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REM Bot

Content by REM Bot has been created with the assistance of AI. Audio and video interviews, conducted by our team with real people, are transcribed and repurposed into text for those who prefer reading. REM Bot articles are reviewed by staff before publication to ensure factual accuracy and maintain editorial standards.

The post The Price Change Playbook: How top agents stay in control when listings stall appeared first on REM.

The Real Estate Council of Ontario (RECO) has issued an order to freeze the bank accounts of Oakville, Ont.-based Rexig Realty Investment Group. The regulator has also issued a proposal to revoke the registrations of both the brokerage and Broker Paul Poliszot, the brokerage’s director and president. 

The measures, announced Oct. 30 under the Trust in Real Estate Services Act, 2002 (TRESA), are intended to protect consumer deposits. RECO says the freeze order prevents funds from being withdrawn from the brokerage’s bank accounts. It uses freeze orders “when necessary” to ensure that money held in brokerage accounts is not at risk of being misused.

Rexig, which employs 10 agents according to the regulator, remains open. RECO says the broker of record will oversee remaining transactions and facilitate the transfer of agents and active listings to other brokerages.

Appeal process

A proposal to revoke registration is issued when the Registrar believes a brokerage or registrant is not entitled to registration. The decision can be appealed within 15 days. If no appeal is filed, Rexig and Poliszot’s registrations will be terminated, and they will no longer be permitted to trade in real estate.

Poliszot did not respond to Real Estate Magazine’s request for comment.

In a 2021 interview with REM, Poliszot described his firm as working “much like a real estate investment bank,” advising smaller investors — such as medical professionals, lawyers and entrepreneurs — on building real estate portfolios.

Province reviewing iPro audit

The enforcement action comes as the Ontario government confirms it has received Dentons Canada’s audit into RECO’s handling of the iPro Realty scandal, which involved the alleged misuse of millions in trust funds. Minister Stephen Crawford has said the findings will be made public once his review is complete, though no timeline has been given.

Consumers and agents affected by the Rexig freeze order are encouraged to contact RECO.

Editor’s note: Realty Executives has no affiliation with Rexig Realty Investment Group Ltd. A previous reference has been removed to avoid confusion.

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We have, in many ways, traded trust for transactions.

The real estate industry has outsourced education to lead generation platforms, sales training companies, and technology providers. We’ve prioritized ego over empathy, speed over strategy, and influence over integrity. We’ve neglected to develop the essential professional skills agents need to genuinely serve and protect consumers.

Trust as your strategic advantage

In an era of increasing complexity, digital overload, and eroding public trust, there is one skill set that will give you a decisive advantage in real estate.

Building trust is not just a “nice to have.” It is a tangible business advantage that helps you attract more clients, get listings priced right, help buyers off the fence, and secure accepted offers. Deep trust creates the environment for clients to make the difficult decisions often required in challenging markets.

Let’s explore how to multiply this Trust Advantage to help you create a business that is as enjoyable as it is successful.

Why trust matters more than ever

Real estate decisions are complex, emotional, and consequential. Our clients are navigating uncertainty, financial pressure, and emotional stakes that go far beyond spreadsheets and sales data. They are scared, overwhelmed, and increasingly skeptical.

What they need isn’t a pitch. It’s a professional they can trust.

When deep trust is present:

• Clients are more open to hearing the hard truths
• They make better decisions in alignment with their long-term goals
• They become less defensive and more collaborative
• They respect you as a professional who has their best interest at heart

Trust creates a safe psychological space where people can access their best thinking, where they don’t just react emotionally but respond rationally.

This doesn’t just help your clients. It’s also how you win more business through word of mouth, loyalty, and alignment with those clients who truly value your expertise.

When trust is missing

We’ve all seen what happens when trust is low:

• Sellers overprice and refuse to reduce, even as showings dwindle
• Buyers back out or hesitate because they feel pushed, not advised
• Offers fall apart because agents don’t communicate clearly or honestly
• Clients shop around, ghosting the agents they don’t trust to guide them well

In short: deals cost more, take longer, and often die entirely.

