Ontario’s real estate regulator CEO to resign amid iPro Realty scandal

Brenda Buchanan is shown in this supplied photo. (CNW Group/Real Estate Council of Ontario)

The CEO of Ontario’s real estate regulator is stepping down, just weeks after the province appointed an administrator to assume control of the organization amid concerns about its handling of the iPro Realty scandal.

Real Estate Council of Ontario (RECO) Administrator Jean Lépine released a statement on Thursday afternoon confirming that Brenda Buchanan will step aside as CEO effective Dec. 31.

In the statement, Lépine said that Buchanan will continue to provide support during the transition while he assumes the responsibilities of the CEO.

“I want to thank Brenda for her commitment and her contributions to RECO and wish her well in the future,” he said. “Looking ahead to 2026, we have an ambitious agenda for RECO in 2026. I’m eager to continue working with the team and all our stakeholders to deliver on our mandate and rebuild trust with stakeholders.”

Lépine formally took over the responsibility for RECO on Dec. 1.

At the time, Minister of Public and Business Service Delivery and Procurement Stephen Crawford said the move was necessary to restore confidence in the regulator after an audit found “significant issues” with its practices, processes and procedures.

“Over the past three months, I’ve heard from consumers, boards, realtors & brokers who’ve lost confidence in Ontario’s real estate regulator,” Crawford said. “Our government is taking action to restore trust and to protect Ontarians.”

RECO found on May 19 that the co-founders of iPro Realty allegedly used about $8 million from trust accounts that were meant to be used for down payments and realtor commissions and instead set aside the funds for operating expenses and payments to investors.

However, the regulator did not move to shutter the firm and freeze its assets until August.

An audit, which was undertaken after the scandal came to light, found the board was not notified of the iPro issues until Aug. 10, two days after an agreement with its principals was executed.

Buchanan was appointed to the CEO role in July after what RECO said was a “national search.”

She formally served as RECO’s Chief Operations Officer.