iPro Realty Ltd. closure effective August 19, 2025
The Real Estate Council of Ontario (RECO) has finalized an undertaking with iPro Realty Ltd. that will see the wind-up and closure of the Mississauga-based brokerage and all of its branches effective August 19, 2025.
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).
Information and support for those affected
RECO recognizes that consumers, agents, and brokerages who have either been represented by iPro Realty Ltd. or who have been party to a transaction with iPro Realty Ltd. might be affected by the closure and will have questions and require more information, should they need to file an insurance claim for their deposit or commission.
- For pending transactions: These will continue to close in the normal course of business.
- For buyers and sellers: First and foremost, please contact the real estate agent you have been working with. If you need more assistance than your agent is able to provide, ask to speak to the management of iPro.
- For agents: Agents with outstanding commissions should file an insurance claim under the commission protection insurance program using the required forms. Forms are available on RECO website.
Please be sure to refer to the detailed questions and answers and supplementary information below before contacting anyone about this matter.
Background about iPro Realty Ltd.
At the time of a scheduled inspection, a significant shortfall was identified in iPro’s accounts. This is a serious breach of iPro’s responsibilities under the law and to its consumers and agents. Any further updates will be posted on RECO’s website.
RECO and the owners of iPro Realty Ltd. have completed an agreement to facilitate the wind-up and closure of the brokerage, to permit the conclusion of current transactions. This will be overseen by RECO, and two individuals approved by RECO:
- An independent and qualified individual registered with RECO with experience in brokerage management who will act as the broker of record until the wind-up of iPro Realty Ltd. Is concluded, to permit the completion of pending transactions, and
- A chartered public accountant in good standing with CPA Ontario.
There are approximately 2,400 agents employed by iPro Realty Ltd, operating out of 17 locations: Mississauga (2 locations), Toronto (3 locations), Orangeville, Georgetown, Milton, North York, Bradford, Baysville, Burlington, Woodbridge, Scarborough, Brampton, Brantford, and Pickering.
About RECO
The Real Estate Council of Ontario (RECO) is a not-for-profit organization that regulates real estate agents and brokerages across the province. Its mission is to protect consumers by ensuring that real estate agents and brokerages understand and comply with the law.
General questions
What happened to iPro Realty Ltd.?
The brokerage and its 17 locations will be winding up and closing on August 19, 2025.
When will iPro shut down?
By no later than August 19, 2025.
I have a transaction that hasn’t closed yet, and my deposit is held by iPro Realty Ltd. Will my deal close?
Transactions will continue to close in the normal course of business. First and foremost, please contact the real estate agent you have been working with. If you need more assistance than your agent is able to provide, ask to speak to the management of iPro.
The new leadership of iPro, RECO, and the insurer are working to minimize the impact on consumer deposits.
As a buyer or seller, how do I file an insurance claim?
If you need to file a claim with the insurer, please complete the following steps.
The insurer will contact you or your legal representative directly. The insurer processes claims as quickly as possible. RECO is not the insurer and cannot determine if there is coverage for your claim.
What happens to any complaints filed against iPro Realty Ltd. or its former agents? Will complaints remain open and still be investigated by RECO?
RECO has the authority to regulate real estate agents and brokers who are registered. Any complaint about a registrant will remain in the complaints process at RECO.
Home buyers/sellers represented by iPro Realty Ltd. or one of its agents
My agent worked for iPro. Are they still my agent now?
When clients begin working with a real estate agent, that relationship is formalized through a representation agreement with the agent’s brokerage. This means that your contract (representation agreement) is with the brokerage. Once the brokerage closes, any agreements of purchase and sale will be concluded through iPro with your agent, but no new deals will be concluded through iPro. Many agents from iPro will be transferring to a new brokerage. You will want to discuss this situation with your agent. You could sign a new representation agreement with your agent at their new brokerage, or you could choose to sign a representation agreement with a completely different agent and their brokerage.
What happens to buyer/seller representation agreements that listed iPro Realty Ltd. or one of its agents – are they automatically cancelled now?
If your agreement of purchase and sale has been signed and you are awaiting the close of the transaction, you will conclude your transaction supported by your agent and iPro. If you have not yet signed a deal to buy or sell, your representation agreement will no longer be in effect and you will have to sign a new representation agreement with a different brokerage.
Do I have to move with my agent to their new brokerage?
Agents who intend to continue trading in real estate will have to transfer to a new brokerage. You will want to discuss your situation with your agent. You could sign a new representation agreement with your agent at their new brokerage, or you could choose to sign a representation agreement with a completely different agent and their brokerage.
I have a pending sale – who do I contact on how to proceed?
If your property has already sold – which means that you have a completed agreement of purchase and sale (APS) – someone from iPro will oversee the completion of current iPro transactions. Please contact your agent for assistance.
I have an offer on my property and my agent works at iPro– what happens now?
If your negotiations on that offer conclude before iPro closes, the transaction will proceed. If you already have an agreement of purchase and sale (APS), someone from iPro will oversee the completion of current iPro transactions. Please contact your agent for assistance. If the agreement to buy or sell a property has not been signed by all parties, you will have to sign a new representation agreement with your agent and their new brokerage.
