Real Estate Council of Ontario chair Katie Steinfeld described the past year as one of “transformation” for the province’s real estate regulator.~
Speaking to members at RECO’s Annual General Meeting on Thursday, she said the industry watchdog has “successfully navigated a period of significant change,” and has more to come via its 2024-27 strategic plan.
“Under the board’s oversight, RECO has continued to evolve, becoming a more modern, responsive, and effective regulator,” she said.
Among the most notable achievements of 2024 was the completion of the majority of action items recommended by the Auditor General, Steinfeld said.
With a refocused mission and vision, RECO is doubling down on transparency, accountability, and trust, she said.
“In the past two years, I’ve had the opportunity to view RECO’s work from a unique vantage point, one that has deepened my appreciation for the complexity, responsibility and impact of our role as a regulator.”
Fraction of members in attendance
In the Q&A portion, one member asked what would be done to encourage AGM participation.
Board member election results showed that 477 of 1,361 electors cast a vote during the meeting. The organization has more than 110,000 registrants who could have attended and voted.
“We certainly value the participation of as many registrants as we can in this formal process,” said interim CEO Brenda Buchanan.
“By holding a virtual AGM we have noticed an increase in the participation rate, allowing members to participate throughout the province.”
Buchanan said the AGM process is reviewed annually to make sure it is fulfilling to its members, and feedback is encouraged.
RECO touts new tagline
Buchanan said one of the most noticeable accomplishments of 2024 was laying the groundwork for a refreshed approach to communicating its role as a regulator.
This included adopting an updated mission and vision, and clarifying its commitment to consumer protection with a new tagline: “Pursuing trust in every transaction.”
“This brand evolution supports clearer communication about who we are, what we do and the critical value RECO provides to consumers in Ontario,” said Buchanan.
Goals for the upcoming year
RECO presented its 2025 priorities, which are:
- Advancing consumer protection initiatives
- Modernizing RECO’s technology
- Delivering expanded education options
- Strengthening stateholder engagement
Board election results
In 2024, as part of changes to its board size and structure, RECO introduced three classes of directors: sector directors (previously referred to as industry directors), ministerial appointees, and non-sector directors.
A vote was held to elect members for three vacant seats.
Steinfeld received the most votes (283) and will serve for four years, followed by Owen Crampsie (147) who will serve for three years, and Sylvia Kirkwood, who will serve for two years.
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.