RECO released a statement on Thursday afternoon from Jean Lépine, the administrator appointed for three weeks ago to take control of the regulator on behalf of the provincial government, confirming that Buchanan “has made the personal decision” to resign effective December 31.
RECO’s board has already been fired as the real estate watchdog finds a way forward after iPro Realty Ltd.’s massive trust account scandal, which saw millions of dollars in consumer deposits and broker commissions disappear. RECO has been heavily criticized for its handling of the case, especially for wait three months to notify the public after the shortage was first discovered.
“While it is not an easy decision, I believe this is the right time for both me and the organization to begin a new chapter,” said Buchanan. “It has been an incredible privilege to serve as CEO of RECO and I am extremely proud of the work of the organization and its team of dedicated professionals.”
Buchanan became CEO in July after a six-year term as the organization’s COO.
Lépine said Buchanan will continue to provide support during this transition as he assumes the responsibilities of CEO.
“Looking ahead to 2026, we have an ambitious agenda for RECO in 2026. I am eager to continue working with the team and all our stakeholders to deliver on our mandate and rebuild stakeholder trust,” said Lépine.
Courtney Zwicker is a digital reporter and associate editor for REM. Based in Atlantic Canada, she has more than a decade of experience covering daily business news.
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