Real Estate Regulator RECO (the Registrar of the Real Estate Council of Ontario) has suspended the registrations at RE/MAX North Country Realty Inc.
This means all trading activities at RE/MAX North Country Realty Inc. and its registered branches must cease immediately.
The following locations are affected:
Huntsville (head office)
The move was made under the authority of the Real Estate Business Brokers Act.
According to a Public Advisory issued today, RECO discovered a shortfall in RE/MAX North Country Realty Inc.'s statutory real estate trust account, where consumer deposits are to be held.
The advisory states that additional action may be taken and information will be made available through RECO's website reco.on.ca
Contacted today, RECO’s Senior Communications Officer Jennifer McCrindle told us that the biggest impact is on the real estate agents who have work in progress. She says they should reach out to RECO.
Country 102 has learned that some affected agents have already changed brokerages.
McCrindle says the terminology ‘Suspend the Registrations’ means RE/MAX North Country Realty Inc. is currently under suspension and can’t currently trade in Real Estate.
McCrindle could not confirm whether the OPP are investigating, but said it’s an active investigation on RECO’s part.
Country 102 has also learned that locks at some of the Remax Office locations have had glue inserted into the front door locks.
UPDATE: JAN 1st.
On January 1st, the Huntsville Doppler published a response from RE/MAX, which included the following statement from Christopher Alexander, Regional Director of RE/MAX INTEGRA, Ontario-Atlantic Canada:
“We pride ourselves on operating with integrity and take all financial matters that affect consumers or our agents very seriously. At this time, we are committed to working with RECO to understand the full depth of the situation in order to take the appropriate action moving forward.”
The Doppler article also stated that RE/MAX took swift action to terminate the brokerage and launch an official investigation with RECO in light of the recent financial matter regarding RE/MAX North Country.
In the article, the company states it is committed to ensuring the consumer is protected. Their focus at this time is to protect the best interests of consumers and their dedicated RE/MAX North Country agents. RE/MAX also relays through the statement printed in the Doppler article, that they’re working tirelessly to rectify all issues within their control.
RECO also provided the following contacts for people who are affected:
Home buyers and sellers with questions about the suspension order, including whether a pending sale or purchase will be completed on time, should contact:
Questions about consumer deposit claims, or other insurance-related inquiries, should be directed to RECO's Insurance Department:
Cooperating brokerages for trades in which RE/MAX North Country Realty Inc., holds the deposit and/or are owed commissions by RE/MAX North Country Realty Inc., should contact:
Employees of RE/MAX North Country Realty Inc., with questions about commissions should contact the claims adjuster for RECO's insurance program:
The insurer requires one Notice of Claim Commission Protection form per trade. Claim forms are located on the insurer's website: www.reco-claims.ca
Employees of RE/MAX North Country Realty Inc., with questions about the procedures for transferring a registration to a new brokerage should contact:
(Photo via Country 102)