Statement on Investigative Report on Mortgage Fraud
We were concerned by the tactics highlighted in a recent investigative report on mortgage fraud. The Canadian Real Estate Association (CREA) strongly condemns all illegal behaviours and practices across the industry.
Buying and selling a home is stressful enough. We empathize with anyone who was taken advantage of and believe it’s important that bad actors be exposed.
The ability to call oneself a REALTOR® is a privilege and comes with the ethical obligations outlined by the REALTOR® Code. Unscrupulous agents should be prosecuted to the full extent of the law.
We actively encourage consumers to direct any questions or complaints about compliance to their provincial regulator. CREA’s role, in collaboration with real estate boards and provincial associations, is to take enforcement action for violations of the REALTOR® Code. This can include removing the right to be called a REALTOR®, as well as access to REALTOR.ca and other tools provided to members.
CREA fully supports greater enforcement by regulatory authorities.