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 RECO says the freeze order prevents funds from being withdrawn from the brokerage’s bank accounts.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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The all-stock transaction is valued at approximately US$1.6 billion.

The combined company will be worth around US$10 billion and will bring together roughly 340,000 real estate professionals across about 120 countries and territories, said an official statement.

The deal marks a game-changing merger in the residential real estate sector, combining Compass — the largest residential brokerage in the United States by sales volume — with Anywhere’s portfolio of prominent brands, including Better Homes and Gardens Real Estate, Century 21, Coldwell Banker, Coldwell Banker Commercial, Corcoran, ERA and Sotheby’s International Realty.

“Today marks a monumental step towards our mission to empower real estate professionals with everything they need to grow their business and better serve their clients,” said Compass CEO and founder Robert Reffkin. “I have deep respect for Anywhere’s leadership, agents, employees, culture, and brands. By bringing together two of the best companies in our industry, while preserving the unique independence of Anywhere’s leading brands, we now have the resources to build a place where real estate professionals can thrive for decades to come.”

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Left to right: Luiz Lameiras, Paula Lameiras, Bob Best, Rhonda Best, Gary Hibbert, Darlene Hibbert.

Royal LePage is expanding in Ontario with the addition of Our Neighbourhood Realty.

The brokerage, formerly independent, is led by Rhonda and Bob Best, along with co-owners Luiz and Paula Lameiras and Gary and Darlene Hibbert. It has more than 140 sales representatives.

“We are thrilled to announce this exciting milestone in our journey,” said Rhonda Best. “By aligning with Royal LePage, we are setting the stage for the next chapter of growth for our brokerage, our agents, and our clients. Together, we will continue to raise the standard of real estate service across southern Ontario.”

The firm serves Durham, Toronto and Northumberland, handling residential, recreational and commercial transactions. The ownership group has more than 30 years of combined experience in the real estate industry.

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When Marc Cioffi was growing up, he couldn’t imagine joining his family in the real estate business, despite his father and cousin’s efforts to lure him into the industry. 

“I never had much interest in real estate. I always wanted to become a police officer because I wanted to serve my community and make a difference,” says the broker of record of Sutton Group Kings Cross in Vaughan, Ont. “I’ve always had a strong protective drive.”

He joined the Toronto Police Service in 1999 and has had a long “very great career in all different aspects of policing,” says Toronto-born and raised Cioffi.

In 2016, his father, Lucio, began thinking about retirement and asked him to get his real estate licence as part of the succession plan for the business he had enjoyed for 35 years.

“I still wasn’t interested,” Cioffi says. But the good son took a holiday from his police career to study real estate. In-person training was required at the time. He got his licence in 2018.

“An easy transition”

Much to his surprise, during his studies, he realized he liked the legal aspects of the real estate profession. 

“It hooked me. I really enjoyed it,” he says. “The ethics and integrity aspect (of policing) serve me well, but the legal aspect is also beneficial. The legal documentation in both careers must be completed accurately and consistently with the law. I found that part to be a very easy transition.”

However, when he first started working as a realtor, Cioffi says he was “disappointed with the lack of ethics in the industry.” 

His wife, Maria, suggested he open a small brokerage that would allow him to control the type of company he wanted, one that would align value, integrity and ethics.

Taking the plunge

In 2020, he, his father, and cousin, Angelo, opened Kinsby Real Estate in Vaughan.

Next, Cioffi convinced his wife to get her licence. The family brokerage of four was busy. They didn’t recruit; instead working on their own to manage their client base, many of whom were first responders and had learned word-of-mouth about Cioffi’s special attention to their community.

Finding a niche

Cioffi says his law enforcement/first responder background adds a layer of trust and integrity that his like-minded clients want. “We chiseled out a niche,” he says.

Sutton Group Kings Cross offers discounts and services tailored to police officers, firefighters, paramedics, military personnel, and healthcare workers, and provides flexible scheduling with a team that’s available 24/7 to accommodate shift work. The brokerage has civilian clients as well, but most of them are referred by first responders.

