Update regarding Save Max Real Estate Inc. Freeze Order

Today, the Real Estate Council of Ontario (RECO) is providing an update to consumers affected by recent regulatory action on four Save Max brokerages and two individual registrants. 

As RECO continues to pursue enforcement action, the regulator has agreed to lift the Immediate Suspension Order and Freeze Orders on the Real Estate Trust Account and General Operating Account for one of the brokerages involved, Save Max Real Estate Inc. This action has been taken under the following mandatory terms:

1. An independent, third-party monitor will oversee the management of the two accounts, approve every transaction within these accounts, and report directly to the regulator. 

2. A RECO-approved Broker of Record will be responsible for the management of Save Max Real Estate Inc.

3. The Freeze Order pertaining to Save Max Real Estate Inc.’s Commission Trust Account continues to apply until a comprehensive audit is completed to RECO’s satisfaction.

4. Suspension of the registrations of the following individuals and affiliated Save Max brokerages remain in place:

• Raman Dua, Broker of Record, sole director, officer and shareholder of Save Max
• Nidhi Dua, Broker of record of Save Max First Choice Real Estate Inc.
• Save Max First Choice Real Estate Inc.
• Save Max Supreme Real Estate Inc.
• Save Max Ace Real Estate

By imposing these terms, RECO will significantly lessen the burden on the majority of consumers impacted by this matter. These actions will also allow real estate transactions to occur, while the aforementioned terms ensure funds remain protected.

RECO continues to pursue the allegations in the Notice of Proposal to revoke registrations and uphold all other Freeze Orders and Immediate Suspension Orders issued on February 3, 2026.