RECO announces governance overhaul, new executive team

The Real Estate Council of Ontario (RECO) has announced a series of major organizational and strategic changes as it seeks to rebuild trust and modernize its operations following significant criticism of its regulatory performance.

In a statement released Jan. 8, RECO administrator and acting CEO Jean Lépine outlined eight initiatives that he says will guide the regulator’s work in 2026, alongside a new corporate structure and a newly appointed executive leadership team.

The announcement comes amid heightened scrutiny of RECO after a provincial review and an external audit criticized its handling of the iPro Realty Inc. trust account scandal, which left thousands of real estate agents with unpaid commissions. The Ontario government placed RECO under administration in November, granting Lépine oversight of the regulator.

Eight transformation initiatives planned for 2026

According to RECO, the transformation plan is intended to address cultural, operational and governance challenges identified through recent reviews.

The eight initiatives include:

• Culture renewal plan underpinned by a new performance management system
• Regulatory modernization plan 
• Stakeholder engagement strategy reconnecting RECO to consumers and the professional sector on key topics like trust account oversight, annual financial filings, insurance program reforms, and education
• Digital and technology modernization roadmap and implementation plan
• Financial sustainability strategy based on cost recovery principles
• Renewed governance approach
• Public awareness campaign 
• New strategic plan for 2027–2030

RECO said it will provide regular public updates on progress across these initiatives.

“These initiatives represent significant and bold change, and it’s very clear that we need to prioritize meaningful and consistent engagement with our stakeholders, including the real estate services sector and consumers,” Lépine said in a press release. “I have been impressed by the insights, ideas, and collaboration to date in some of my first sessions and look forward to continuing this work in the coming weeks and months.”

In an interview with Real Estate Magazine on Monday, Lépine said he will be inviting “sector leaders” to a summit this month to discuss measures that ensure brokerages are safeguarding funds placed in trust accounts, though he did not specify who would be invited to the summit.

New organizational structure and leadership

To support its transformation agenda, RECO says it will adopt a revised organizational structure built around four areas of accountability: Strategy & Corporate; Regulatory Modernization; People, Culture & Technology; and Finance and Risk.

Two senior executives have been appointed and will report directly to Lépine, effective Jan. 19: Emilee Escobar has been named Chief Strategy & Corporate Officer. Escobar previously served as Chief Corporate Officer at the Condominium Authority of Ontario.

Samantha Pinto has been appointed Chief Regulatory Modernization Officer. Pinto has more than 20 years of public-sector experience, including senior regulatory roles at the Ministry of Public and Business Service Delivery.