Official of Ontario’s Real Estate Gender Leave Post after collapsing Ipro Realty

The Registrar for the Real Estate Council of Ontario Steps Down After Ipro Realty Ltd. Scandal

After more than a decade of service, Joseph Richer, the registrar for the Real Estate Council of Ontario, has officially resigned following the collapse of Ipro Realty Ltd. Brenda Buchanan, CEO of the council, issued a statement on Friday confirming Richer’s departure and stating that it was effective immediately with the support of the board of directors.

As registrar, Richer was responsible for upholding Ontario’s laws governing the conduct of 110,000 licensed brokers and agents. This included overseeing financial audits, disciplinary investigations, and conducting hearings in the multi-million dollar real estate industry.

The decision to step down comes after it was revealed that Richer and the council were aware of significant financial discrepancies at Ipro Realty Ltd. for several months. The brokerage, which was once one of Ontario’s largest with over 2,400 agents, had millions of dollars missing from its legally protected trust accounts.

According to statements attributed to Richer, it was disclosed to the council just one day before a scheduled financial inspection on May 20 that there was a shortfall in Ipro’s trust account. However, this information was not made public until August 14.

Initially, over $10 million was found to be missing from accounts meant to safeguard broker commissions and homebuyer payments. It was later revealed that the funds had been withdrawn by Ipro’s owners to repay investors and for other business purposes.

Despite the council’s announcement to terminate Ipro Realty Ltd. on August 14, Richer confirmed in recent days that no provincial charges would be laid against the founders, although they would lose their licenses.

Buchanan announced Richer’s departure a day after these revelations, emphasizing her commitment to addressing the issue transparently and ensuring accountability within the council.

“I am fully engaged in addressing this matter and will work closely with the council’s board to provide transparency, oversight, and accountability in this situation,” Buchanan stated in a press release. “This is my top priority.”

Requests for further information from the Real Estate Council of Ontario have not been immediately answered.