The Real Estate Council of Ontario (RECO) has implemented its new annual financial filing requirement for real estate brokerages as part of its risk-based approach to regulation.

Approximately 3,300 Ontario brokerages can now submit these filings through RECO’s MyWeb portal no later than October 30, 2026. Moving forward, submissions will be required annually within 90 days of a brokerage’s fiscal year-end. The documentation must demonstrate proper financial management and compliance with the Trust in Real Estate Services Act, 2002.

“Strong financial oversight of brokerages is an essential part of effective consumer protection,” said Jean Lépine, RECO’s Interim Chief Executive Officer. “Annual financial filing gives RECO more timely and consistent information about the financial health of brokerages and their management of trust funds. This information will help us identify potential risks earlier and focus our regulatory resources where they can have the greatest impact.”

What brokerages need to know

• Submission details: Filings require trade activity data, financial statements, trust account information, unclaimed trust monies, and formal broker of record attestations.
• Simplified process: Brokerages with no trading activity during the reported fiscal year may complete a simplified submission.
• Regulatory action: RECO will take regulatory action against brokerages that fail to comply with filing requirements and deadlines, which may result in registration suspension, revocation, and referral to the discipline committee. These regulatory actions are publicly disclosed on the website.
• Resources and support: Instructional guides, checklists, and webinars are available on the RECO website.