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TRREB Statement on CBC Marketplace Investigative Report on Mortgage Fraud

TORONTO, Oct. 14, 2022 (GLOBE NEWSWIRE) -- On behalf of the nearly 70,000 REALTOR® Members of the Toronto Regional Real Estate Board (TRREB), we unequivocally condemn the behaviour highlighted in the CBC Marketplace investigative report on mortgage fraud.

There is no place in our profession for those who act unethically. For far too long, the reputation of many hardworking REALTORS® who work tirelessly on behalf of their clients has been tarnished by the actions of a few who have no place calling themselves a REALTOR®.

As the regulator, we have called on the Real Estate Council of Ontario (RECO) for many years to address concerns about unethical behaviour. REALTORS® have themselves advocated for higher standards with no measurable result. The time for RECO to act is now. TRREB has a professional standards process where we hold Members to account. Our regulator needs to do the same if their role as the issuer of licenses and regulator of the profession is to be effective.

As part of their investigations, RECO should also ensure brokerages are providing effective oversight as required by the Real Estate and Business Brokers Act – soon to be the Trust in Real Estate Services Act. Brokers of Record have a responsibility for the actions of their REALTOR® Members, and if pervasive abuses are evident within an organization, RECO should evaluate the fitness of the Broker of Record.

TRREB is calling for public disclosure of the names of those individuals identified by the CBC Marketplace investigation. Further, CBC should provide all of the uncensored work product of their investigation to RECO, and we hereby demand that RECO commence an investigation and take decisive action and revoke the license of any real estate agent if there is proof of fraudulent behaviour. This is a request being made by me, as a REALTOR®, on behalf of our REALTOR® Members.

Kevin Crigger
TRREB President

Media Inquiries:
Genevieve Grant, Manager, Public Affairs 416-443-8159

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 70,000 residential and commercial professionals connecting people, property and communities.

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