Meanwhile, those who earn trust, the professionals who listen deeply, speak candidly, and act with competency and integrity, continue to close the right deals with the right people. Look around. The agents who have mastered this market excel at these professional skills.

Trust is a strategic advantage

Let’s be clear: trust isn’t soft. It’s not about being nice. It’s a hard skill with real-world implications. Stephen M. R. Covey captures this perfectly in his book The Speed of Trust:

“When trust is low, speed goes down and cost goes up. When trust is high, speed goes up and cost goes down.”

The agents, teams, and brokerages who invest in building high trust cultures are:

• More efficient
• More influential
• More profitable
• More future proof

It’s not just a better way to do business, it’s the only way to do business in markets that require competence and character in equal measure.

What is trust, really?

Trust is often misunderstood in real estate. Many agents think it’s about being liked, being agreeable, or not pressuring the client. But likability isn’t enough, and it can be a trap if it prevents you from speaking hard truths.

Covey differentiates between two types of trust:

• Heart trust: integrity, honesty, motives
• Head trust: capability, competence, results

Most Realtors focus heavily on heart trust. They want to be seen as kind, caring, approachable. But where we often fall short is in head trust. This is where professional competence becomes crucial.

The competency gap

To build trust, we must be exceptionally good at the right things. Yet many agents mistake lead generation and technology tools for skill. These are essential functions, but they are not what makes you a great Realtor in tough markets.

The true professional skills, the ones that earn head trust, are:

• • Strategic thinking
  • Persuasive communication
  • Market insight
  • Psychological awareness

• Negotiation intelligence

These competencies help clients succeed in hard markets. They allow us to influence without coercion, advise without agenda, and build trust without performative charm.

The path forward

Rebuilding trust isn’t a branding exercise. It’s a commitment to yourself, your clients, and your profession.

The trust advantage isn’t just a concept. It’s a philosophy and a practice that asks us to:

• Speak truth with courage
• Sharpen our skills with discipline
• Hold client wellbeing above self-interest
• Lead with clarity, consistency, and care

And when we do, we don’t just get more clients; we get the right clients. We don’t just close more deals; we create outcomes that matter. And we don’t just grow our business; we elevate our profession.

Final word

Trust may not be flashy. It doesn’t get you viral videos or instant followers. But it builds something far more valuable: a business, and a life, built on real influence, real service, and real success.

That is the trust advantage. And in today’s market, it’s the only advantage that truly lasts.

Suze Cumming

Suze Cumming is the founder of The Nature of Real Estate and Canada’s Real Estate Negotiation guru. Suze and her team have run over 5000 real estate professionals through negotiation designation courses since 2013 and have guided many top agents and teams to their success.  

Her courses, the Accredited Real Estate Negotiator (AREN) and the Professional Real Estate Negotiator (PREN), are Canada’s newest and fastest-growing designation.   These courses are offered live online in small interactive groups or in person for brokerages and boards.   

Suze is passionate about two things. Helping REALTORS get massively successful results for their clients and for themselves.   And Sailboat racing.   When Suze isn’t on a stage or in a zoom room, you’ll find her racing her sailing yachts in various locations around the world.    

For 40 years, Suze has been passionate about real estate and the lifestyle that it makes possible for each of us.  She knows for sure that the only way to the top is to be remarkably good at what you do.  

thenatureofrealestate.com/

The post Negotiation Intelligence: Leveraging trust in challenging markets appeared first on REM.

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« Older Entries

REM Bot

Content by REM Bot has been created with the assistance of AI. Audio and video interviews, conducted by our team with real people, are transcribed and repurposed into text for those who prefer reading. REM Bot articles are reviewed by staff before publication to ensure factual accuracy and maintain editorial standards.

The post Build a real estate career without burning out appeared first on REM.

QUICK HITS

• Thirteen per cent of Canadian adults are working towards their first residential property purchase within the next two years; a majority of them plan to buy in the next 12 to 24 months
• More than half (53 per cent) of first-time buyers plan to put at least 20 per cent down on their purchase; while 39 per cent will not
• Forty one per cent of first-time buyers say they will receive financial assistance from family or friends, while 51 per cent will not
• Single-family detached properties remain the most popular housing type among first-time buyers
• Finding a home that is move-in ready is the most important non-price related factor for first-time buyers

Many Canadians in the market for their first home have a clear picture of what they want, and falling interest rates, rising inventory and softening prices are making it more achievable. 

