The Ontario government officially removed RECO’s entire board on Monday after months of backlash over the $10-million iPro Realty fraud scandal — and now all eyes are on RECO’s leadership, governance, and the fate of its newly appointed CEO.
On Dec. 1, Minister Stephen Crawford appointed Jean Lépine as administrator, granting him full control over RECO’s operations, authority, and decision-making powers. The move effectively sidelines the board and raises major questions about the future of CEO Brenda Buchanan, who only took the top job in July.
Who Is Now Running RECO?
Meet Jean Lépine — the New Administrator**
Jean Lépine, a veteran in communications, strategy, and government relations, is officially in charge of everything at RECO.
Under the minister’s order:
Lépine assumes all powers normally held by the board, officers, and members of RECO
Board members immediately cease to hold office
Lépine now oversees governance, operations, policy changes, and the ongoing response to the iPro fallout
Lépine’s background includes:
Chief Strategy Officer at Ontario One Call (past 3 years)
Chair of the Ontario French-Language Educational Communications Authority
Extensive public-sector leadership experience
In short: Ontario wants a crisis-tested administrator to stabilize RECO — and fast.
Is the CEO Out Too?
Buchanan’s Future Not Yet Clarified**
RECO’s CEO Brenda Buchanan, who stepped into the role permanently only months ago after six years as COO, is still technically in place — but her role is now uncertain.
RECO’s statement Monday simply pointed back to the minister’s order, which states:
“The Administrator shall have the exclusive right to exercise all the powers and perform all the duties of the board, officers and members of RECO.”
That means Lépine has the authority to override, restructure, or replace leadership as needed. RECO has not offered further clarification.
Lépine’s Compensation: $2,000 Per Day
The government did not mince words: fixing RECO is going to require serious work — and it’s willing to pay for it.
Under the formal terms:
$2,000 per day
Up to 250 days, capped at $500,000
$35,000 maximum for reimbursable work-related expenses
Based on a 7.25-hour day, Monday–Friday
This is effectively a full-time, government-mandated turnaround mission.
What Lépine Must Deliver — and When
The minister’s mandate includes strict timelines:
1. Implementation Plan — Due March 31, 2026
A full structural overhaul plan addressing:
Consumer protection
RECO oversight failures
Governance issues
Dentons Canada LLP recommendations
Insurance coordination
Industry trust rebuilding
2. Initial Written Report — Due June 30, 2026
3. Final Public Report — Due Dec. 31, 2026
By next year, Ontario consumers, agents, and brokerages will have a transparent look at what went wrong — and how RECO will be rebuilt.
Ford: “We’re Going to Fix That Whole Mess”
At the OREA Power House Conference on Monday, Premier Doug Ford went off-script and directly addressed the fallout.
He promised:
The province will step in to ensure every real estate agent owed commissions will be paid
The RECO scandal and the iPro Realtor fraud will be “fixed, one way or another”
Consumers who lost deposits are already being reimbursed through insurance, but many real estate agents still have unpaid commissions stuck in claims processing.
Ford’s pledge signals the possibility of a government-backed solution or accelerated claims process.
What This Means for Ontario’s Real Estate Industry
The RECO upheaval is more than just an internal cleanup — it’s a signal that Ontario is preparing for a major regulatory reset.
Expect:
Stronger enforcement
Stricter brokerage oversight
Faster disciplinary processes
Tighter rules around trust accounts
More accountability for brokerages handling deposits
Better support for consumers and registrants impacted by fraud
For legitimate lenders, brokerages, investors, and private lending platforms like Lendworth, reforms like these are essential for restoring public confidence and stabilizing the real estate ecosystem.
Lendworth’s Take
At Lendworth, we follow regulatory changes closely because consumer trust, transparency, and accountability are foundational to everything we do.
A more effective and responsive RECO means:
Better protection for Ontario homeowners
A stronger real estate environment
More reliability across brokerage transactions
Fewer systemic risks for lenders and borrowers
We’ll continue monitoring developments and sharing updates as the situation unfolds.