Ontario’s real estate regulator, the Real Estate Council of Ontario (RECO), has officially referred its former chair, Katie Steinfeld, and her brokerage, On the Block Realty Inc., to a disciplinary hearing. The move follows allegations of violations under the Trust in Real Estate Services Act, specifically regarding the handling of trust accounts. RECO alleges that the brokerage failed to properly reconcile accounts, allowed commingling of funds, and neglected reporting requirements. While the Steinfelds maintain that no client funds were misappropriated and describe the issues as administrative errors involving amounts between $442 and $7,000, the case marks a significant moment for industry oversight. This development comes nearly a year after the provincial government overhauled RECO’s leadership following the iPro Realty scandal. For a deeper look at the specific allegations and the ongoing industry response, please read the full report at the Toronto Star.
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