Still, a recent survey from Royal LePage, conducted by research firm Burson, finds that many aren’t ready to pull the trigger just yet.

The survey found that 13 per cent of Canadian adults intend to purchase their first home within the next two years. Of those, the majority (82 per cent) are targeting a purchase timeline between 12 and 24 months, rather than the next year.

More than half (51 per cent) of first-time buyers say they are researching affordable neighbourhoods, while 49 per cent are browsing online listings. Nineteen per cent have started attending in-person showings, and another 19 per cent have contacted a real estate agent.

“Interest rates are trending lower and prices have stabilized or even softened in some markets, creating favourable conditions for long-awaited entry into home ownership,” said Phil Soper, president and CEO of Royal LePage. “Yet, hesitation remains.”

Economic uncertainty and the potential for further rate cuts are encouraging many would-be buyers to delay their entry. According to Royal LePage, 36 per cent of agents report increased first-time buyer activity this year, while 25 per cent say activity levels are unchanged.

Home prices have remained relatively flat. In Q2 2025, the national aggregate price increased 0.3 per cent year-over-year to $826,400, while quarter-over-quarter, prices fell 0.4 per cent, according to the most recent Royal LePage Home Price Update.

More than half (53 per cent) intend to make a down payment of 20 per cent or more, while 39 per cent plan to purchase with less than 20 per cent down and secure mortgage insurance.

Detached dream

Detached homes remain the preferred choice for 49 per cent of first-time buyers, despite higher prices. 

Lifestyle preferences also play a role: 42 per cent of first-time buyers say they will choose a neighbourhood based on lifestyle, even if it means a longer commute. Move-in ready homes, outdoor space and proximity to amenities remain top priorities.

To afford their first home, 60 per cent of buyers are seeking properties in more affordable areas, 40 per cent are downsizing expectations, and 39 per cent are cutting discretionary spending. Nearly 30 per cent plan to use retirement or investment savings to fund their purchase.

Family support, budget pressures shape buying decisions

Family financial support remains a key factor. While 51 per cent of prospective buyers say they will not receive any assistance, 41 per cent say they will.

Among those receiving help, 29 per cent will get a lump sum with no repayment required, 27 per cent will receive a loan, 28 per cent will have a co-signer, and 26 per cent will get help covering monthly payments.

“The gap between those who receive financial assistance and those who do not highlights the deep affordability challenges in today’s market,” said Soper.

The post First-time buyers know what they want — but not when to buy appeared first on REM.

Recent public statements from association leadership have echoed this outrage, calling the scandal “deplorable” and pledging to do everything possible to prevent a repeat. In the same breath, however, those statements concede that associations lack authority to intervene directly. That contradiction, angry but powerless, deserves scrutiny.

What almost no one has covered is the irony of what followed: boards and associations rushing into the spotlight to demand change.

The letter

On Sept. 3, nine of Ontario’s largest boards joined the Ontario Real Estate Association (OREA) in a public letter calling for the Real Estate Council of Ontario (RECO) to be placed under the Ontario Ombudsman. The letter reads, “Make RECO subject to independent oversight by the Ontario Ombudsman.”

It sounds bold.

It isn’t.

The Ombudsman’s own statute is explicit. Section 14 of the Ombudsman Act bars complaints about self-regulating professions such as lawyers, doctors, or nurses. RECO is a delegated administrative authority, funded by industry but operating at arm’s length, and therefore outside its jurisdiction.

If what boards really mean is that Ontario should legislate RECO into a fully public agency subject to Ombudsman oversight, then they should say so. Instead, they imply the Ombudsman already has that power. That is not advocacy. It misstates the effect of the statute.

Which leaves two explanations:

• Boards may not fully appreciate the limits of the Ombudsman’s role; or
• They do, but have not been fully clear with members about what their ask really means, which is the end of self-regulation.

Either way, Realtors deserve clarity from organizations funded by their dues.

