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Regulator suspends Graydon Hill Realty and seeks revocation of registrations

Ontario’s real estate regulator has suspended the operations of Graydon Hill Realty and wants to terminate the firm’s registration after finding alleged irregularities in its bank accounts.

The Real Estate Council of Ontario said Tuesday that it also wants to revoke the registration of David Allen, the owner and broker of record for the central Toronto brokerage.

Allen has not returned calls to the Star for comment on the council’s actions since last week when the regulator initially froze the brokerage’s bank accounts to protect consumers and other stakeholders.

The council said it issued a proposal for revoking the registrations of the firm and owner but could not provide details under Ontario legislation until a hearing before the province’s Licence Appeal Tribunal.

The council’s registrar may issue a suspension or seek a revocation if he or she determines the firm cannot reasonably be expected to be financially responsible in its operations or follow the law.

Furthermore, past conduct can provide grounds for the registrar to seek a revocation because of the belief that a firm won’t continue business under the law with integrity and honesty.

The current suspension means that all Graydon Hill’s salespersons and brokers can’t trade in real estate. They would be able to apply to the registrar to transfer to another brokerage.

Graydon, a boutique brokerage, employs about 30 people including more than a dozen agents out of offices in the Forest Hill and Moore Park area. Its mission statement is “to create the highest level of real estate service ever seen.”

thestar.com – News