MORGAGE BROKERS AND REAL ESTATE AGENTS CAUGHT ON CAMERA COMMITTING FRAUD!

OREA has become aware of a new CBC Marketplace story scheduled to air tonight regarding “how networks of mortgage brokers and real estate agents are perpetrating mortgage fraud for a fee, and securing their own commissions by submitting forged documents for approval”.

Real estate agents who break the law and violate the trust of Ontario’s consumers have no place in the province’s real estate industry. OREA has consistently argued that it is too easy to get a real estate license in Ontario – and too hard to lose it. This must change.

The Real Estate Council of Ontario (“RECO”) needs additional tools to investigate bad behaviour, levy heavier fines and suspend or remove licenses for egregious rule breakers. Ontario also needs to introduce higher standards and more rigorous training for students looking to get a real estate license.

Thankfully, the Ontario Government has listened and is currently updating the laws which govern the real estate sector. Ontario is leading the way in North America with updates to real estate rules aimed at strengthening consumer protection, modernizing practices, and ensuring that those who break the rules face stronger disciplinary action. Through that process, OREA is working with the Ministry of Public and Business Service Delivery to increase professional standards in real estate and send a strong signal to any agent who is breaking the rules, that they are not welcome in the real estate profession.