Instead of specializing in a geographic area, the brokerage focuses on the needs of its clients. First responders don’t like to live where they work, Cioffi says. 

“They have a high tolerance for a higher commute.” That means his team helps clients buy and sell everywhere in Southern Ontario.

Finding a home for the agency

In 2024, it was time to explore adopting a brand name, so Cioffi and his wife interviewed several companies. “We ended up choosing Sutton Group and in January 2025 rebranded from a small brokerage to Sutton Group Kings Cross,” he says.

They chose Sutton Group because it’s a truly 100-per-cent Canadian brand and is a huge supporter of first responders through its charity work, he says.

It supports military relocation programs and has a referral program within the brand that makes transitions easier. They also liked Sutton Group’s client-centric business model. 

Everything, Cioffi says, aligns with his values.

Business is taking off

In part because of expansion supported by Sutton, Cioffi says that in six months, his brokerage has doubled in size.

 “When we started, there were two first responders (of four agents). We now have 12 agents. Six are first responders.” 

Cioffi says first responders have different needs. At his brokerage, “everyone who attends an open house is required to provide identification with a driver’s license. The normal civilian may think that’s not necessary, but for first responders, it’s their home and they have extra sensitivities to safety.”

To ensure everyone understands clients’ needs, “we have a three-stage interview process followed by a 90-day onboarding program where the individual will have tasks to complete.”

Much like the first-responder jobs that require a probationary period, the brokerage evaluates during onboarding to ensure the agents have what it takes to serve the community.

“To my knowledge, we’re the only ones who cater to first responders,” Cioffi says. 

“Sutton Group is so excited. They plan on implementing (a first-responders program) nationwide with special training to handle first responder clients.”

In addition to relying on referrals, the brokerage advertises in magazines and on websites, and on social media that cater to the first responders.

Giving back to the community

Sutton Kings Cross (currently based in Vaughan but soon to be moving to new digs in King Township) supports first responders through charity events such as Gloves Up, a boxing event that raises money for Beyond the Blue, which supports first responder mental health.

It also supports the annual Holly Jones golf tournament. Funds raised benefit the Dovercourt Girls and Boys Club. The company also sponsors police and fire sports teams.

“Don’t let anyone tell you ‘you can’t.’”

Anyone changing careers is likely to meet naysayers, but Cioffi offers this advice about making a career change: “Don’t let anyone tell you ‘you can’t’ transition from one career to another. That’s the person talking to you telling you they can’t. If you are passionate and motivated, you can be effective.” 

Connie Adair

Connie Adair is a contributing writer for REM.

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Re/Max dropped Re/Max Central from its franchise network due to allegations surrounding a multi-million-dollar Ponzi scheme run by former employee and Hare’s nephew Eric Drinkwater.

On Thursday, Royal LePage confirmed the launch of Royal LePage Blue Sky, led by Hare’s son Mackenzie Hare. Blue Sky is understood to be the landing pad for Realtors of the brokerage formerly known as Re/Max Central. 

“We are pleased to be able to offer a new home to a large roster of hardworking and respected real estate professionals, and ensure they have the support and resources they need to continue providing high-quality service to their clients and community,” said a statement from Royal LePage.

“The team is thrilled to be joining Canada’s Real Estate Company. At Royal LePage, we pride ourselves on our integrity and the professionalism of our network.” 

Mackenzie Hare, a CPA by trade, was hired in 2020 as a manager at Re/Max Central, according to an online profile. The brokerage was founded by his father more than 40 years ago. 

Mackenzie Hare could not be reached by deadline.

One-third of agents left at former Re/Max Central

Re/Max Central once boasted having more than 280 Realtors. 

As of Thursday, there were 95 agents registered with 4th Street Holdings, the parent company of Re/Max Central.

As revelations of the fraud scandal came to light, agents began leaving Re/Max Central as early as 2024, a source told Real Estate Magazine.

