Who Regulates Realtors®?

16 November 2016

Recently, the media has pointed the finger at unscrupulous Realtors® in terms of self-dealing and unethical behavior. They want change and they point the finger at self-regulation.

RECO, The Real Estate Council of Ontario was established to enforce the real estate and business brokers act and to deal with consumer complaints. It was set up by the Ontario government supposedly to provide self-regulation. In reality the government just out-sourced the cost of regulation onto the shoulders of salespeople and brokerages.

Today, 6 out of 9 directors are appointed by the Government. Realtors® elect only 3. All RECO employees are government employees. Realtors® have no say on hires and Realtors have to say on introducing new regulations. So, if the public wants change, don't blame realtors, blame the Ontario Government for inaction.