RECO takes regulatory action involving four Save Max brokerages

The Real Estate Council of Ontario (RECO) has taken regulatory action under the Trust in Real Estate Services Act, 2002, previously the Real Estate and Business Brokers Act, 2002 (collectively “TRESA”), in relation to four Save Max brokerages and two individuals associated with those brokerages.

Summary of Key Findings 

Action is being taken based on investigations of brokerages associated with Save Max, prompted by concerns raised in a complaint to RECO in December 2024. Inspections, investigations, and a third-party forensic review of financial records completed in January 2026 verified that: 

• Approximately $2.7 million was disbursed unlawfully from four brokerage Real Estate Trust Accounts, demonstrating clear and repeated breaches of TRESA.
• Unlawfully disbursed funds were typically replaced before month-end, when brokerages are required to complete a reconciliation of the Real Estate Trust Account.
• The unlawfully disbursed funds were used outside of the terms of the trust, including for loan payments, property management fees, taxes, credit card balances and vendor services.
• Inspections of other Ontario Save Max brokerages found no significant issues with respect to the administration of each of those brokerages' respective Real Estate Trust Account.

Regulatory Actions Being Taken

Real Estate Trust Account requirements exist to protect consumers and ensure that real estate transactions close as intended. These funds must be held in trust strictly for their designated purposes: to secure deposits, facilitate the completion of transactions, and be disbursed in accordance with the terms of the trust. They are not to be used for operating expenses, cash flow support, investments, or any other purpose outside what the law expressly permits.

Any deviation from these requirements, intentional or otherwise, is a serious contravention of TRESA. It undermines consumer confidence, jeopardizes the integrity of the transaction process, and ultimately damages the trust the public places in real estate agents.

As a result of the findings, RECO has taken regulatory action, including issuing Notices of Proposal to Revoke Registration, Immediate Suspension Orders, and Freeze Orders against the individuals and brokerages listed below. RECO has also notified the Peel Regional Police about its findings. 

Safeguarding Funds Held in Trust 

On February 3, 2026, RECO issued Freeze Orders on the bank accounts of the aforementioned brokerages. These orders were issued to protect funds held in the brokerages’ accounts and to prevent withdrawals while safeguarding consumer deposits.

Freezing trust accounts is the strongest safeguard available to ensure that funds held in trust are protected and not accessed for purposes beyond those they are legally intended to serve. To access the funds, individuals must now go through the insurance claims process.

As the province’s real estate services regulator, RECO is taking the necessary steps to ensure both consumers and registrants are protected. 

Additional Resources

RECO recognizes that both consumers and approximately 400 registrants involved with the identified brokerages will be affected by this matter. Additional information and resources can be found on the Save Max resource page.