The exodus picked up in recent weeks and months as the news became more widely known. 

In the last week of May alone, 30 agents transferred from Re/Max Central to other brokerages in the city, according to Calgary Real Estate Board data. 

Drinkwater’s scheme centred around falsified bridge loans for non-existent real estate transactions. Drinkwater was charged by Calgary police on May 8. Police reported 16 victims came forward with a combined loss of more than $1.9 million. 

In a recent disciplinary hearing of the Real Estate Council of Alberta, Drinkwater admitted that the total amount invested in the scheme was $3.5 million. 

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

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That’s the view of Shemeer Ahmad, co-founder of Valery Real Estate, an AI-powered real estate brokerage that launched last September and describes itself as Canada’s first AI-powered brokerage.

Ahmad, who has a background in computer science, says the platform was developed by real estate professionals to personalize market insights and assist agents with routine tasks.

“We realized there is a far greater need for personalization, and we built the company around personalized real estate intelligence—information that’s highly curated for individuals and their personal scenarios. That’s what we think AI does very well.”

“A breakthrough in agents’ careers happens when they’re able to offload much of their work to an administrative assistant.”

AI, he says, might have helped him avoid making some bad house buying and selling choices in the past.“Had I had the right information, and the right guidance, and an unbiased source, where I could set my own data and really analyze what’s good for me, I wouldn’t have made those bad choices.”

Among other things, the Valery platform allows potential clients to get instant evaluations for any property, see price growth forecasts and talk to a chatbot to get a personalized real estate action plan in minutes.

The action plan is an almost 30-page analysis that maps how clients can achieve their real estate goals, whether they’re looking to rent, buy their first home or invest. “It helps them go through different scenarios to have a more data-driven, planned approach,” he says. 

Ahmad believes delegating routine tasks through AI can free up agents’ time for higher-value client work, adding, “A breakthrough in agents’ careers happens when they’re able to offload much of their work to an administrative assistant.”

AI helps agents buy back their time

The problem is that a great assistant will easily cost $40,000 to $60,000 a year, something many agents can’t afford if they’re only earning $100,000, says David Hutchinson, vice-president of growth at Valery and founder of the Avant Group brokerage.

“You get on this rat wheel of trying to do more, but you just can’t,” says Hutchinson, who joined Valery in March. 

He says Valery’s AI is designed to help agents buy back their time and focus on what makes them money by minimizing administrative time. “We offload some of those admin tasks to AI at no cost, allowing our agents to be more efficient, make more money and be better able to serve our clients.”

Hutchinson says he has two assistants who leave tedious work to AI and can now focus on bigger picture, money-making tasks.

Ahmad says one of Valery’s more popular features is its CMA tool, which in seconds provides a report that would otherwise take between 30 minutes and an hour to prepare. He says this allows agents to come to showings better prepared with comps and data that’s easier for clients to understand.

“It allows them to offer a lot more value to prospective and existing clients in a very low-effort way,” Hutchinson claims.

Valery is working on enabling its AI to draft offers and submit deals to the brokerage, features he describes as addressing “the two biggest pain points for Realtors.”

31 Realtors and growing

As of mid-May, Valery had 31 Realtors and 28 listings.

Ahmad says that because the market has slowed, Valery is dealing with less listing volume than he thought it would. 

However, because it’s a slow market, agents are a lot more receptive to change. “They’re open to seeing what can help them with their careers.”

Valery’s agents are a 50-50 mix of new and experienced agents, Ahmad says. He notes that early retention has been strong, with only one agent leaving the company for personal reasons.

Now operating in the GTA, Vaughan, Ont.-based Valery plans to expand across Ontario by year’s end and into British Columbia and Alberta in 2026.

Valery has introduced Aigent Academy, an online learning platform that teaches users optimal use of AI tools and more.
For example, one of the course modules discusses how AI can be used for email management, which requires a lot of time and which many people dread, Ahmad says. He claims that using AI in this way has helped some Valery agents save several hours a week.

