Ontario’s real estate regulator has taken another step against a North York Re/MAX brokerage after an inspection showed money was missing from its trust accounts, which hold consumers’ purchase deposits.

The Real Estate Broker of Ontario (RECO) suspended the registration on Friday of Re/MAX Right Choice so it is prohibited from doing business. The suspension came a day after RECO took the rare step of freezing the brokerage’s bank accounts.

RECO registrar Joe Richer would not say how much money was missing.

Technically, the brokerage on Yonge St. near Steeles Ave. could have continued to trade even without access to its bank accounts. But the suspension ensures that will no longer happen.

It was the first time since 2012 that RECO has issued a freeze order on a brokerage’s accounts. Real estate brokerages are not allowed to use the deposits or the agent commissions for other purposes.

Re/MAX Right Choice Inc. is owned by Jalil Hajimir; the brokerage did not return calls from the Star left with its answering service. Hajimir is not registered with RECO.

The industry regulator has not contacted police in connection to the case, which is still under investigation.

It’s not known how long the investigation will take. That will depend on the co-operation of the owner, the broker of record and others involved in the brokerage’s business, Richer said.

Re/MAX Integra said it terminated its franchise agreement with Re/MAX Right Choice on Oct. 23, prior to the RECO investigation.

RECO’s website provides contact information for home buyers and sellers concerned about their transactions with Re/MAX Right Choice. It also offers contacts for employees, agents and other brokerages who may have been dealing with Right Choice.

Consumer home deposits of up to $100,000 are insured through RECO.

Ontario is the only province that also insures real estate commissions for fraud, insolvency or misappropriation of funds by a brokerage. Commissions are covered up to $100,000 per claim, but that may be pro-rated if the total claims against a brokerage add up to more than $3 million.

Richer said that the last time RECO issued a freeze order on brokerage accounts was with the Brekland Realty Group. The broker of record there — the RECO-registered agent who is authorized to oversee the trust accounts — had signed cheques in advance of a vacation to ensure the company could continue to run. The owner of the brokerage used those to siphon off funds.

In August, RECO fined Homelife Victory Realty in Richmond Hill $250,000 after it pled guilty in an Ontario court to mishandling its trust accounts, which were found to be short of funds.

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Both the brokerage, which filed for bankruptcy in February 2016, and its broker of record, Victor Fishman, had their real estate registration terminated.

Correction - November 3, 2017: This article was edited from a previous version that mistakenly said consumer deposits up to $100,000 are insured by the Consumer Deposit Insurance Corporation. Incorrect information was provided to the Star.