Compliance vs. regulation

This distinction matters. 

Boards enforce MLS rules and the Realtor Code. That is compliance. Compliance means setting professional standards for how members interact with one another, how listings are input and displayed, and how disputes within the membership are handled. At its best, compliance keeps the MLS orderly and the professional culture consistent. It is inward-facing, designed to manage the conduct of members within an association.

Regulation is different. Regulation belongs to the state. RECO audits trust accounts, suspends registrations, and prosecutes misconduct under TRESA. Regulation is outward-facing, with the authority to protect consumers, safeguard deposits, and impose penalties that go well beyond membership discipline. Unlike compliance, regulation carries the force of law.

The two roles are not interchangeable. A board can fine a member for breaching MLS policy, but it cannot seize a trust account or revoke a license. RECO can. A board can enforce courtesy and accuracy in listing data, but it cannot investigate fraud or order restitution to a consumer. RECO can.

Conflating the two is not advocacy, it is overreach. And if we acted outside of our competence the way boards are attempting to, they would face RECO discipline.

Precedent they will not say out loud

The ask for Ombudsman oversight is not an abstract gesture. There is precedent, and it tells us exactly what this would mean.

In British Columbia, self-regulation collapsed after a 2016 investigation into shadow flipping and assignment fraud. The provincial government acted swiftly. The Real Estate Council of B.C., once the industry’s self-regulator, was stripped of authority. Oversight was shifted to the Superintendent of Real Estate. By 2021, regulation was fully consolidated under the B.C. Financial Services Authority (BCFSA).

The industry’s self-governing experiment was over.

In Québec, the same outcome arrived earlier. In 1994, the government created the OACIQ, a statutory regulator reporting directly to the Ministry of Finance. The move followed years of concern about weak enforcement by the industry’s predecessor body, the ACAIQ. The province concluded that consumer protection required a public regulator.

These are not tweaks. They are full structural shifts away from self-regulation.

So, if Ontario boards understand these precedents, they are quietly asking to end self-regulation without saying so outright. If they do not, then they are making an ask without appreciating its true implications. Either way, Realtors are left in the dark.

Ontario’s pattern of failure

This is not the first time governance in Ontario real estate has failed the public.

RECO has long been criticized for being reactive rather than proactive: slow to audit, slow to respond to complaints, and often opaque in its processes. The iPro scandal is the latest headline, but it is not an isolated event.

Boards have their own pattern. As of September 2025, RECO’s public discipline database lists decisions involving some sitting directors of Ontario real estate boards. These are breaches of the same statute that boards now want to advise on. 

A body led in part by individuals sanctioned under the very law they seek to shape cannot credibly position itself as an authority on regulatory reform. That tension should matter to every Realtor asked to fund these advocacy efforts.

That alone should give pause before positioning boards as credible voices on regulation.

Authority without liability

Brokerages carry liability. They hold trust accounts. They manage compliance systems. They face consumers when deals collapse. Registrants carry personal liability under TRESA.

Boards carry none of that risk. They can make public statements, lobby governments, and issue demands without ever sharing the burden of liability.

That is authority without liability. It is not advocacy. If it’s anything, it’s performance without consequence.

Advocacy failure

Boards defend their role by pointing to advocacy as part of their mandate.

Sure, but advocacy without accuracy is malpractice.

If the Ombudsman cannot, under statute, take jurisdiction over RECO today, then telling the public otherwise is misleading.

If boards actually mean that self-regulation should end, then failing to tell their members directly is not transparent.

And if boards acknowledge they cannot directly intervene in the very scandal prompting these calls, then how can they claim authority in reshaping the rules of regulation itself?

Either way, Realtors are paying for advocacy that fails the test of accuracy.

From symptom to system

The Ombudsman letter is not an isolated misstep. It is a symptom of a deeper imbalance in organized real estate: boards exercise authority without liability. They lobby on regulation while carrying no regulatory risk. They control essential infrastructure while carrying no ownership duty.

If we want oversight that works, it is not enough to fix RECO. We need to fix the system that empowers boards to misstate and overreach in the first place.

