Ontario’s real estate regulator has frozen the bank accounts of HomeLife Today Realty after a planned inspection identified a roughly $580,000 shortfall in the brokerage’s trust account.
The Real Estate Council of Ontario said it initiated a pre-inspection process and, after spotting a potential discrepancy, conducted an on-site inspection that confirmed a significant shortfall the brokerage has been unable to correct.
Under the Trust in Real Estate Services Act, RECO responded by issuing a freeze order covering the brokerage’s bank accounts. RECO said it received confirmation from the bank that all accounts were frozen, effectively locking down remaining funds to protect consumer deposits.
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RECO framed the freeze order as a consumer protection tool, noting that such orders are used “when necessary” to prevent withdrawals that could further jeopardize buyer and seller deposits.
The regulator added that it remains actively engaged in the matter and signalled that further actions may follow, though no additional enforcement steps were detailed in the advisory.
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