Photo and Story By Matt Sitler – Country 102 FM
NOTE: It is the company that is under suspension, not the individual agents. However, while the Brokerage is under suspension, no salesperson or broker may trade on behalf of the brokerage.
This means all trading activities at RE/MAX North Country Realty Inc. and its registered branches must cease immediately…
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.
Multiple agents have reported fruad to Huntsville and Bracebridge OPP.
The following locations are affected:
Huntsville (head office)
Bala
Bracebridge
Burk’s Falls
Gravenhurst
Haliburton
Kilworthy
Minden
Port Loring
Wilberforce
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.
Home buyers and sellers with questions about the suspension order, including whether a pending sale or purchase will be completed on time, should contact:
Shaun Chu-A-Kong
Phone: (416) 207-4873
Toll Free: 1-800-245-6910, ext. 4873
Email: shaun.c@RECO.on.ca
Questions about consumer deposit claims, or other insurance-related inquiries, should be directed to RECO’s Insurance Department:
Jeremy Meuris
Phone: (416) 207-4875
Toll Free: 1-800-245-6910, ext. 4875
Email: insurance@reco.on.ca
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:
Jeremy Meuris
Phone: (416) 207-4875
Toll Free: 1-800-245-6910, ext. 4875
Email: insurance@reco.on.ca
Employees of RE/MAX North Country Realty Inc., with questions about commissions should contact the claims adjuster for RECO’s insurance program:
ClaimsPro LP
Toll Free: 1-877-740-1913
Toll Free Fax: 1-866-735-1033
Email: claims@reco-claims.ca
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:
Shahin Rehmtulla
Phone: (416) 207-4826
Toll Free: 1-800-245-6910 ext. 4826
Email: registration@reco.on.ca
so sorry to hear of this. usually you read about these things but the impact on our community, neighbours, colleagues and friends is very disturbing.
we are here to help if needed
Anzie & Dolf
The actions of the former RE/MAX North Country corporation were independent and not aligned with the values we stand for as RE/MAX Agents. We pride ourselves on operating with integrity and a high standard of professionalism and trust that RE/MAX and RECO are doing all they can to rectify the issues within their control. Our first commitment is always with our clients and we are doing everything in our power to protect anyone who may be affected.