NDP: Ford’s action on RECO is too little, too late

QUEEN’S PARK — Victims of the iPro Realty scandal took to Queen’s Park today, shortly before news broke that the Ford government would step in and appoint an administrator to oversee the Real Estate Council of Ontario (RECO).

Ontario NDP Shadow Minister for Public and Business Service Delivery and Procurement Tom Rakocevic (Humber River—Black Creek) and MPP Peter Tabuns (Toronto—Danforth) joined the victims, asking why it took Ford so long to act.

“The Auditor General warned us about iPro in 2022, and Ontarians paid the price for Doug Ford’s inaction,” said Rakocevic.

RECO's May investigation of iPro uncovered the illegal disbursing of $10.5 million from the brokerage’s consumer deposit and commission trust accounts. The regulator cut a deal allowing iPro to escape fines and charges.

“A six-month wait for action following the worst regulatory failure in the history of Ontario’s real estate sector is unacceptable. RECO failed to protect the public interest, and the Ford government turned a blind eye.”

“This scandal hurt not just home buyers, but the vast majority of realtors who operate with honesty and integrity. Why did it take the Conservatives so long to stop dismissing the victims of this massive fraud? Today's news is not enough — they must urgently deliver justice.”

MPP Rakocevic wrote a letter to Minister for Public and Business Service Delivery and Procurement Stephen Crawford in August, calling for immediate action when the story first broke.

“It is unbelievable that the Ford government waited so long to act after Ontario realtors were defrauded of millions,” added Tabuns.

“The victims deserve justice, and home buyers deserve a fair process when making one of their lives’ biggest purchases. Ontarians need a government that will act before the crisis happens, not after. This was completely preventable, and Ford failed by refusing to be proactive when he had the chance.”