AI–the difference maker in brokerage training?

Every brokerage offers training, but much of it is outdated and relies on only a few instructors, which limits viewpoints, Hutchinson says. Aigent Academy relies on experts from multiple fields. 

In addition to AI experts, topics include Hutchinson teaching agents how they can crack the 100 K mark, Foch giving his insights on how to better give information to clients, and videographers giving tips on how to shoot video content. 

The courses are free for Valery agents and start at $47 a month for others. Modules are constantly being added as AI tools evolve. 

Ahmad says the beauty of AI is that it behaves predictably, fast and cheaply. But it’s terrible at reading between the lines, understanding the nuances of human behaviour and emotions.

For that and other reasons, “I don’t see agents going anywhere for a very long time.”

He believes anything that involves talking on the phone or sitting behind a screen will be slowly automated but anything that requires interfacing with clients, developing rapports, showing properties and providing guidance, “are all at the heart of what’s human. It’s going to be the essence of what an agent does.”

How is AI changing the real estate process?

While Valery claims its AI is transforming the real estate process, Ahmad says the brokerage does not have metrics to prove that claim. 

Ahmad admits there are privacy concerns with AI, and care must be taken that it does not extract sensitive information from people. 

He’s optimistic that AI will lead to more work for agents, not less. For example, the AI Action plan can give homeowners daily info on how the market affects their home value, giving them a better framework to make decisions. 

“That type of information is going to end up increasing the industry size.”

Danny Kucharsky

Danny Kucharsky is a contributing writer for REM.

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In a decision of the Court of King’s Bench of Alberta dated April 24, Justice Barbara Romaine found Hare, a Realtor of more than 40-years, knew about the multi-million-dollar scheme as far back as 2022.

Last week, Re/Max announced it cut ties with Hare’s brokerage Re/Max Central amid the Ponzi scheme controversy.

Hare is the uncle of Drinkwater, who is charged with $1.9-million in alleged fraud. 

Already, $2.28-million in losses, $185,000 in interest, and $1-million in punitive damages has been awarded to four victims in a civil suit. 

Drinkwater’s criminal trial is set to begin this month.

Email exchange

The decision includes details of several email exchanges between Drinkwater and Hare, including one where Drinkwater states that he will call the Real Estate Council of Alberta, the industry regulator. 

In response, Hare said: “you do not have to call reca unless you go bankrupt [sic]. What are you going to do tell them that you stole other people’s money or put them on a Ponzi scheme [sic].” 

Ultimately, no one reported Drinkwater to RECA, reads the decision.

“Despite knowing of the scheme, Mr. Hare did not report Mr. Drinkwater’s conduct to the RECA, and in fact, advised Mr. Drinkwater against reporting himself,” says the decision.

 “Mr. Hare enabled Mr. Drinkwater to continue the scheme, and he himself received regular payments from (Drinkwater’s company) during the period that Mr. Drinkwater was continuing with the scheme.”

Managing broker also aware of Drinkwater’s activities

According to the decision, in Dec. 2021, Re/Max Central broker/manager David Lem became aware that Drinkwater was borrowing money from individuals and not paying it back.

Lem said he reported this to Hare between Dec. 2021 and Jan. 2022. 

They met with and negotiated a release with a complainant on behalf of Drinkwater and RE/MAX Central, reads the decision.

In August 2022, more of the scheme came to light, and in early 2023, the “floodgates opened,” reads the decision, and several more complaints related to the scheme were received.

In March, 2023, Lem said that he, Hare and Drinkwater met to discuss Drinkwater’s conduct. At this point a deliberate decision was made not to report Drinkwater to RECA, reads the decision.

Days later, Lem sent an email to Drinkwater and Hare stating, “In short, we’ll make every effort to diffuse any situation that comes to our attention that you make us aware of and we will leave it to an internal matter at this time,” reads the decision. “However, I will be bound by RECA’s requirement to report any further instances we have not be made aware of in advance. Thank you.” 

