Update for consumers and agents: iPro closure 

August 19, 2025

This is an update following RECO’s advisory last week of the wind-up and closure of iPro Realty Ltd. and all its branches effective August 19, 2025.

The closure follows the disclosure by iPro’s ownership of shortfalls in its consumer deposit and commission trust accounts of approximately $10.5 million, which has now been reduced to less than $8 million. This is a serious breach of iPro’s responsibilities under the law and to its consumers and agents. RECO’s approach has been to recover the greatest amount of trust money possible to protect the maximum amount of funds for consumers and agents. 

RECO recognizes that consumers and agents have more questions and will continue to update through public advisories as necessary until the matter is resolved. 

RECO has been in contact with Peel Regional Police about this matter and will cooperate with any investigation.  

Status of iPro

iPro will close on Tuesday, August 19, 2025. Deals with firm agreements of purchase and sale will proceed until the transactions close successfully or until December 19, 2025, at which time all operations of the brokerage will cease. Deals closing after December 19, 2025, will need to be transferred to another brokerage. 

RECO is working with the newly appointed broker of record for iPro and the chartered public accountant to finalize the specifics of the trust accounts and the impact on consumers and agents, including whether consumers or agents need to file claims with the consumer deposit and commission insurance program. 

For consumers 

At this time, because some transactions continue to be concluded through iPro, consumers should contact their agents for more information about their specific transactions. 

At this time, in consultation with the insurer, iPro has been advised to pay out any amount of consumer deposit owing to the seller upon closure of the transaction. Transactions will continue to close.  

Should consumers be directed to file insurance claims, they can do so by completing a form here. For those that are unsure, please contact your real estate agent. Outstanding amounts for agent commissions will be addressed under the commission protection insurance claims process.

For iPro agents

iPro cannot pay out commissions until the brokerage is closed and a full accounting of outstanding commissions are completed and then assessed against potential insurance coverage. Therefore, all iPro agents with outstanding commissions are advised to file an insurance claim; claim forms can be accessed here. RECO appreciates agents’ patience as it assesses the matter as quickly as possible. 

Insurance process 

While RECO continues its analysis, the insurance program is assessing coverage. Once the brokerage closes, a full accounting will be completed as soon as possible. Further information will be shared following the brokerage closure and full accounting has been completed.  RECO will provide an update as soon as the information is available and, if necessary, will provide an interim update no later than September 5, 2025. 

The total amount of insurance coverage for consumer deposits and commissions is up to $8 million in aggregate ($4 million for each) with an additional limit of $200,000 per individual, per claim (not per transaction). 

About the transfer of iPro agents to new brokerages

It is a condition of registration for agents in Ontario to be employed by a brokerage. 

iPro agents have been advised that they can transfer to any registered brokerage in Ontario. 

RECO is facilitating the transfer of registrations to any brokerage and will be doing a bulk transfer of the agents wanting to be transferred to iCloud. If agents have questions about the transfer process, please contact information@reco.on.ca. 

Given the closure of iPro on August 19, 2025, RECO understands that agents must make decisions about their future brokerage quickly. To support agents during the transition, RECO will either waive or reimburse transfer fees, including for those agents who may have transferred from iPro to iCloud and wish to transfer to a new brokerage in the coming weeks. 

About RECO brokerage inspections

RECO completes more than 1,000 brokerage inspections each year. RECO has historically completed inspections approximately once every four years. RECO completed an inspection of iPro in 2021. An inspection of iPro had been scheduled for late May 2025, however the owners notified RECO of the shortfall immediately prior to the inspection. Since then, RECO’s approach has been to both monitor iPro’s trust accounts and to recover the greatest amount of trust money possible for consumers and agents.

About iCloud Realty Ltd.

iCloud Realty was registered earlier this month. Once registered, iCloud concluded the purchase of certain iPro assets. 

The broker of record at iCloud is a former employee of iPro; there is no evidence that this individual was involved in any wrongdoing. As broker of record, he will be responsible and accountable for the operations of the brokerage in compliance with the law. 

RECO will closely monitor the operations of iCloud, as it does with the operation of any new brokerage.

About RECO

RECO is the regulator responsible for protecting Ontario consumers by ensuring that agents and brokerages follow the applicable law – the Trust in Real Estate Services Act, 2002 (TRESA).