisions. Though a registrant could not provide services to a self-represented party, the registrant could prepare an offer on behalf of their own client and convey it to the SRP for consideration.


Q. I frequently receive letters via Canada Post from individuals soliciting to buy directly from homeowners, but they are not registered. Are they a self-represented party if they are not registered under TRESA? What is your take on it?

A. Situations like this are referred to as unsolicited offers and generally do not fall under RECO’s regulatory authority, unless the person is representing someone else and not captured by an exception under TRESA. While TRESA governs any individual or brokerage participating in real estate, a buyer or seller in a trade is exempt from this requirement. In effect, these are self-represented parties.

RECO advises anyone receiving unsolicited offers to obtain advice from a real estate lawyer before proceeding with a transaction.


Q. If RECO's purpose is to protect the public and set standards for agents so they are properly protecting the public, then how is RECO allowing OREA and the real estate boards to dictate what tools or areas/information that agents have access to? Especially when that access is based on which health or travel insurance brokerage an agent is a customer of? I do not see the correlation of which insurance company an agent purchases their personal health or travel insurance through and their ability to protect and represent the public in their real estate purchase agreements. When will RECO step in and rectify this monopoly?

A. RECO administers and enforces TRESA and has a mandate to protect consumers by ensuring that real estate agents and brokerages understand and follow the law. RECO does not have any authority over OREA, nor does it have any authority to step in on OREA’s membership criteria or policies.


Q. Further to the advertising question, if you’re willing to investigate every complaint submitted, and the only reason that you don’t go looking for them is because there are too many to police as you stated, why is it necessary for a realtor to identify themselves and draw negative attention to their own business and clients in order to submit a complaint? Wouldn’t it make more sense to be able to submit these anonymously?

A. Most complaint matters require evidence from the complainant, for example as a witness, to provide specific information or documents, which is why complainant’s identity is necessary to investigate and take administrative or disciplinary action. Without the evidence and testimony, regulatory action is not possible.

More information about submitting a complaint can be found on RECO’s website.