Lem told the courts that one of the reasons that he did not make a report to RECA was because he thought Hare was going to fix the issue, given the personal relationship between him and Drinkwater.

Judge freezes assets

Judge Romaine’s decision orders a Mareva injunction, a temporary order that effectively freezes an asset pending a future order, which was sought by four of Drinkwater’s victims.

The victims submitted that a Calgary home was fraudulently transferred from Drinkwater to Hare. 

Romaine found that Drinkwater transferred money to Hare during the period of the scheme, and the money was used to pay the mortgage on the home, to Hare’s benefit.

While there is insufficient evidence to support that claim, Romaine wrote, there is evidence that Hare has been making attempts to sell the property despite his knowledge of the claims involving the property.

The order temporarily prevents any transactions relating to the home. 

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

The post Former Calgary Re/Max brokerage owner kept Ponzi scheme secret from RECA, says Alberta’s top court appeared first on REM.

Ryan Hodge and Sandra Tavares are welcoming Erie’s Edge as a partner company of The Realty Firm, forming the newly-named The Realty Firm Erie’s Edge Real Estate Ltd. 

Both brokerages say the collaboration is more than just a name change; it signals an alignment of values and vision.

“We are very selective about who we partner with, so this relationship is very exciting to us,” Hodge told Real Estate Magazine. “Ray has spoken for and contributed to our organization at the highest of levels. We’ve watched from afar as he’s led his wonderful organization all along all while contributing to the entire real estate industry.”

Hodge said he and Ray Ferris began to discuss the possibility of a partnership “over many discussions, explorations, and early morning conversations.”

The Realty Firm launched in London, Ont. in 2013, and has since gradually expanded into several other markets.

Along the way, the firm created a “partner company” model that allows teams or brokerages to partner with The Realty Firm while retaining their personal brand elements and leadership. 

“We offer full back-end services and support while the leader usually remains as broker of record and continues a strong culture while merging with ours,” said Hodge.

“The partnership with Ray and Amie will be our fourth partner company.” 

Brand evolution

Ferris, former president of the Ontario Real Estate Association, says while his branding is evolving, “the heart of Erie’s Edge remains the same.”

“I’m still proudly serving as broker of record, and my wife, Amie, and I continue to own the brokerage together,” he said.

“Rachel Larose remains our talented and trusted brokerage manager, continuing to support our Realtors with the same excellence and care.”

By becoming a partner company, Erie’s Edge gains access to enhanced resources and support to enable its agents to provide better service to clients, said Ferris.

Ferris brings teaching skills to the table

Hodge said his firm puts a big emphasis on training, development, and supporting agents, a value shared with Erie’s Edge. 

Ferris, who been an instructor on real estate topics around the province, will bring training and coaching to everyone under The Realty Firm umbrella.

“I believe education is the foundation of confidence and success in real estate. At The Realty Firm, I plan to bring that same energy and commitment to our Realtors,” said Ferris.

“Whether it’s through hands-on training, contract coaching, or leading open forums, I want to help agents feel equipped, empowered, and supported.”

When the Trust in Real Estate Services Act (TRESA) was introduced, Ferris facilitated over 300 sessions across Ontario.  Most recently, he served as OREA’s Realtor In Residence, Standard Forms Instructor, and Lead Subject Matter Expert.    

After moving on from OREA, he was recruited as an instructor for the Real Estate Institute of Canada (REIC).  

In 2017, he was awarded the Fellow of the Real Estate Institute (FRI) designation.

“What I’ve learned as an instructor is that real impact comes from creating a space where people feel safe to ask questions, share ideas, and push themselves to grow,” said Ferris. “That’s exactly the kind of culture I see at The Realty Firm — and I’m excited to contribute in a meaningful way.”

In 2023, he was awarded the prestigious Cardarelli Legacy Award.

Amie Ferris concluded her term as chair of Ontario Realtors Care Foundation at its annual general meeting in March.

Courtney Zwicker

Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.

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