The Real Estate Council of Ontario announced on August 14, 2025 that iPro Realty Ltd. will be wound up and all branches will close by August 19, 2025. That’s five days to land the plane. For a brokerage with roughly 2,400 agents across 17 offices, that’s not a routine memo. It’s a full stop.
What triggered this
RECO says a significant shortfall was found during a scheduled inspection of iPro’s accounts. That’s a breach under TRESA, and it’s why the wind-up is happening under RECO’s oversight with a temporary broker of record and a CPA in place to finish pending deals.
Some outlets are reporting the scale of the shortfall. Storeys says RECO shared it was initially more than $10 million, now under $8 million. REM also references reporting that the shortfall was over $10 million. RECO’s own notice does not publish a dollar figure, but multiple reputable outlets do. I’m noting both for transparency.
My personal experience with iPro
This news didn’t come as a total surprise to me. Over the years, I’ve dealt with iPro on several transactions - and almost every time, getting paid was a chase. The TRREB rule says commission must be paid within 7 days. With them, it was rarely under two weeks, and usually only after multiple follow-up emails and calls.
It wasn’t just the back office. I’ve had iPro agents simply not show up for scheduled viewings - one didn’t even send a text or call to cancel. I had a client waiting at the door with no explanation. Incidents like that aren’t just inconvenient; they erode trust in the profession as a whole.
What this means if you’re mid-transaction
Your closing should proceed. RECO says pending transactions will continue “in the normal course of business.” If your deposit is or was held by iPro, speak to your agent and, if needed, iPro’s management. Claims, where appropriate, go through RECO’s insurer.
Representation agreements with iPro become void once the brokerage closes. You’ll need a new agreement with your agent at their new brokerage or choose a different agent.
For agents - especially iPro agents reading this
I’m not here to tell you where to go next. But I will say this: use this moment as more than just a scramble to keep your license active.
Ask your next brokerage:
How do they handle commission disbursements - and is it tracked?
How often do they reconcile trust accounts, and who audits them?
How do they communicate when things go wrong?
Having the right systems, processes, and leadership in place isn’t “extra” - it’s what protects your income, your clients, and your reputation. I’ve built my own business around those principles because I’ve seen what happens when they’re missing.
What agents are saying right now
Today’s online chatter is unfiltered. On Reddit and Facebook groups, some agents are expressing shock at the numbers, others say they’ve seen signs for years. There’s also skepticism about iCloud Realty as the default landing spot - understandable when most had never heard of it before this week.
My take
This isn’t just a compliance failure. It’s a trust failure. Clients assume “trust account” means untouchable. Agents assume their leadership has the systems to keep it that way. When those assumptions break, reputations don’t bend - they snap.
For any agent making a move right now:
Don’t pick in panic. Give yourself a structured checklist before signing with your next brokerage.
Secure your pipeline. Move live deals, update agreements, and communicate with clients proactively.
Document everything related to money. File any commission claims now, not “later.”
Facts worth bookmarking
Announcement date: August 14, 2025. Closure effective: August 19, 2025. Scale: ~2,400 agents, 17 locations.
Numbers reported by media: Shortfall initially > $10M, now < $8M. RECO does not publish a number.
Transfers: iCloud option by Aug 18 at noon; any other brokerage via MyWeb (RECO) by Aug 19; $25 fee.
Claims: Commission protection $200k per claimant, $4M aggregate. Consumer deposit claim forms listed on RECO’s site.
If you’re an iPro client, keep in touch with your agent and focus on getting to the closing table. If you’re an agent, see this as a line in the sand: from this point forward, only align yourself with brokerages that give you stability, transparency, and leadership you can count on.