About 2,400 Ontario real estate agents will have to find a new brokerage after well-known real estate agency was ordered to close following the discovery of a “significant” financial shortfall.
IPro Realty Ltd. was ordered to close on Aug. 19 by the Real Estate Council of Ontario (RECO), which regulates the real estate agents and brokerages across the province.
It said at the time of a schedule inspection, there was a financial shortfall in iPro’s accounts and called it a “serious breach” of iPro’s responsibilities under the law and to its customers and agents. In an update Tuesday, RECO said iPro’s ownership had shortfalls in its consumer deposit and commission trust accounts of approximately $10.5 million. That has now been reduced to less than $8 million, it added.
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RECO oversaw the closure of the brokerage, which has about 2,400 agents employed out of 17 locations across the Greater Toronto Area and southern Ontario.
Three locations in Toronto closed, as well as two in Mississauga and one in Orangeville, Georgetown, Milton, North York, Bradford, Baysville, Burlington, Woodbridge, Scarborough, Brampton, Brantford, and Pickering.
RECO said it recognizes that customers, agents and brokerages who have been represented by iPro Realty Ltd. or who were party to a transaction with them might be affected by the closure.
They said for buyers and sellers they recommend contacting the real estate agent they were working with. Any agents with outstanding commissions should file an insurance claim.
RECO said Tuesday iPro agents can transfer to any registered brokerage in Ontario, adding it’s facilitating those transfers.
— with files from Aaron D’Andrea
© 2025 Global News, a division of Corus Entertainment Inc.
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