iPro Realty Ltd. Forced to Close by RECO
The Real Estate Council of Ontario (RECO) has announced that iPro Realty Ltd., one of the largest brokerages in Ontario, will cease operations effective August 19, 2025. RECO emphasized that the action was necessary to protect consumers and the integrity of Ontario’s real estate industry. The regulator continues to investigate the cause of the shortfall and will provide updates as they become available.
What Happened?
The closure comes after RECO identified a significant shortfall in the brokerage’s trust accounts (i.e. client money is missing!). This is a serious breach of their responsibilities under the law and is the biggest no-no a brokerage can do. In response, RECO has forced the entire closure of this brokerage.
iPro Realty operated 17 locations across the GTA and Ontario and employed more than 2,400 registered real estate agents. Thousands of deals, representing hundreds of millions of dollars of properties are now affected.
Note this has nothing to do with the individual agents employed by iPro Realty Ltd - this is a result of actions taken by the management of the brokerage, independent of the agents.
Impact on Buyers and Sellers
RECO has confirmed that transactions already underway with iPro will continue, and closings are expected to proceed as planned. However, buyers and sellers are advised to:
Confirm where their deposit funds are being held (which brokerage or law office)
Maintain close communication with their real estate representative (agents currently at iPro will transition to another brokerage)
Monitor for any changes or delays to scheduled closings
Filing a Claim
For those affected, whether buyers/sellers with affected deposits or agents owed commission payments, RECO has made two claims processes available:
Commission Protection Claim – up to $200,000 per person for unpaid commissions (this is the total claim allowed, not $200,000 per deal).
Consumer Deposit Claim – for deposits at risk due to the brokerage’s closure.
Both claims require formal applications and supporting documentation.
FAQs for Home Buyers/Sellers with Deposits Held by iPro Realty Ltd.
Q: How can I confirm if my deposit was held by iPro Realty Ltd.?
Check your Agreement of Purchase and Sale—it will state where the deposit funds were to be held. If you’re unsure, ask your real estate agent to review it with you. Your lawyer can also confirm this information quickly.
Q: What should I do if my deposit was held by iPro Realty Ltd.?
Your first step is to contact the real estate agent you’ve been working with. If they can’t provide enough information, request to speak directly with iPro’s management. RECO has stated that transactions will continue to close as usual.
Q: My deal hasn’t closed yet and my deposit is with iPro—should I file an insurance claim?
No immediate claim is required if your deal is still in progress. Transactions are expected to close normally. However, you should stay in contact with your agent and, if needed, iPro’s management to confirm the status of your deposit until closing is complete.
Contact me if you are affected by the closure of iPro Realty and need assistance - I’ll be happy to help.
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