iPro Realty Closure Ontario – What Home Buyers, Sellers & Agents Should Know

On August 19, 2025, the Real Estate Council of Ontario (RECO) confirmed the official closure of iPro Realty Ltd., one of the GTA’s largest brokerages. This decision follows findings of a trust account shortfall during a scheduled inspection. The closure affects buyers, sellers, and hundreds of real estate agents across Ontario, raising important questions about consumer deposit insurance, brokerage transfers, and commission protection.

What’s Happening with iPro Realty?

• • Closure Date: August 19, 2025

• • Reason: RECO inspection revealed a significant shortfall in consumer deposit and commission trust accounts.

• • Scope: iPro Realty operated 17 locations across the GTA, making this one of Ontario’s most notable brokerage wind-downs in recent years.
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The RECO wind-up of iPro Realty highlights the importance of compliance, trust account protections, and consumer safeguards in Ontario’s real estate industry.

Impact on Home Buyers and Seller

Pending Transactions

If you have already signed an Agreement of Purchase and Sale (APS) with an iPro agent, your deal should continue as planned.

New Agreements

If no APS has been signed, you will need to sign a new representation agreement with your agent’s new brokerage—or consider selecting a new representative.

Deposit Protection

If your deposit was held by iPro Realty, it is protected through RECO’s Consumer Deposit Insurance Program:

• • • Up to $200,000 per claimant
    • $4 million maximum coverage across all claims

Consumers may need to file a deposit protection claim if their funds are affected.

What Ontario Real Estate Agents Need to Know

Commission Protection

Agents owed commission payments can submit a Commission Protection Claim to ClaimsPro LP. Coverage mirrors consumer protection: $200,000 per agent with a $4 million total cap.

Brokerage Transfers

• • Agents may transfer to iCloud Realty Ltd. by notifying iPro before noon on August 18, 2025.
  • Those choosing another brokerage must complete a transfer through RECO’s MyWeb portal by August 19, 2025.
  • Transfer fee: $25.
  • Registrations not transferred by the deadline will be terminated.

This process ensures continuity for agents and their clients during the iPro Realty Ontario closure.

Why This Matters for Buyers, Sellers, and Agents

The closure of iPro Realty Ltd. underscores three major points for Ontario’s real estate market:

1. 1. Trust & Transparency: Proper handling of trust accounts is critical. Consumers should always confirm where their deposits are held.

   2. Continuity of Service: Agents need to transfer quickly to protect their registrations and keep client deals moving forward.

   3. Legal Protection: Both consumers and agents benefit from knowing their rights to deposit insurance and commission protection claims.

How Simply Legal Can Help

At Simply Legal, we focus on real estate litigation and regulatory compliance in Ontario. If you are affected by the iPro Realty Ltd. closure, we can assist with:

• • Reviewing and protecting your Agreement of Purchase and Sale
  • Advising on representation transfers and brokerage obligations
  • Guiding clients and agents through RECO deposit and commission claims
  • Addressing disputes that may arise from the iPro Realty wind-up

Next Steps

If you are a buyer, seller, or real estate agent impacted by the iPro Realty closure, it is important to act quickly to protect your interests.

Click here to schedule a consultation and get clear legal guidance on your options.

Published August 17, 2025.