CMRAO Takes Regulatory Action Against SIREG Management Inc., Including Immediate Licence Suspensions

CMRAO Takes Regulatory Action Against SIREG Management Inc., Including Immediate Licence Suspensions

September, 2026

Share

• Facebook
• Twitter
• Linkedin

TORONTO, ON, September 29, 2026 – Today, the Registrar of the Condominium Management Regulatory Authority of Ontario (CMRAO) ordered the immediate suspension of the Condominium Management Provider Licence of SIREG Management Inc. (SIREG) and the General Licence of Mr. Bernard Divona. The Registrar also issued Notices of Proposal to revoke both licences. 

SIREG operates as part of an investment model and a group of related companies associated with the Simple Investor.  

The regulatory action follows complaints received by the CMRAO and an inspection that indicates SIREG failed to deposit funds received on behalf of client condominium corporations into general and reserve accounts in the names of those corporations, contrary to section 115 of the Condominium Act, 1998. At the relevant times, Mr. Divona was SIREG’s Principal Condominium Manager. 

The inspection further indicates that after Mr. Divona ceased to be SIREG’s Principal Condominium Manager, SIREG failed to designate a licensed condominium manager to that role and failed to meet requirements to notify the Registrar regarding its Principal Condominium Manager. Having a designated Principal Condominium Manager is a mandatory condition of a condominium management provider licence. 

“The CMRAO acted quickly in response to the concerns identified through its inspection,” said Ali Arlani, Registrar of the CMRAO. 

The CMRAO does not have jurisdiction over individual unit sales or rental agreements, but does oversee how management provider businesses service condominium corporations, including how condo fees are collected and deposited. When management companies fail to comply with their regulatory obligations, the CMRAO uses the tools available to protect the public interest. 

Under the Condominium Management Services Act, 2015 (CMSA), the immediate suspension orders mean SIREG and Mr. Divona are prohibited from providing condominium management services or holding themselves out as a condominium management provider or condominium manager. 

SIREG and Mr. Divona have the right under the CMSA to request a hearing before the Licence Appeal Tribunal regarding the Registrar’s proposals to revoke their licences. The immediate suspension orders took effect upon issuance. 

About the CMRAO:

The Condominium Management Regulatory Authority of Ontario (CMRAO) is the regulatory body responsible for licensing and regulating condominium managers and condominium management provider businesses in Ontario. Its mandate includes administering the Condominium Management Services Act, 2015, and its regulations in the public interest to protect consumers in Ontario’s complex and growing condominium sector. 

Media contact:

Tsehaie Makonnen
Director, Communications and Outreach
Condominium Management Regulatory Authority of Ontario (CMRAO)
communications@cmrao.ca

Simple Investor & SIREG Property Management Inc. Problems

The real estate investment platform The Simple Investor and its management arm, SIREG Management Inc., have recently faced severe liquidity challenges and suspended rental payments to investors. 

Current Status and Developments

Suspended Payments: Founded by realtor Todd C. Slater, the company notified investors in September 2026 that rental payments and distributions were being delayed due to severe market and liquidity pressures. 
Offline Channels: Following the announcement, the official The Simple Investor website links went dead and social media accounts across YouTube and Instagram were taken down. 
Investor Concerns: Many clients who trusted the firm with multi-property portfolios across Ontario are now left in limbo, with online communities and discussions raising serious concerns about the company's solvency and recovery of funds.

 How the Business Model Works

Property Conversion: The firm buys multi-unit apartment buildings in Southwestern Ontario and converts them into individual condominiums. 
Investor Sales: They sell these individual condo units to everyday retail investors with the promise of building wealth. 
Hands-Off Management: Their management branch, SIREG Management Inc., acts as the master tenant, collects rent from actual occupants, and guarantees monthly rent payments to the property owners. 

Recent Developments

Suspended Payments:
In September 2026, The Simple Investor and SIREG Management shocked hundreds of investors by announcing they were suspending monthly rent payments.
 
Liquidity Crisis: The company cited severe market and liquidity challenges, leaving property owners scrambling to cover mortgages and financial obligations. 

YOUR TENANT ASSOCIATION - HELPFUL INFORMATION

 

Welcome to your "River Park Towers Tenant Association"

As a tenant of 740-758 Kipps Lane, London Ontario you are automatically a member of your association. This will enable all tenants to share a united voice in maintaining a safe and healthy home environment! Through the sharing of information and education of our rights and resources available to us, we are empowered to resolve all of our concerns! 

Stay up to date with current and important information by following our blog and posting your concerns or updates on our Facebook page!  This is a very informative and helpful way to share critical updates and to resolve our maintenance and health and safety concerns!

If you have any questions or need assistance, please email us at riverparktowerstenantassociation@rogers.com.

Please post and comment on our Facebook page as this would be helpful to monitor and resolve important issues!

Your membership in this association is protected by the "Residential Tenancies Act", Sections :233(h)(iii) , 83(3)(d) & 235(1)-238(1)(2)

Contact Us: 
Email:  riverparktowerstenantassociation@rogers.com
Facebook: River Park Towers Tenant Association

London ACORN

Time for Real Rent Control

 

 

View this email in your browser Motion to restore in-person hearings at the Landlord and Tenant Board Yesterday, two City of Toronto councillors made a motion to restore in-person hearings at the Landlord and Tenant Board (LTB) as the default. Since the LTB moved hearings online in 2020, the hearings have been chaotic and dysfunctional. This has had a detrimental impact on access to justice for renters and has made the housing crisis in Ontario far worse. In some cases, tenants are being illegally locked out and waiting months to have their hearing. An influx of funding and hiring more adjudicators has not resolved these issues. All parties agree that the LTB is fundamentally broken. The LTB must restore in-person hearings in order to resolve the dysfunction and provide better outcomes for everyone. We are asking residents who have had difficult experiences with the LTB (whether that be through using the portal or attending a hearing over Zoom) to submit their comments by email so that they can be included in the motion. The website to submit comments via email can be located here. READ THE MOTION Understanding privacy law in Ontario ACTO staff lawyer Karen Andrews was featured in a segment by CityNews that covers privacy rights under Ontario law. All renters are afforded a high degree of privacy under the law, but there are some legislative grey areas that can be open to interpretation. Some actions by landlords may considered “interference” and beyond the limits of what a “reasonable” person would do. LEARN MORE What’s the deal with cash-for-keys? There’s been a bit of buzz in the news lately around “cash-for-keys.” Cash-for-keys is nothing new. Typically, it’s a deal where landlords offer their tenants a lump sum of money in order to get them to willingly vacate the unit. Should renters accept these kinds of deals? It  depends on a number of factors. Landlords typically only offer them because they know convincing a tenant to leave their home is lucrative for the landlord in the long run (either by renting the unit to someone new for double the price, or, selling the property). It may not always be in the best interest of tenants to accept them. We delve into the issue in our latest blog post. READ THE BLOG Read our provincial pre-budget submission It’s that time of year! ACTO has put together a pre-budget submission for the provincial government on housing. The submission covers a number of policy priorities and recommendations to take action on the affordable housing crisis. It’s not too late for the province to take the necessary steps to make a difference. Renters deserve to have their concerns reflected in budgets and legislation. READ THE SUBMISSION Copyright (C) 2024 Advocacy Centre for Tenants Ontario. All rights reserved.