A structural fix

Members fund the show, yet they never vote on the script. If boards want to call for external oversight, they should accept internal oversight first. That requires structural reform.

A share-capital model is not radical. It is alignment. It means that those who carry the liability, being registrants and brokerages, also carry the authority.

Here’s how it could work:

Shares would be issued to brokerages and individual Realtors. Votes could be capped to prevent dominance by any single firm, with limits on how many votes one shareholder can hold. Major decisions (structural mergers, policy positions, advocacy campaigns, large financial commitments) would require shareholder approval. Directors would answer to owners, not just to each other. With modern platforms, registrants could cast those votes electronically in days, faster than boards now move behind closed doors.

And we already have a precedent set.

Associations behave like corporations by outsourcing essentials into for-profit subsidiaries. MLS systems are the clearest example. Ontario’s MLS infrastructure has consolidated onto a dominant, board-controlled platform used by most Realtors in the province. The sole shareholder is one board. Other associations subscribe, but they do not govern. In corporate law, directors owe their duty to the corporation. When that corporation’s sole shareholder is one board, governance incentives align with that board. Subscriber associations are counterparties, not owners.

That matters.

Contract rights are not control rights. Advisory councils advise; they do not govern. Exiting a province-wide MLS is theoretically possible and practically punitive. The most important tool Realtors have is controlled by an entity that owes them no ownership duty and where they hold no votes.

What should be for us and by us is neither.

And yet associations still applauded this arrangement. By subscribing, they subordinated their members’ governance voice to a competitor’s corporate control. That is not collaboration. It is a surrender of member sovereignty.

A share-capital model flips the script. Instead of boards owning the corporation Realtors rely on, Realtors would own the corporation boards rely on. It makes ownership explicit. It gives Realtors direct votes on advocacy. It forces disclosure of lobbying. It requires governance frameworks to expire on a fixed cycle unless renewed. And it ensures that when boards speak, they do so with a mandate earned from those who carry the liability.

The MLS precedent proves the door is open. Essentials can be corporatized. The only unresolved question is whether Realtors will remain disenfranchised subscribers or become owners. This is the natural endpoint of trends boards themselves have set in motion.

Conclusion

There are only two explanations for the Ombudsman ask. Either boards do not fully understand the system, or they do, and are not telling members the truth. Neither is acceptable.

If Ontario is moving toward the B.C. and Québec model, then say it plainly. Admit what is really on the table. And put the people who actually carry liability at the center of the conversation.

Oversight without liability is theatre, and the play has gone on long enough.

Brandon Reay

Brandon Reay brings a multifaceted background in real estate practice, policy, and governance. Before stepping into brokerage leadership, Brandon spent several years in organized real estate, contributing to strategic initiatives and advocacy efforts with CREA and OREA, and various Chambers of Commerce. His work has included shaping housing policy, supporting regulatory reform, and improving REALTOR® engagement across the country.

Brandon’s approach blends hands-on brokerage experience with a systems-level understanding of how policy, market forces, and professional standards intersect. He is known for helping professionals navigate evolving market conditions and advocating for higher standards within the industry. In addition to his leadership role at RE/MAX Hallmark Realty Group, he remains an active REALTOR® focused on agent development, business strategy, and client service.

Brandon regularly contributes commentary on market trends to media outlets and industry publications and has served as a spokesperson on housing issues in Ottawa. He is also a frequent speaker at real estate events, offering data-driven insights on brokerage strategy, professionalism, and the future of the industry.

He holds a Master of Business Administration from the Sprott School of Business. Brandon lives in Ottawa, where he remains closely involved in local policy discussions on housing affordability and real estate governance.

The post Reay: Why the Ontario boards’ call for Ombudsman oversight of RECO falls flat appeared first on REM.

The following is the text from the undertaking agreement signed on Aug. 8 by iPro Realty Ltd. principals Fedele Colucci and Rui Alves, and Joseph Richer, former Real Estate Council of Ontario registrar. The agreement is contained within RECO’s motion record filed with the Ontario Superior Court of Justice, which can be found here.

