RECO's New Annual Financial Filing Program Sees Ontario Brokerages Achieve 94.4% On-Time Compliance Rate

Collaborative approach strengthens brokerage accountability, financial oversight and consumer protection across Ontario's real estate sector

TORONTO, Nov. 2, 2026 /CNW/ -- The Real Estate Council of Ontario (RECO) reports that 94.4% of Ontario real estate brokerages submitted their initial Annual Financial Filing on time, marking a strong first-year result for the new regulatory program.

The Annual Financial Filing initiative is a key component of RECO's regulatory modernization efforts, providing greater insight into brokerage financial health, strengthening trust account oversight, and supporting consumer protection across Ontario's real estate sector.

"Achieving 94.4% on-time compliance for initial filings is a significant result and reflects the commitment of Ontario's real estate brokerages to meet their regulatory obligations," said Jean Lépine, Interim Chief Executive Officer of RECO. "We are building a more modern, proactive, and accountable regulator. Timely financial reporting helps RECO identify potential risks earlier, strengthen trust account oversight, and better protect consumers. We appreciate the sector's response and the collaboration that helped make this first phase of the program a success."

A collaborative approach to stronger compliance

The strong compliance rate achieved in the program's inaugural year demonstrates how distinct sector organizations play complementary roles in the shared responsibility of enhancing industry professionalism.

RECO recognizes the important role played by the Ontario Real Estate Association (OREA) and local real estate boards in raising awareness of the new mandatory requirement and encouraging timely submissions. RECO will continue to work with sector association and real estate board leaders to promote compliance, provide clear guidance, and support a strong culture of professional accountability across the sector.

"This result is indicative of what can be accomplished when the regulator and industry work together toward a shared objective," Lépine added. "We thank OREA and local boards for their leadership and support, and the brokerages that filed their first submission on time."

RECO is following up with brokerages that missed the filing deadline and will take appropriate compliance and enforcement action where necessary, including a late fee and potential referral to the Discipline Committee. Persistent non-compliance may result in suspension and eventual registration revocation.

Advancing RECO's regulatory transformation

The Annual Financial Filing program strengthens RECO's ability to identify emerging risks, target regulatory resources more effectively, and promote accountability across the sector. By providing a clearer picture of brokerage financial health, the program supports a more proactive, risk-based approach to regulation. RECO will continue to analyze the data received through Annual Financial Filing and assess the program's ongoing effectiveness to identify any improvements needed to support future filings.

About RECO

The Real Estate Council of Ontario regulates real estate professionals and brokerages in Ontario under the Trust in Real Estate Services Act, 2002. RECO's mandate is to protect the public interest through effective regulation of the province's real estate sector.

Contact:
Tess Lin, Director of Communications & Stakeholder Relations
Real Estate Council of Ontario
[email protected]

SOURCE Real Estate Council of Ontario