The Real Estate Council of Ontario’s top executive has resigned in wake of the iPro Realty scandal and dismissal of the regulator’s board.

Brenda Buchanan’s resignation will take effect December 31, Jean Lépine, the administrator appointed by the province to oversee RECO, announced Thursday. Lépine will assume the responsibilities of CEO with Buchanan providing support during the transition.

“While not an easy decision, I believe it is the right time for both me and the organization to begin a new chapter,” said Buchanan. “Serving as CEO of RECO has been an incredible privilege and I am deeply proud of the work of the organization and its team of dedicated professionals.”

The Ontario government fired RECO’s entire eight member board in late November and Lépine began his work as the organization’s administrator December 1.

He is tasked with rebuilding the real estate industry and public’s trust following the $10.5-million iPro Realty scandal and heavy criticism that RECO’s board and Buchanan have received.

Stephen Crawford, minister of public and business service delivery and procurement, appointed Lépine and gave him the the exclusive right to exercise all the powers and perform all the duties of the board, officers and members of RECO. Buchanan became CEO in July after serving as interim leader and previously spent six years as chief operating officer.

He has spent the past three years as chief strategy officer at Ontario One Call and is chair of the Ontario French-Language Educational Communications Authority.

Lépine has been directed to stabilize RECO’s operations, implement structural and policy changes to restore public trust, and respond to key recommendations from law firm Dentons following its audit of RECO’s handling of iPro. RECO allowed the company to operate for months after becoming aware of financial irregularities.

RECO closed iPro months after finding that $10.5 million had been withdrawn, allegedly illegally, from the former trust accounts. The company later paid back $3 million and co-founders Rui Alves, who is a former RECO board member, and Fede Colucci agreed never to apply to certify a brokerage again or serve as brokers. As a result, they were not fined or charged.

Lépine must deliver an implementation plan by March 31, followed by an initial written report by June 30 and a final public report by Dec. 31, 2026.

Premier Doug Ford has vowed to support real estate agents who did not receive their commissions as a result of iPro’s closure following the company’s admission that it mishandled client and broker funds.

But Alternative Risk Services, an insurance company appointed to handle realtor claims has warned that there will not be enough money to pay all realtors the amounts due.

Industry groups, including OREA, previously lauded the Ford government’s decision to appoint an administrator and heeded calls to rein in RECO.

RECO remains committed to its mandate of protecting consumers and promoting a fair, informed marketplace for real estate transactions across Ontario. 

“Looking ahead to 2026, we have an ambitious agenda for RECO in 2026,” Lépine said Thursday. “I’m eager to continue working with the team and all our stakeholders to deliver on our mandate and rebuild trust with stakeholders.”

Under the minister’s order, Lépine will earn $2,000 per day for up to 250 days, with a maximum of $500,000, plus up to $35,000 in reimbursable expenses.

Pictured: Brenda Buchanan

Photo: CNW Group/RECO