WHEREAS Fedele Colucci is registered as a broker under the Trust in Real Estate Services Act, 2002 is the broker of record, an officer and a shareholder of iPro Realty Ltd.;

WHEREAS Rui Alves is registered as a broker under TRESA and is an officer and a shareholder of iPro Realty Ltd.;

WHEREAS iPro Realty Ltd. is registered as a brokerage under TRESA;

WHEREAS an inspection conducted in May 2025 determined that there was a significant shortage in the Brokerage’s real estate trust account and commission trust account (The RETA and CTA) of approximately ten million five hundred thousand dollars
($10,500,000);

WHEREAS Colucci and Alves have undertaken efforts towards complete restitution;

AND WHEREAS the Brokerage has entered into an agreement wherein it will receive the sum of three million dollars ($3,000,000) from the proposed brokerage of iCloud Realty Ltd. on or before July 31, 2025;

NOW THEREFORE, in consideration of the mutual covenants and promises set out below, the Parties agree as follows:

1. Colucci, Alves, and the Brokerage each agrees and undertakes to cancel their registrations no later than August 19, 2025, by providing notice of cancellation in writing to RECO and if they fail to do so, then they each hereby direct RECO to cancel their registrations on August 20, 2025.

2. Colucci, Alves, and the Brokerage each agrees and undertakes that any monies or other Brokerage related remuneration owing, now or in the future, to Alves or Colucci shall not be paid to them, but shall instead be deposited into the Trust Accounts shortfall.

3. Colucci, Alves, and the Brokerage each agrees and undertakes to transfer all the Brokerage’s receivable funds, including direct entitlements (such as transaction remuneration share, monthly/desk fees, etc.), to the Brokerage Trust Accounts, to be applied to the Brokerage’s trust shortfalls , with the exception of amounts are identified in advance and communicated to RECO prior to payment.

4. Colucci, Alves, and the Brokerage each agrees and undertakes to immediately deposit all funds received under any agreement with iCloud Realty Ltd.to the Trust Accounts, to be applied to the Brokerage’s trust shortfalls.

5. Colucci, Alves, and the Brokerage each agrees and undertakes that all funds held at the time of execution of this Undertaking Agreement, in any financial institution accounts in the name of Hippo Holdings Corporation shall immediately be transferred to the Brokerage’s Trust Accounts, to be applied to the Brokerage’s trust shortfalls.

6. Colucci, Alves, and the Brokerage each agrees and undertakes to make best efforts to ensure that consumer deposits received in trust by the Brokerage on or after May 19, 2025 will be reserved and allocated for the transactions for which the deposits were received, and not to satisfy Brokerage obligations pertaining to earlier deposits that were misappropriated for other Brokerage business or
transactions.

7. Colucci, Alves, and the Brokerage each agrees and undertakes that they, and the person designated to act as the broker of record during the course of the Brokerage wind-up, will manage the distribution of funds from the Trust Accounts under the guidance of RECO and the Professional Liability Insurance Program administration.

8. Colucci, Alves, and the Brokerage each agrees and undertakes that any and all surplus funds remaining Trust Accounts following the closing of all pending Brokerage transactions, will be conveyed to RECO’s Professional Liability Program administration.

9. Colucci, Alves, and the Brokerage each agrees and undertakes that as of August 15, 2025 they will not receive or deposit any new consumer funds into the RETA.

10. Colucci, Alves, and the Brokerage each agrees and undertakes to terminate all client representation agreements at the earliest practicable opportunity and further agrees to facilitate the sharing or transfer of any related information or documentation with a new brokerage of the client’s choice.

11. Colucci, Alves, and the Brokerage each agrees and undertakes to provide the Registrar, no later than August 12, 2025, with:

i. a comprehensive list of all Brokerage liabilities;

ii. the May 2025 and June 2025 reconciliations of all accounts maintained by the Brokerage including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage;

iii. the May 2025 and June 2025 official financial institution statements of account for all accounts maintained by the Brokerage, including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage, including cancelled cheques;

iv. a list of all pending trades, including transactions pending completion and active representation agreements, with details regarding the timeline for concluding the trade, whether transaction completion or representation agreement termination;

v. A report detailing the total gross remuneration outstanding to each salesperson and broker within the brokerage for pending trades; and

vi. A report detailing the total gross remuneration owing to each salesperson and broker within the brokerage for completed trades.

