RECO To Shut Down All 17 iPro Brokerage Locations By Tuesday

iPro Realty Ltd., a Mississauga-based brokerage that operates across 17 branches in southern Ontario and employs around 2,400 agents, is being shut down by the Real Estate Council of Ontario (RECO).

In a press release shared by RECO on Thursday, the regulator tasked with protecting consumers and enforcing the Trust in Real Estate Services Act, 2002 (TRESA) stated that iPro and its branches would all be shuttered no later than August 19, 2025 — in just five days.

The reason?

"At the time of a scheduled inspection, a significant shortfall was identified in iPro’s accounts," reads the release. "This is a serious breach of iPro’s responsibilities under the law and to its consumers and agents."

RECO shares with STOREYS that a total shortfall of more than $10 million was identified in iPro’s consumer deposit and commission trust accounts at the time of the inspection, although the amount has declined to less than $8 million as of now.

In the aftermath of the inspection, RECO and iPro's owners have reportedly completed an agreement to coordinate the brokerage's closure and to allow for the conclusion of current transactions with consumers. The closure is being overseen by a chartered public accountant and an "independent and qualified" stand-in broker of record for iPro.

The news will likely come as a shock to many buyers, sellers, and agents who have engaged with the company, and as such, RECO has provided next steps and FAQs for these parties. According to the release, transactions will "continue to close in the normal course of business," but if an agreement of purchase and sale has not yet been signed, your representation agreement with iPro is null and you will have to sign a new representation agreement with a different 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," states the release, adding that many iPro agents will likely move to a new brokerage and buyers and sellers have the option to resign with their agent there.

Consumers are being encouraged to firstly reach out to their agents if they have questions, and to seek further assistance from the new manager of the brokerage, if needed, and to reach out to insurance@reco.on.ca if they have questions about insurance claims.

For agents owed commission from iPro, they are advised to complete a Commission Protection claim form and submit it to the insurance claims adjuster, ClaimsPro LP. As for agents wanting to remain at their iPro location, iCloud Realty Ltd. has agreed to assume all 17 branch locations and agents can transfer to iCloud Realty and keep their RECO registration as long as they notify iPro by 12 pm on August 18, 2025.

As far as the nature of iCloud's role in the matter, RECO's Registrar Joseph Richer tells STOREYS the brokerage has taken over certain aspects of iPro's operations.

"We can confirm that iCloud is registered as a brokerage with RECO, with different owners from iPro, and has purchased some of iPro’s assets and assumed some of its leases," says Richer. "There has been no transfer of ownership from iPro to iCloud."

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Update: On August 19, RECO released a second press release stating "RECO has been in contact with Peel Regional Police about this matter and will cooperate with any investigation."

Additionally, to help support agents, RECO has also said it will waive or reimburse the brokerage transfer fees. Meanwhile, it has been shared that the broker of record at iCloud will be a former iPro realtor, although "there is no evidence that this individual was involved in any wrongdoing," says RECO.

According to the release, RECO first inspected iPro in 2021, and as per protcol, was set to inspect the brokerage four years later in late-May 2025. Immediately prior to the inspection, however, iPro notified RECO of the shortfall. In between then and now, RECO says its approach has been to "both monitor iPro’s trust accounts and to recover the greatest amount of trust money possible for consumers and agents."