I had an offer on my property and the buyer’s agent works at iPro – what happens now?
Please contact your agent for more assistance. If you already have an agreement of purchase and sale (APS) before iPro closes, the transaction will proceed. If the agreement of purchase and sale has not been signed by all parties, you will have to sign a new representation agreement with your agent and their new brokerage.
Who should I contact if I need more help?
First and foremost, please contact the real estate agent you have been working with. If you need more assistance than your agent is able to provide, ask to speak to the new manager of the brokerage. If you have questions about insurance claims, please reach out to insurance@reco.on.ca.
Home buyers/sellers who had consumer deposits with iPro Realty Ltd.
How do I find out if my deposit was held by iPro Realty Ltd.?
Your agreement of purchase and sale would identify where the money was to be held. Ask your agent to help you to confirm the terms of the agreement. Alternatively, your legal representative can assist you.
What should I do if my deposit was held by iPro?
First and foremost, please contact the real estate agent you have been working with. If you need more assistance than your agent is able to provide, ask to speak to the management of iPro. Transactions will continue to close in the normal course of business.
I have a transaction that hasn’t closed yet, and my deposit is held by iPro Realty Ltd. Should I file an insurance claim?
Transactions will continue to close in the normal course of business. First and foremost, please contact the real estate agent you have been working with. If you need more assistance than your agent is able to provide, ask to speak to the management of iPro.
How do I file an insurance claim?
To file an insurance claim with the insurer, please complete the following steps.
The insurer will contact you or your legal representative directly. The insurer processes claims as quickly as possible. RECO is not the insurer and cannot determine if there is coverage for your claim.
Brokerages involved in trades where iPro Realty Ltd. held funds or owes commissions
I am owed commission by iPro Realty Ltd. – how can I recover what is owed to me?
Please complete a Commission Protection claim form and submit it to the insurance claims adjuster, ClaimsPro LP. It is important to complete an individual claim form for each deal with commissions outstanding. The limits per individual claimant are $200,000 independent of the number of transactions that make up the total claim; it is not $200,000 per deal. The aggregate limit is $4,000,000 for all Commission Protection claims related to this event. Claims forms can be accessed here: Insurance claim forms.
How long will it take to get the commissions owed to me?
Once claims are filed, the insurer will contact you directly. The insurer expedites claims as quickly as possible. RECO is not the insurer and cannot determine if there is coverage for your claim.
Who can I contact about my insurance claim?
Please contact the insurance claims adjuster, ClaimsPro LP at1-877-740-1913 or claims@reco-claims.ca.
Brokerages involved in completed transactions that owe commissions to iPro Realty Ltd.
My brokerage was involved in a transaction with iPro. How do I pay for commissions owed to iPro agents?
Brokerages with commissions to be paid to iPro should continue to disburse funds in the normal course of business during the wind-up.
I need help completing my claims form – who should I contact?
Please contact the claims adjuster, ClaimsPro LP, for assistance:
How long will it take to hear about my claim?
Claims will be processed as quickly as possible. Please contact the claims adjuster, ClaimsPro LP, for assistance:
RECO does not handle claims and is not able to provide information about your claim.
Support for agents of iPro Realty Ltd.
How do I transfer to a new brokerage?
IPro has made arrangements with iCloud Realty Ltd. to assume all iPro’s locations and any of its agents who wish to transfer there so that they do not lose their RECO registration.
- Any agent wanting to transfer to iCloud needs to advise iPro by noon on August 18, 2025. For those who provide notification prior to the deadline, iPro will arrange for the transfer of their registration to iCloud Realty.
- Any agent who does not want to transfer to iCloud needs to arrange to transfer their registration to a new brokerage through MyWeb by August 19th. The new brokerage or the agent will be responsible to pay the $25 transfer fee. The transfer process is outlined on MyWeb. Agents who do not transfer to a new brokerage by this date will have their RECO registrations terminated.
What if I want to go to an entirely new brokerage?
Any agent who wants to transfer to a new brokerage should follow the transfer process which can be found on RECO’s website. To have your brokerage complete a transfer, please visit MyWeb.
What if I want to start my own brokerage?
Any agent who wants to start a new brokerage should follow the process which can be found on RECO’s website.
What happens to my current listings?
Representation agreements, such as buyer or seller representation agreements, are between clients and the brokerage. Once the brokerage closes, these agreements become void. You will need to discuss with your clients whether they wish to stay with you and enter a representation agreement with your new brokerage or to use another agent and their brokerage.
How do I change my listing to a new brokerage?
You will have to discuss with your client whether they want to enter a new representation agreement with your new brokerage. If they do, then proceed with a new representation agreement with your new brokerage. Otherwise, your agreement is at an end and the client can go to another brokerage of their choosing.
What happens to commissions I have already earned, but was not yet paid by iPro?
Please complete a Commission Protection claim form and submit it to the claims adjuster as soon as possible. You may contact the claims adjuster directly at 1-877-740-1913 or claims@reco-claims.ca.
