The regulator for Ontario’s real estate industry is preparing for a major leadership change. Michael Beard, CEO of the Real Estate Council of Ontario (RECO), is announcing his retirement effective February 2025.
Beard, who took the helm in 2017, reflects on his tenure at RECO in a press release, saying, “We have advocated for and implemented a significant regulatory enhancement to the benefit of consumers and the industry, increased our enforcement capacity, found many cost and other efficiencies, and introduced a meaningful 30 per cent fee reduction for registrants that will remain in place for many years to come.”
Beard’s legacy
While acknowledging that regulatory work is ongoing, Beard shared his excitement for a new chapter focused on family and travel, “I am looking forward to starting a new and more family- and travel-focused phase of my life knowing that the people of RECO will continue this important work from a strong foundation.”
Katie Steinfeld, chair of RECO’s Board of Directors, expressed gratitude for Beard’s contributions. “The Board sincerely appreciates Michael’s commitment to improving the real estate services sector for consumers and registrants,” she said. “He leaves an impressive legacy that will guide RECO’s continued progress.”
Auditor general’s report & TRESA
The leadership transition comes as RECO continues efforts to address concerns raised in a 2022 report by Ontario’s auditor general, which highlighted shortcomings in regulatory practices, including delays in investigations and insufficient enforcement of ethics violations. Beard previously acknowledged the report as an opportunity to enhance RECO’s approach, aligning many of the recommendations with its ongoing initiatives.
Under Beard’s leadership, RECO has rolled out phases one and two of the Trust in Real Estate Services Act, replacing the decades-old Real Estate and Business Brokers Act. Phase three is expected to be released by early 2025.
Search for RECO’s new CEO
Chief Operating Officer Brenda Buchanan will step into the role of interim CEO while the Board searches for a permanent successor, with a goal of completion by mid-2025.
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