12. Colucci, Alves, and the Brokerage each agrees and undertakes that, on or before August 11, 2025, they will hire a broker under TRESA to assume the responsibilities and obligations of the broker of record for the Brokerage to wind up the operations of the Brokerage, with the wind-up to commence no later than August 19, 2025. They further agree and undertake to hire an Ontario Certified Public Accountant , who is in good standing with CPA Ontario, to oversee and conduct the proper, effective and efficient execution of the Brokerage wind-up. They further agree that the person assuming the role of broker of record must be approved by RECO and have brokerage management
experience and the CPA Ontario member must be approved by RECO.

13. Colucci, Alves, and the Brokerage each agrees and undertakes that commencing August 27, 2025, and until the activities of the Brokerage are wound up, the Brokerage shall provide RECO delivered every Wednesday no later than 5:00 P.M. current to the previous Friday, detailing Brokerage wind-up activities completed, including, but not limited to the following information and documentation:

i. The July 2025 reconciliation of all accounts maintained by the Brokerage including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage;

ii. The July 2025 official financial institution statements of account for all accounts maintained by the Brokerage, including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage, including cancelled cheques;

iii. An updated list of all trades completed since July 31, 2025, accompanied by final trade record sheets that detail all disbursements for each trade;

iv. An updated list of all trades that failed to complete, detailing the status of any deposit funds related to the trade;

v. An updated list of representation agreements that continue to be active with the Brokerage, detailing the timeline for termination of the agreement;

vi. An updated list of all pending transactions, detailing for each transaction: the address of the property that is the subject of the trade; names of the buyer and the seller; their respective brokerages; completion date; Multiple Listing Service (MLS®) number; amount of deposit being held by the Brokerage; outstanding remuneration; transaction completion date; and the date by which any outstanding conditions are to be waived or fulfilled;

vii. For each pending transaction transferred to another brokerage, details of which brokerage, and whether the trust funds connected to that trade have been transferred from the Brokerage;

viii. The monetary quantum of liabilities for all accounts operated by the Brokerage including but limited to the RETA and CTA of the Brokerage and of iPro Realty Inc.;

ix. The sum of all funds disbursed;

x. A current financial institution statement of account for all accounts maintained by the Brokerage, including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage indicating all account activity within the reporting period; and

xi. Any other information, documentation or reports as RECO may request.

14. Colucci and Alves each agrees and undertakes to not seek, at any future time, registration under TRESA or any successor legislation, and further acknowledges, understands and agrees that:

i. The Undertaking Agreement is binding, permanent, and irrevocable;

ii. The Undertaking Agreement expressly prohibits Alves s right, eligibility and entitlement, however so arising, to registration under TRESA or any successor legislation at any future time;

iii. Colucci and Alves each expressly and irrevocably waive any and all rights, no matter howsoever arising, to seek registration under TRESA or any successor legislation; and

iv. Any future attempt to seek registration under TRESA, or any successor legislation, shall be considered a fundamental breach of the Undertaking Agreement and shall constitute valid, reasonable and sufficient grounds for refusal and/or denial of an application for registration, including, amongst other things, constituting reasonable grounds for belief that Colucci and Alves will not carry on business, under TRESA or any successor legislation, in accordance with law and with integrity and honesty.

15. Effective the date of the cancellation of their registration, neither Colucci nor Alves shall, in any manner, trade in real estate, subject to the exceptions under section 5 of TRESA, or similar provision under any successor legislation. Further, Colucci and Alves each agrees, represents and warrants that, from the date of the cancellation of their registration, neither shall act as a sole proprietor, partner, shareholder,
officer, director, branch manager, interested person or associated person of any brokerage registered under TRESA or any successor legislation, nor engage in any activity that could reasonably be interpreted as performing the functions of any of the aforementioned roles and positions.

