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Home News Enhancing Financial Oversight to Protect Ontario Consumers  

October 1, 2026

Enhancing Financial Oversight to Protect Ontario Consumers  

RECO implements new Annual Financial Filing requirement as part of its risk-based approach to regulation.

TORONTO ON – The Real Estate Council of Ontario (RECO) has implemented its new annual financial filing requirement for real estate brokerages, marking an important step forward in strengthening consumer protection and financial oversight across the province. 

Beginning today, approximately 3,300 Ontario brokerages can submit their inaugural annual financial filings through RECO’s secure MyWeb portal. Filings are due by October 30, 2026. Moving forward, submissions will be required annually within 90 days of a brokerage’s fiscal year-end. 

“Strong financial oversight of brokerages is an essential part of effective consumer protection,” said Jean Lépine, RECO’s Interim Chief Executive Officer. “Annual financial filing gives RECO more timely and consistent information about the financial health of brokerages and their management of trust funds. This information will help us identify potential risks earlier and focus our regulatory resources where they can have the greatest impact.” 

RECO developed this initiative in close consultation with real estate boards, brokers of record, and financial experts. These stakeholders are already on the front lines of maintaining high standards and holding the profession accountable. By introducing annual financial filings, RECO is reinforcing that trust account oversight is a shared duty across the entire industry. 

What brokerages need to know 

Brokers of Record must submit annual financial and trust account filings through MyWeb no later than October 30, 2026. 

  • Submission details: Filings require trade activity data, financial statements, trust account information, unclaimed trust monies, and formal Broker of Record attestations.
  • Simplified process: Brokerages with no trading activity during the reported fiscal year may complete a simplified submission. 
  • Regulatory action: RECO will take regulatory action against brokerages that fail to comply with filing requirements and deadlines, which may result in registration suspension, revocation, and referral to the Discipline Committee. These regulatory actions are publicly disclosed on RECO’s website. 
  • Resources & support: Instructional guides, checklists, and webinars are available on the RECO website. 

A more proactive approach to financial oversight 

The initiative is part of RECO’s broader transition toward proactive, data-informed regulation. Standardized financial reporting enables RECO to identify sector-wide trends, detect potential risks early, and deploy targeted regulatory oversight before issues impact consumers. The new requirement complements RECO’s existing brokerage inspection and audit programs.

“Regulation is most effective when we can identify potential risks before they become problems,” added Lépine. “This initiative gives RECO better information to support that approach while helping strengthen confidence that consumer funds are being properly managed.” 

For complete filing requirements, compliance tools, and instructional resources, visit RECO’s Annual Financial Filing webpage. 

About the Real Estate Council of Ontario (RECO) 

RECO is a not-for-profit corporation established in 1997 to regulate real estate agents and brokerages to protect consumers in Ontario’s real estate services sector. RECO administers the Trust in Real Estate Services Act, 2002. 

Contact:
Tess Lin, Director of Communications & Stakeholder Relations 
Real Estate Council of Ontario 
mediacontact@reco.on.ca