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Local realtor steps down from Real Estate Council of Ontario's board

Steve Bailey facing allegations of unethical behaviour
real estate

A high-profile local real estate broker has resigned from the board of directors of the Real Estate Council of Ontario amid an investigation into alleged unethical behaviour.

The Record reports Steve Bailey is accused of trying to arrange a deal for his parents in which a Waterloo woman would have been paid only half of what her house was actually worth.

It was sold last year for $635,000, more than $300,000 more then Bailey says she agreed to sell for a few months earlier.

Bailey says his resignation from the Council is not connected to the allegations.

The Real Estate Council of Ontario has released the following statement to 570 NEWS:

Steve Bailey of Cambridge, Ontario is facing allegations of having breached the Code of Ethics, made under the Real Estate and Business Brokers Act (REBBA). 

The allegations will be heard by Discipline Committee of the Real Estate Council of Ontario (RECO).

The allegations against Bailey involve arranging for the private sale of a property for a price that was below market value. It is alleged that as a result, multiple sections of the Code of Ethics were breached.

As the regulatory body responsible for administering and enforcing REBBA, RECO takes seriously all complaints against real estate salespersons, brokers, and brokerages. 

More information will be made public after the Discipline Committee holds a public hearing and its decision is published.

RECO publishes all of its hearings and disciplinary outcomes on its website at www.reco.on.ca.

RECO stipulates that these are allegations until proven otherwise, and that Mr. Bailey has the right to defend all such allegations.
 

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