16. Colucci and Alves and the Brokerage each agrees and undertakes to cooperate fully with any inquiry or investigation surrounding the past conduct and operation of the Brokerage, and to provide to RECO, through counsel, a full account of the financial issues affecting the Brokerage. This includes but is not limited to: identifying all investors from whom the Brokerage accepted funds, specifying the amounts
received from each investor, payments made to each investor and outstanding amounts owing to each investor; detailing the creation and use of bank accounts including accounts in the name of other entities maintained by Colucci, Alves, and the Brokerage; and describing any systems implemented in respect of the financial operations of the Brokerage.

17. In consideration of, and in reliance upon the terms of this agreement, RECO agrees and undertakes to not request of the Court that Provincial Offences Act charges be filed against Colucci and Alves and to not take any further administrative action against Colucci and Alves.

18. Colucci, Alves, and the Brokerage each acknowledges and agrees that nothing in the Undertaking Agreement restricts RECO and/or the Registrar from taking any action against Colucci and/or Alves with respect to any new conduct on unrelated matters.

19. Colucci, Alves, and the Brokerage each further agrees and undertakes to cooperate fully with RECO and any other party in all activities that support the efficient and effective wind-up of the Brokerage, for the benefit and convenience of all impacted parties.

20. Colucci, Alves, and the Brokerage each understands that the Undertaking Agreement is not confidential and information of the circumstances surrounding the Brokerage wind-up may be disclosed to the public at the sole discretion of the Registrar.

21. Colucci and Alves each agrees to not make any representations that are inconsistent with the Undertaking Agreement.

22. If any term of the Undertaking Agreement is deemed to be invalid, illegal, unenforceable or a mutual mistake, the Parties may elect to sever that term from the agreement and the remaining terms shall remain in full force and effect.

23. The Undertaking Agreement may be executed in counterparts, and a scanned or electronic copy shall constitute a valid and binding agreement between the Parties.

24. Colucci, Alves, and the Brokerage each acknowledges and agrees that each has had an opportunity to obtain independent legal advice in respect of the terms of the Undertaking Agreement, has read this agreement in its entirety, understands its contents and is signing this agreement freely and voluntarily without duress or undue influence from any person.

The post See the agreement RECO’s former registrar signed with iPro’s Colucci and Alves appeared first on REM.

Below is a letter written by Ontario Real Estate Association (OREA) president Cathy Polan, which was sent to the association’s membership and obtained by Real Estate Magazine. 

I’ve been a Realtor for over 16 years, and in that time, I have never seen anything more deplorable than what I’ve seen happen with the Real Estate Council of Ontario (RECO) in the wake of the iPro Realty Ltd. scandal. Thousands of agents and consumers have been left without commissions, without deposits, and without a hope for the future.

I know you are all constantly receiving troubling information on this matter, and I am too. I am as angry and frustrated as you are. This should not have happened, and I will do everything in my power to ensure something like this never happens again.

Our members and those affected deserve to have answers and deserve retribution. OREA is having ongoing conversations with government officials and industry leaders calling for action to be taken to ensure the integrity of our industry is upheld. Though we do not have the authority to intervene directly on behalf of our members regarding this matter, we have taken every opportunity to engage RECO and the Government of Ontario in an effort to assist those affected and have to date released six public statements regarding this issue.

I want to assure you that OREA is in no way being complacent, but there are limits to what we can do. This matter is currently the subject of an ongoing police investigation, and is before the courts with an independent investigation being done by Dentons LLP, with ministerial oversight. That is why it is imperative that we let the professionals do what they need to do – in the sincere hope that justice will be done.

This situation has only further demonstrated the far-reaching impact that regulatory decisions can have on Ontario’s buyers, sellers, real estate professionals, and overall consumer confidence in the real estate market and industry. OREA will continue in our advocacy efforts with government to ensure that when it comes to ethics and consumer protections, both Realtors and Ontarians can have confidence in Ontario’s real estate market and its regulation – and we will continue to update members as we have more information to share.

I cannot undo what has been done, but moving forward, I promise to do everything I can to make sure that this never happens again.

Cathy Polan

Cathy Polan is president of the Ontario Real Estate Association.

The post ‘I have never seen anything more deplorable’: Polan on RECO and iPro fallout appeared first on REM.