Restoring Trust and Public Confidence in RECO – An Update from Administrator and Acting CEO, Jean Lépine

Today marks an important step forward in restoring trust in RECO and strengthening the organization’s ability to protect consumers for years to come.

When I was appointed Administrator four months ago, I was tasked with developing an implementation plan to meet key objectives set out by Ontario’s Minister of Public and Business Service Delivery and Procurement. This included making needed systemic change, modernizing RECO’s governance and organizational structure, and addressing issues identified through the handling of the iPro Realty situation. I am pleased to share a detailed plan that addresses these matters and sets the organization on a path to become the most modern, technologically advanced real estate services regulator in the country.

This plan includes several initiatives that are well under way and the work done to ensure that all eligible commission protection claims in the iPro Realty matter are fully compensated. Today, I can share that as of March 30, 2026, payments have been made available for nearly 80 per cent of claims where commission is owed. This is significant progress towards the ultimate goal of bringing this matter to full resolution. Importantly, all consumer deposit claims were fully compensated.

The plan also includes the following prioritized actions:

• Enhancing financial oversight by implementing annual brokerage filings and better protecting funds held in trust by brokerages
• Reviewing the education program to make sure real estate professionals have the tools to meet evolving consumer protection expectations
• Strengthening RECO’s operations through new governance and reporting structures

The eight transformational initiatives I announced earlier this year form the backbone of my implementation plan, and directly address the recommendations made in the Dentons audit report and review of the iPro Realty matter. These initiatives continue to advance every day and target key areas of reform including oversight and accountability, operational modernization, risk-based compliance, financial transparency, and stakeholder engagement. Together, they represent a coordinated, organization-wide effort to move RECO toward a more proactive, data-driven, and outcomes-focused regulator.

Over the coming months, I will continue engaging with stakeholders across the industry to advance RECO’s transformation efforts. This includes building on our Collaboration Summit series and connecting with local boards to hear directly from those working in the sector. Because the most effective regulators are grounded in listening, understanding, and responding to the realities of the communities we serve.

The work underway to rebuild trust in the sector is supported by RECO’s new Executive Leadership Team and a strong group of dedicated professionals. A March 2026 culture survey confirms a clear desire to continue evolving RECO into a modern, high-performing, and trusted regulator – a commitment we intend to keep.

We look forward to continuing this work together and will provide updates as we achieve progress on the plan.

Additional resources

Administrator's Implementation Plan (PDF)
Transformation Initiatives Summary (PDF)