Brenda Buchahan will step down as CEO of the Real Estate Council of Ontario (RECO) at the end of the year.
RECO released a statement on Thursday afternoon from Jean Lépine, the administrator appointed three weeks ago to take control of the regulator on behalf of the provincial government, confirming that Buchanan has “made the personal decision” to step down effective Dec. 31.
RECO’s board has already been dismissed as the real estate watchdog finds a path forward following the massive iPro Realty Ltd. trust account scandal, which saw millions of dollars in consumer deposits and agent commissions go missing. RECO has come under harsh criticism for its handling of the matter, particularly for waiting three months to notify the public after the shortfall was first discovered.
“While not an easy decision, I believe it is the right time for both me and the organization to begin a new chapter,” said Buchanan. “Serving as CEO of RECO has been an incredible privilege and I am deeply proud of the work of the organization and its team of dedicated professionals.”
Buchanan became CEO in July following a six-year tenure as the organization’s COO.
Lépine said Buchanan will continue to provide support during this transition as he assumes the responsibilities of the CEO.
“Looking ahead to 2026, we have an ambitious agenda for RECO in 2026. I’m eager to continue working with the team and all our stakeholders to deliver on our mandate and rebuild trust with stakeholders,” said Lépine.
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has over a decade of experience covering daily business news.
