6/ RECO 2017 ANNUAL REPORT/CHAIR'S MESSAGE ON BEHALF OF THE BOARD OF DIRECTORS, I am pleased to present the Real Estate Council of Ontario’s 2017 Annual Report. The trading of real estate has been regulated since 1930 when An Act for the Registration of Real Estate Brokers and Salesmen came into effect. From that perspective, the creation of RECO in 1997 to regulate real estate salespeople, brokers and brokerages, and protect the public, is relatively recent. As a broker, I know RECO has significantly improved the protection of Ontario’s buyers and sellers in the two decades since its inception, and I’m very proud of the work that we continue to accomplish. In 2017, we reached important milestones in the areas of customer service, technological advancement, consumer and industry engagement, and the elevation of professional standards to enhance consumer protection. You can read about these accomplishments throughout this report. Enhancing consumer protection As the regulatory body that enforces the Real Estate and Business Brokers Act, 2002 (REBBA) every day, RECO has a duty to use its expertise to provide thoughtful, well-informed advice to government on consumer protection improvements to REBBA. In January 2017, RECO provided preliminary recommendations for enhanced consumer protection measures to the government. Soon after, in April 2017, the government announced its intention to pursue REBBA reform. This is an exciting opportunity to modernize the legislation, thereby making the marketplace safer for buyers and sellers. I invite you to read more about the government’s review of REBBA, and RECO’s recommendations on page 12. Chair's Message Mike Cusano DELIVERING 20 YEARS OF CONSUMER PROTECTION