RECO Registrar Joseph Richer Removed Following iPro Realty Scandal

The Real Estate Council of Ontario (RECO) has confirmed that Joseph Richer, Registrar under the Trust in Real Estate Services Act, has been removed from his position effective August 22, 2025. The decision comes in the aftermath of the collapse of iPro Realty Ltd., which left a multimillion-dollar shortfall in consumer trust accounts.

Earlier this month, RECO ordered iPro Realty to cease operations after uncovering a shortfall that was initially estimated at $10 million, later revised to under $8 million. The closure of the brokerage impacted more than 2,400 agents across 17 locations, leaving clients and realtors scrambling for answers.

RECO CEO Brenda Buchanan announced Richer’s departure, stating that the regulator’s board of directors supported the move. She emphasized that consumer protection remains the top priority and that RECO is conducting a review to strengthen oversight and transparency.

During his 12 years as Registrar, Richer was responsible for audits, inspections, enforcement, and regulatory policy under the Trust in Real Estate Services Act. His removal follows growing criticism over how such a large shortfall was able to occur undetected.

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Investigations into the iPro Realty case are ongoing. RECO has notified the Peel Regional Police Fraud Bureau, and criminal charges may follow as authorities continue to assess whether fraud or misconduct played a role.